Is Mentoring for Entrepreneurs-01

“As we look ahead into the next century, leaders will be those who empower others.” – Bill Gates

Microsoft CEO Bill Gates credits part of his success to Warren Buffet. During an interview with CBC, Gates praised Warren Buffet for teaching him how to deal with tough situations and how to be consistent in your thought process. Gates greatly admires the Buffet’s style of mentoring as he makes him understand complicated process into a smooth one.

As Entrepreneurs who have just ventured, you can be overwhelmed with the operations of the business, especially due to gap in business knowledge and expertise. So how does one understand the kind of mentors that are available for you and who can you approach? Here are the different kind of mentors which you can leverage to build your skills?

The Virtual Mentors
This is the first type of mentor, rarely comes with monetary costs — you probably already have several of these without even realizing it. For example, your favourite celebrity businessman or some expert from YouTube like TED Talks. Virtual mentors are often strangers who don’t know you, but is still someone who can have a great impact on how you run your business.

The Industry-specific Mentor
This type of mentor has already walked in your shoes; he or she can help you with industry-related challenges like managing finances and choosing suppliers. These individuals rarely mentor full time, but their one-on-one advice can be invaluable, especially in niche fields. You can find them as a family member or friend.

The Challenger
If you want to grow, you will want some challengers in your life who will tell you when they think you’re doing something wrong or if an idea just plain sucks. Someone who can give you positive criticism. They will challenge your idea of your business as per their perspective and where it could falter. Challengers are super smart and super-fast–they often don’t have a lot of time, so you’ll find they’ll give their dose of advice quickly and move on. Call upon them only when you need it.

Investor Mentors
Investor Mentors are those that help entrepreneurs become more attractive for investment by guiding them in developing fundraising materials and strategies. Every entrepreneur needs to raise funding to grow their impact. To be able to succeed in the fundraising arena, we need to prepare with the right materials and confidence to succeed. To be able to do this well, they will learn from experts who understand this arena.

Finding the right mentors for you and your business can help to ease the load you are carrying and provide a greater chance of success for fulfilling your dream. Start by connecting with your alumni and you could tread the path of success and fulfill your vision of your business.