The Importance of Having a Mentor: Five reasons to seek assistance from seasoned entrepreneurs
If there’s one thing that I’ve learned during my first year at SD Sport Innovators, it’s that successful companies don’t get to where they are without help from people who have gone before them. Most of the veteran entrepreneurs who are part of SDSI have shared that having a mentor played a crucial role in their success. For businesses starting out, developing a professional relationship with an experienced professional is extremely important in the growth and success of your company.
Here are five reasons to work with a mentor.
1) Knowledge. In many cases, an individual will come up with an idea and start the company, but perhaps they might not have the strongest business background, connections, or knowledge. In our sports and active lifestyle in particularly, having a commercialization strategies, and sales and distribution experience are necessary in order to grow. Mentors and domain experts participate for a key reason – they want to pay it forward. Take advantage of the fact that they’ve been in your shoes before and have learned valuable lessons to pass along to assist in your company’s success.
2) Introductions. Let’s be honest, while what you know is important, it is who you know that separates out the frontrunners. Mentors not only share resources, but they typically provide important introductions. Are you seeking an investor or board member to help you grow your company? Mentors have a wealth of contacts to help secure assistance in various areas.
3) Ideas. Even companies who have had some measure of success and recognize between $5-$10 million in annual revenues can benefit from mentoring. For example, it’s not uncommon for a company to hit a glass ceiling and then not have the depth of experience on how to move beyond what could become a plateau. No company is immune to growing pains and business obstacles, and there is always someone who is further along, more successful and has been where you are. When you work with a mentor you have a great opportunity to take advantage of their successes and learn from their mistakes.
4) Feedback. While many companies look within their organization for feedback on issues, many times what is really needed is a fresh eye. Turn to experienced people outside your organization who can share their experiences and provide unbiased opinions. From an outsider’s perspective, mentors are more likely to be honest and ask questions that the internal team may not have taken into consideration. Mentors are typically not as emotionally attached to the company and will speak honestly.
5) Pack it up. One of the most difficult responsibilities a mentor has is telling a company when things aren’t working and change is needed. Such thing are as simple as staffing changes at senior levels based on experience and performance to the hard truth of sharing their view that the company will not achieve success in its current state without significant changes. While no one wants to hear this kind of news, wouldn’t it be better to know early, before you get yourself and possibly family and friends in too deep?
For start-ups, it’s important to team up with a mentor who you respect and trust. At SD Sport Innovators, we offer a Springboard program and pair qualified entrepreneurs with industry veterans for hands-on mentoring to help fine tune business plans, create compelling commercialization strategies and prepare for capital funding opportunities. We’re accepting applications until March 3 and interested companies can learn more and apply here.
For more information on SDSI programs and events, visit our website. For more information on becoming an SDSI mentor, contact Renne Catalano. In addition, we invite you to follow us on Facebook and Twitter.
