We all know how important the team is to a successful venture. I want to focus a bit on the power of a great mentor, with three reasons (of thousands) why they are so valuable.
I also want to highlight the fact that having a good mentor is just about YOU as it is them. You need to truly put in work to make sure you aren’t wasting their time. It is up to YOU to keep them informed, and maintain a relationship. It’s up to YOU to drive the meetings and request things. Remember, they are doing this out of the kindness of their hearts, it’s up to you to recognize that and show them value for their time. Also, THANK THEM!!!
Objective Advice:
Yes, we all know you have an amazing idea. It’s the best thing in the world! Everyone will want it! Honestly, it’s likely not that amazing. Your friends and family are supportive - as are your fellow entrepreneurs. Entrepreneurship is hard, you need the support!
A great mentor, will ask good questions - and challenge you in everything. They are the ones who will ultimately poke holes in your idea, your business plan, your team, your assumptions - hell, even your scuffy beard. They will look at everything from an entirely objective standpoint, because while they want to help you, they have ZERO reason to make you feel warm and cozy.
A weaker mentor will answer questions, give you some insights but ultimately offer no real nuggets of information. This mentor is not truly engaged.
Seek a mentor who challenges you. One who is engaged and believes in you and your idea. Remember, it’s up to you to keep them informed!
Motivation:
You’re motivated, your team is motivated, your dog is probably motivated. But sometimes you get kicked in the teeth. Sometimes you get what is seemingly CATASTROPHIC news and feel like you’re completely hosed. You call your friends, post on facebook or call mom. You seek guidance and support, and you get some, and you feel a little better.
Then you call your mentor, who has been through this dozens of time. And he/she says a few simple words:
Stop worrying about it, and keep going. Your plan makes sense!
Boom, motivation. You realize that while that VC just made you feel like a jackass, or your beta test is as buggy as Charlie Sheen, or you just got rejected from a competition you felt you could win, IT DOESN’T MATTER! You keep going, chugging along and work to your plan. Your mentor may even say some other soothing words:
This is valuable, now you van consider pivoting x,y and/or z and strengthen your offering.
Just like that, you’re re-energized and ready to conquer.
Find a mentor who will take the time to understand what you’re doing, and will help you keep your eye on the prize.
Connections:
When I worked at Lockheed Martin, one of my stupid human tricks was being able to find people who could answer my questions. If I had a question about radome design, I knew a radome guy, and would call and in seconds he would answer my question and save me hours of research.
A great mentor helps you because he/she knows people who can help you. Do you need incorporation advice? How about IP Strategy advice? Do you need help with marketing?
A good mentor will try and help you find the support you need. Some mentors may connect you to people. Others will describe characteristics of people they’ve worked it, for better or for worse. Either way you will get great advice and avoid pitfalls!
A good mentor will help you with people in their network, or knowledge they’ve gained. Remember, if you’re lucky enough that your mentor connects you with people, be respectful and responsive with the people you were connected to - your mentor’s relationship with that person may be negatively impacted if you aren’t awesome.
Thank YOU
We want to thank our mentors, who have been incredible so far:
Mike Cassidy: The Gold-Standard of amazing mentors. Mike has asked us very pointed questions, provided sage advice, and helped us keep our eye on the prize. Also, his motto of “speed as a primary business strategy” has re-defined our idea of how fast we can develop this system. Mike, thank you for everything!
Joe Hadzima: Joe is a treasure trove of great advice. He is an Intellectual Property mastermind, and has helped us understand not only IP Law, but IP Strategy. He has also taught some amazing courses on business plans and IP at MIT. Thank you Joe!
Sunil Rekhi: Sunil is a serial entrepreneur who has lived through the tech boom and bust. He helped us with setting up initial financial models, strategies on how/where/when to incorporate and technology we should be looking at from a software perspective. Thank you Sunil!