Established and successful businesses have long known the value of a structured mentoring program.
Given the need to attract and retain young talent, the opportunity to pair a newcomer with a more experienced employee has proven beneficial for all parties. The younger, new employee has his or her experience curve compressed and the magnitude of the corresponding anxiety curve reduced.
The mentor often gets exposed to new ideas and new approaches, not to mention new technology. The company benefits because both of these actions help in the ever-changing competitive marketplace and the cost is minimal.
But what about the entrepreneur, the person who might well be the grizzled old veteran and the wet behind the ears rookie all rolled up into the same person.
Where can he turn for that same much needed accelerated learning and diminished anxiety? No matter what course you pursue, you need a mentoring influence and you need to be prepared to work to earn this influence.
Perhaps the first and most obvious step to acquire this assistance is the development of a board of advisers. Ideally, this board should be comprised of folks who functionally offset the entrepreneur’s weaknesses and who also have an empathetic bent for the enormity of the challenge at hand. A good source of names can often be provided by individuals who might already be serving on someone else’s advisory board.
Recognizing that fully employed individuals only have so much “pro bono” time for struggling entrepreneurs, asking these same folks who they might recommend will usually produce a well qualified list of targets. If nothing else, the answer to the question gives you a legitimate “in” when you contact them and honestly say that you were referred to them by so and so.
Upon your successful earning of a time to meet, it is critical that you come to the discussion fully prepared. This means a clear understanding and communication of where you see your company going and what you are asking of the adviser.
In addition, you should also be able to indicate some estimate of the quantity of time your request will carry. Assuming a willingness to assist, make sure that you have at least a copy of your executive summary that you can leave behind.
One of the major complaints often heard from business people who are serving as volunteer advisors is the lack of a process for making best use of their time. For example, once a date and time are agreed upon, an email or a phone call from the entrepreneur with some specific issues for discussion allows preparation to be done by the adviser.
Following the discussions, a thank you note from the entrepreneur with notes of the discussion complete with dates, timelines, and commitments underscores the ongoing nature of the process for assistance. Savvy entrepreneurs, of course, always have their radar up for any opportunities to support or assist their advisory board members.
There is no question that the current economic situation is going to make it just that much more difficult to achieve entrepreneurial success. Invest the time to access smart folks, take advantage of their wisdom and expertise, and you’ll dramatically increase the probability of your success.
John F. Riddell Jr., director of the Center for Entrepreneurial Growth-Hamilton County, writes each Tuesday about entrepreneurs and their impact on companies and the marketplace. Submit comments to his attention by writing to Business Editor John Vass Jr., Chattanooga Times Free Press, P.O. Box 1447, Chattanooga, TN 37401-1447, or by e-mailing him at business@timesfreepress.com
