By Hannah Whittenly
Starting a business can be an intimidating process and having the right mentor can make all the difference. Taking on a mentor is like taking on a partner in your venture, so it’s important to choose wisely. Here are five key things to consider when choosing a business mentor:
Their experience
Do they have experience in the same industry as you? Have they started (and successfully exited) multiple businesses before? It’s important that your mentor has the experience and knowledge to provide sound advice for your particular business model. Look for mentors like A-Team Accelerator and others, who have founded their own companies and understand what it takes to make them successful.
Their professional network
The professional network of your chosen mentor could be very advantageous to your business. Ask them about their contacts in the industry, investors, and other entrepreneurs who could help you get ahead. If they don’t have an extensive professional network yet, make sure they at least have access to resources that will benefit you and your start-up.
Their personality & communication style
Be sure that you click with your potential mentor; after all, this person will become an integral part of your team for however long you decide to work together! Choose someone whose communication style works well with yours; many mentors prefer email or chat over phone calls or face-to-face meetings, while others may prefer more frequent contact than others do. Talk openly with each other beforehand so you both know what kind of communication you expect from each other throughout the mentorship process.
Their availability
How much time can they commit to helping you? Are they available immediately or do they need some time before coming onboard? It’s crucial that you know this information beforehand so that expectations are managed appropriately between both parties involved in the mentorship agreement. Make sure that you both agree on a timeline as well so there is no confusion down the road regarding availability and commitment expectations.
Their cost
Last but not least: How much does their service cost? Is it hourly based, monthly based, or project based? Agreeing upon payment terms prior to starting work is essential; if there’s any disagreement over money issues midway through the agreement it could damage trust between both parties involved which is never good for any relationship – especially one involving money management! Take into consideration factors such as experience level, expertise offered, and overall value before deciding upon how much money should be exchanged between yourself and your mentor in order for everyone involved to feel satisfied with the agreement being made here today.
These five things should always be taken into consideration when looking for a mentor: experience of the individual, professional network connections they may possess (or have access), personality/communication style match up with yours, their availability level/time commitment expectation and most importantly cost associated with them providing guidance/advice services going forward into the future of your venture’s success! A great business mentor will be able to provide value beyond just words – take this opportunity seriously by investing proper time into finding someone who meets all qualifications necessary for taking on such an important role within your new start-up company!
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Hannah Whittenly is a freelance writer from Sacramento, California. A mother of two, Hannah enjoys writing on blogs of all niches.
