The need for a mentor

[Cornish Steve]

This is the first time I have started my own business. After a few months, my business partner and I realised that we could do with advice in some specific areas. I was able to contact a friend who started his own company about 14 years ago. He currently employs about 100 people, and his company is growing and profitable. While he works in a completely different industry, his advice has been timely and very candid. If he believes I need criticism, he gives it - but in a constructive way.

I thought I'd start a poll on the subject. If you are a small business owner, did you enrol the help of a mentor when starting up? If more than one answer applies, please choose the most important factor.

Does having a mentor make a difference?

[MinuWeb]

I enlisted an aquaintance (not a friend) that I had alot of respect for, and has started several businesses including a couple that had failed. I gave them 5% of my company so that they would have a bigger interest in helping it succeed which prooved to be very worthwhile as he then allowed me to use some of his resources (office space, accountant, printer) for free. I onestly believe that without this I would now be the owner of a company that was doing ok, instead of 3 that are doing well and 2 that are doing ok.

[Rob Holmes]

Yep - I've got a general mentor and have got area specific ones in as the need has arisen.

Rob

[Cornish Steve]

To those who had no need for a mentor...

Is that because you were familiar with the industry?

[Jayne]

To those who had no need for a mentor...

Is that because you were familiar with the industry?


In my case yes! My husband had trained to be a baker since he was 14 yrs old, we just figured the rest out ourselves...plus many visits to the library business section :lol:

Jayne

[Ravenfire]

My mentor was actually my sister!

[Cornish Steve]

The results of the poll are quite interesting:

- One in three people felt confident enough not to need a mentor.

- 20 percent wanted a mentor but didn't know where to turn.

- Of those working with a mentor, most looked for someone with experience of starting a business.

- No one (!) sought help from someone in the industry.

Given that one in five people wanted a mentor but did not know where to turn, is there the need for some type of mentor finding service? If so, how might it work? Maybe mentors must be known and cannot be found.

[Marina Stone]

Just thought I'd mention, before someone starts a new business that Business Link offer mentors for free to new/start-up businesses.

They have volunteers from many professions who give up their time to help... apparently they even come to see you!

I didn't use Business Link, but I met a 'sort of' mentor at a networking event who had been running his business for many, many years. He is in fact a direct competitor, however he was kind enough to give me loads of advice, even sent me a copy of the contract he uses when he has a new customer so I could amend and use as mine! Saved me loads of trouble and his advice saved me loads of time and money!

Marina

[Cornish Steve]

Marina,

This is fantastic. You must have found it so heart-warming to find a competitor with such a magnanimous attitude. There is a business owner with confidence in his product - and a decent person too.

[fastfences]

Hi ya steve,
No mentor, but could be very worthwhile to some. Some councils run what are know as ;business incubators' which are a good assistance to new venturers.

VS has the right idea; give them a stake to guarantee their interwest!
Sorry, bit too much American TV, gotta go, take care now!!
Cheers, Nige

[winton50]

I did business link mentoring for a while.

Unfortunately to a large extent our efforts were in vain as many of the people thought that starting a business was a good way of keeping the job centre off their backs.

However there are three successful businesses that I have the pleasure of knowing I 'helped' in a small way

[daveashton]

Its funny we have no mentor for the BIZAL Group but many many years ago I had just started in sales as was very lucky to get a relationship with one of the top IT sales guys in the UK.

This person helped me go from an 8K basic to a 6 figure boy in less than 4 years and even moved me from 1 company to another because I had outgrown it.

I still speak to him every month and if if we have a major sales development issue that is v hard to fix for a client he still gives very good advice.

As for a business mentor the best nugget that was passed to me was understanding what I was good at and bring in people to help with rest either as staff, partner or mentor.

This lead me to take some strange steps i.e. I hired the best FD I could even though I needed him 2-3 days a month when I started out and sold him out to other companies so I could pay him. This has been done with other positions and now they work full time. They key was getting the best and finding ways of paying them.

[winton50]

Dave, that's really interesting.

I have been traumatising over our latest hirings. I know I need them but am not sure we can afford them until we grow - classic catch 22 stuff. have you found that once you've got them they pay their way?
stu

[daveashton]

Very much so if I aimed high and naff if I aimed low.

Its amazing how many companies need things like an FD 1-2 days a week, a sales & marketing director etc 1day a month. I just called companies that had just started out and did a deal so I could pay the best people what they were asking for.

i.e. MY FD looked after a 15 million pound company, my HR person looked after a team who looked after 1500 staff, etc.

[refreshious]

I'm really need a mentor right now. I've only just started my latest idea and am currently putting the it together.

How do I find someone who has actually done it? I'm not after one that works for a living as an employee, but one that is in the mould of an entrepreneur. Similar mentality to Ivan Massow.

Thanks

[WakingDragon]

My experience with my first business was with business link and it was such a disaster I decided never to go to them again. Apparently they are much better now (this was about 8 years ago).

Someone with experience would have been very useful in the early days. And even a successful business needs new ideas and experienced input.

[winton50]

Refreshious - why not post on here what you are looking to do and see if anyone speaks up.

I find that the people on here who offer advice are worth listening to.

[dagr]

Personally, no need because:

a) It's not the first time I've set up a company
b) My business partner (investor) has a lot of general business acumen.
c) I know the field well.

I do think that mentoring is a good idea and should be strongly encouraged. I cringe when I think back to the things we did a few years ago with my first company.

People mistakenly think it's like someone looking over your shoulder all the time, whereas in reality in could only be 1-2 hours per month. Just avoiding a few of the more obvious, bigger pitfalls justifies it alone.

Remember the two guys who set up a restaurant business together and thought they had got off to a great start until someone pointed out that when the accountant puts a figure in () it means negative.

David.

[daveashton]

Ok what skills have you got in your business that are A1

Now look at the skills you need and that are not low end

i.e. accounts, admin etc are low end

FD , Sales, MD skills etc.

Now you have profile of the skills you need.

Please post here and we will try to help