Mentorship: The Secret Weapon to Becoming a Successful Entrepreneur

 At the forefront of every entrepreneurial venture are two certainties: the conception of an idea and the desire for seamless execution. Everything else is a mere combination of fear, inexperience, ignorance, and zeal.  Although this disposition can be unforgiving, it is a part of the courageous discourse of entrepreneurship that every entrepreneur encounters and often overcomes. For example, entrepreneurship is theoretically equivalent to preparing for war; you know you want to fight, the foreseeable outcome is winning, but executing that victory is jumbled in your lack of experience as a fighter, the fear that it may kill you, and jumping head first into a situation with inadequate preparation. Fortunately, proactive and preventative resources exist to minimize the risk of failure when taking on the battle of business. More specifically, mentorship is a key weapon capable of optimizing success in the realm of entrepreneurship.  

Mentorship, although commonly undermined and underestimated, places you in a position of observation (and in some instances, participation), allowing you to become more familiar with the craft or career of your choosing. Consider this: having a single conversation with an individual who has soldiered through the trenches of entrepreneurship can spark myriad ideas and transform the way you approach your own business. Imagine then, what magnitude a series of conversations throughout your journey can yield when you answer the call into the world of start-ups. In fact, don’t just imagine; having a mentor should be attached to any business idea that you intend to pursue, so much so, that the idea should be impossible to fulfill without one. 

The benefit of being a protégé to a professional who can enlighten you far outweighs the cost of seeking the right mentor (it can be an intimidating and daunting process finding the right person who is willing to work with you as much as you are willing to work with them). In a 2003 study conducted by Jackson et al., it was reported that mentoring relationships are key to developing productive careers and yield personal satisfaction for both the mentor and the protégé. The ability to have someone who can critique your ideas, give you constructive criticism, and encourage you along the way can eliminate potential setbacks that derive from error. This is not to say that you won’t make mistakes, because you will. However, there is a safety net the works both proactively and retroactively to activate damage control. “Mentors provide a safe, secure culture in which protégés can develop ideas/innovations, ensuring that they receive the recognition their efforts deserve”.

Once you’ve come to terms with the necessity of a mentor/mentee relationship for any startup or entrepreneurial endeavor, “the search” must commence. The search is simply finding someone who is adequate enough to lead you and humble enough to be challenged. Equally important is your connection—how well your personality gels—with the professional. Research suggests that mentor relationships are best formed in unprofessional environments.  Perhaps find common interests and build on those first. Finally, seek someone that can contribute effectively to the circle of inspiration; you inspire him and he inspires you. Mentors gravitate towards rising stars, so show why you deserve to be among and even transcend them.

Entrepreneurship will never be easy, but if you’re prepared you can handle whatever it throws in your direction. Look at it this way: You would never show up to war without your weapon and expect a victory, let alone an easy one, so don’t show up for business without the right tools expecting success to fall in your lap.

A Few Pointers on Mentorship

As a society, we are in the midst of a demographic transition: namely, experienced and knowledgeable baby boomers are either retiring or considering retirement, while ambitious, talented millennials and gen-Yers are rising through the ranks. To truly capitalize upon this generational shift, we need to ensure that the most valuable nuggets of wisdom transfer effectively from older workers and leaders to the junior cohort.

If your business is a relatively new start-up, your workforce is likely young. But even young workers rapidly develop skills, experience, and insider knowledge from which more recent hires can benefit. Opportunities for “teaching the teacher” may also arise, if the protégé is more conversant with a specific technique or tool than the mentor happens to be. (Consider the social media savvy of the average millennial versus that of the average baby boomer, for example.)

Start with a plan.

Before you implement a mentorship program at your business, start with a set of realistic objectives, and establish ways to accomplish them. You also need an approximate timeline. How much coaching do new hires require, and how much time per week should you allocate for that purpose? Could some new entrants use more help than others? At what point is it appropriate to phase out a mentorship stint and allow protégés to do their own thing?

Criteria and measures of the success of mentorship efforts are indispensable. What skills or expertise do mentors have, that you would like protégés to attain? Why?

Bring your entire organization on board at the outset.

Gather employees and managers together for a preliminary brainstorming session. Chances are, front-line staff will know what attributes are needed to ensure success, and their counsel will be valuable when it comes to setting appropriate and attainable goals. Make sure everyone in your organization knows about the mentorship initiative, understands what her role will be, and has an opportunity to provide input and feedback at all times. (You may want to delegate a point-of-contact person or set up a committee for this purpose.)

Targets and coaching strategies may evolve over the course of the mentorship process, so allow some scope for flexibility and adjustments to the plan. But keep the big picture in mind: the primary objective of mentorship is to ensure the long-term continuity and success of the organization.

Finally, create survey documents for both mentors and protégés that include the essential measures of success you established in the brainstorming session. These surveys will enable you to aggregate data, track overall progress, and gain valuable insight into the effectiveness of the mentorship initiative.

Prioritize relationships.

A constructive working relationship must exist between mentors and protégés; without this, the prospects for meaningful progress are slim. Some mentors and protégés will develop a productive and amicable rapport almost instantly, others will need a bit more time, and occasionally, pairings may not work out. Use your discretion, keep an eye on the status of each mentor-protégé pairing, and welcome feedback. Consult your survey results for macro-level guidance.

Regular progress assessments

Meet briefly with each mentor and protégé pairing on a regular basis (if feasible). Ask them personally how they feel the process is unfolding, and provide a forum for discussion.

Over the course of the mentorship program, you should perceive that mentors and protégés are increasingly on the same page; this should be apparent to you in both the in-person meetings and in the survey results and feedback. If not, then you’ll need to modify your mentorship initiative, seeking input from your workforce on where improvements can be made.

Concerns over “brain drain”

Some managers worry mentorship brings a risk that highly trained employees will leave the organization for opportunities elsewhere, taking their newfound knowledge and skill set with them. This is analogous to the dilemma countries face when deciding whether to invest in educating their children: what if our most dextrous, astute citizens pack up and leave, causing a “brain drain”? Won’t those resources have been wasted?

Consider the matter from another perspective: if you don’t mentor new employees, how will they garner the technical and logistical proficiency they need in order to enhance the future prospects of your business?

Ultimately, it’s the responsibility of all businesses to provide a desirable place to work. If you do, then highly skilled employees will flock toward, rather than away from, your enterprise. Incidentally, one of the assets job seekers desire most in a would-be employer is the potential for professional growth and career advancement—and mentorship can help to provide that.