Monday, September 7, 2015
Web links and suggestions for a new Entrepreneur
The economy sucks, you've tapped your family and friends, so where do you look for financing your great business idea?
First Step.......Write a business plan....include budgets and marketing plans
http://web.sba.gov/busplantemplate/GenRpt.cfm
Second Step........ See Step One...... Write a business plan....investors want to gauge your seriousness.
Here is a list of websites that might help provide the resources you'll need......
http://www.kickstarter.com/
http://www.wickedstart.com/public_home
http://www.kiva.org/
http://www.appbackr.com/
http://www.mynewcompany.com/findingthemoney.htm
http://wisepreneur.com/entrepreneurship/new-ventures-is-peer-to-peer-lending-a-good-funding-solution
http://www.newventurementors.org/funding-approach.html
http://usgovinfo.about.com/od/smallbusiness/a/flbusiness.htm
http://www.slideshare.net/Freddy56/new-venture-financing
http://www.entrepreneur.com/blog/223818
http://www.inc.com/guides/finance/20797.html
http://www.instigatorblog.com/how-to-raise-startup-financing/
http://mashable.com/2011/04/12/tech-financing-changes/
http://www.funded.com/?gclid=COve2NTrrbECFQTqnAod-ywAuw
http://www.prosper.com/
http://www.socialbrite.org/2011/04/26/15-ways-to-crowdfund-your-startup-or-project/
Third Step...........
Remember - Never Give up!
Sunday, September 6, 2015
10 Tips for New Entrepreneurs
http://bradpoulos.com/10-tips-for-new-entrepreneurs/
Without a clear, written, well-articulated goal or goals for yourself and your business, how do you know what do when you get up each morning? Too many people today sit around waiting for their email to tell them to do something! Applying the military analogy of “Commander’s Intent”, it is much more effective to empower your team and your company and yourself with three things – purpose, resources, desired endstate – and let them deal with the myriad possibly interim difficulties and required changes to their own plans.
Getting into this kind of routine early in your entrepreneurial venture is important discipline for several reasons. It prepares you for the day when outside investors will demand it. It also helps you quickly test your assumptions regarding what kind of revenue and expenses you will have in your business. Regularly updating a business plan is vital if you are going to seriously use it. At least annually.
I first heard that from my finance professor, Jim Hatch. It basically means cash is more important than virtually everything else. Without cash your business sputters and eventually dies. All the sales in the world won’t help you if they are sitting in a poor quality receivable. And just try to buy a new car with EBITDA or Net Income!
The bank is almost never really your friend. Wall Street Merchant bankers’ greed in the decade or two prior to 2008 created such a huge implosion of available capital, especially to small business, that there is still no end in sight in terms of real commercial lending to small business. What happens in reality is the bank loans the money to the owner, but takes no real risk in terms of the business. Not until your business is much larger and the threat of moving your business is enough to get personal guarantees removed. If you can, bootstrap your venture and don’t load it with debt unless you must.
Thomas Watson, founder of IBM said something along the lines of:
10 Tips for New Entrepreneurs – Sure ways to increase your chances of success. #in
Are you a new entrepreneur or thinking of taking the plunge?
Here are 10 sure fire ways to increase the chances that your new venture is successful.
Here are 10 sure fire ways to increase the chances that your new venture is successful.
1.Make sure you are ready, and other key stakeholders in your life are too!
Owning and running your own business is neither easy nor boring. It surely is not for everyone. Each person’s situation is unique, but most of us need some kind of safety net, whether that be at home to handle overload duties with the family, or financially. Ensure that your income is either not vital to your monthly living, or is going to be covered through savings to the extent that your business doesn’t replace your pre-entrepreneurial income.
You must also make sure you are ready for the time investment which can be immense at times, and for the sacrifices that will surely have to be made. You may not be able to play on that pickup hockey team or sandlot baseball team on saturday mornings any more — but you should try to maintain some balance as much as you can. Finally, ensure that you have the necessary skills, or have ready access to them through your network.
You must also make sure you are ready for the time investment which can be immense at times, and for the sacrifices that will surely have to be made. You may not be able to play on that pickup hockey team or sandlot baseball team on saturday mornings any more — but you should try to maintain some balance as much as you can. Finally, ensure that you have the necessary skills, or have ready access to them through your network.
2. Have a clear vision and make sure it’s understood
Without a clear, written, well-articulated goal or goals for yourself and your business, how do you know what do when you get up each morning? Too many people today sit around waiting for their email to tell them to do something! Applying the military analogy of “Commander’s Intent”, it is much more effective to empower your team and your company and yourself with three things – purpose, resources, desired endstate – and let them deal with the myriad possibly interim difficulties and required changes to their own plans.3. Have a business plan, and monitor/update it regularly
Getting into this kind of routine early in your entrepreneurial venture is important discipline for several reasons. It prepares you for the day when outside investors will demand it. It also helps you quickly test your assumptions regarding what kind of revenue and expenses you will have in your business. Regularly updating a business plan is vital if you are going to seriously use it. At least annually.4. Work your network hard both before and after starting your business
People want to help. Studies have shown that at least 80% of the time people will help you, if you ask! Your personal network is one of your most valuable assets. Use it! One of the biggest mistakes I have made myself, and I have seen made over the years, is not asking for all the help you need. So figure out how your friends and acquaintances can assist your venture and ask for that referral, piece of information or introduction. And don’t forget to work into every networking opportunity an offer to help the other person in some way.
5. Never forget “If it doesn’t jingle, it doesn’t count!”
I first heard that from my finance professor, Jim Hatch. It basically means cash is more important than virtually everything else. Without cash your business sputters and eventually dies. All the sales in the world won’t help you if they are sitting in a poor quality receivable. And just try to buy a new car with EBITDA or Net Income!6. No business is too small to do things right
I was once very impressed to see a restauranteur with one location who had an operations manual that would have impressed Ray Kroc. This was about 17 years ago and for the record that restaurant is still thriving. This man had read Michael Gerber’s The E-Myth and understood that by working “on” his business a little, he could make it so that almost anyone with the right attitude could work “in” it. No one person was or is vital to the operation on a daily basis, including the entrepreneur, once you get this formula right.
7. Put off hiring employees as long as you can, and then hire the best you can find
It takes some courage to consistently hire people who you feel are “better” than you are, but that’s what successful entrepreneurs do. Once you have decided you must take the plunge and hire that first (or next) employee, then be sure you know what you need and want in that position, and be ruthless about not settling for less. A wrong hiring decision is almost never the band-aid you want it to be, and can be expensive and time-draining to make right, not to mention the unfairness to the person that you put in the wrong position. Find the budget to get the person you need and then let them shine. You will make mistakes. When you do fix them swiftly and fairly.
8. Don’t involve the bank unless you absolutely have to (new since 2008)
The bank is almost never really your friend. Wall Street Merchant bankers’ greed in the decade or two prior to 2008 created such a huge implosion of available capital, especially to small business, that there is still no end in sight in terms of real commercial lending to small business. What happens in reality is the bank loans the money to the owner, but takes no real risk in terms of the business. Not until your business is much larger and the threat of moving your business is enough to get personal guarantees removed. If you can, bootstrap your venture and don’t load it with debt unless you must.9. Be prepared to admit mistakes and do it quickly
Thomas Watson, founder of IBM said something along the lines of:
You can’t be afraid to make mistakes, and you have to be able to quickly recognize them and deal with them. Not every idea you try will be successful. But as Mr. Watson said, it’s on the other side of those failures that you will find the right formula.
10. Have Fun!
If you are not having fun doing what you are doing, what really is the point? If money and bragging rights are more important to you than getting satisfaction out of what you do and how you do it, then the grind of the entrepreneurial world may not be the right place for you. Perhaps a corporate job would be better. I have always found that the environments where there is a commitment to results coupled with a positive atmosphere are the high performance places to work.
Friday, September 4, 2015
Developing your Personal Road Map?
If you were planning to drive from Miami to New York, the first thing you might do is look at a map to determine your route. You would need to determine the best route for the trip. You might decide on the fastest route or the most scenic route. Once the route is selected, you might try to figure out a budget. How much gas, food, tolls, rest stops, hotels, sightseeing, etc.
It seems like common sense to develop a plan for the trip, yet most people don't spend any amount of time developing a plan or a Road Map for their life.
Just like the drive to New York, the first task in developing a Personal Road Map....You must determine where you are going. What are your plans, goals, dreams, passions in life? Is it wealth, fame, happiness?
Once you've determined what you want...or where you plan on going in life, you need to develop your plan. I suggest writing down (2) lists.
The first list should detail all the short term things you must do to survive. Reviewing your budget to make sure your rent, food, school, etc is taken care of for a period of time while you work towards your long term plans.
The second list is your "Dream" list or "Goals". This list is your passion that you want to work towards....with LASER FOCUS.
In my opinion, the best book to help you understand these basic concepts is Napoleon Hill's classic book, Think and Grow Rich.
It seems like common sense to develop a plan for the trip, yet most people don't spend any amount of time developing a plan or a Road Map for their life.
Just like the drive to New York, the first task in developing a Personal Road Map....You must determine where you are going. What are your plans, goals, dreams, passions in life? Is it wealth, fame, happiness?
Once you've determined what you want...or where you plan on going in life, you need to develop your plan. I suggest writing down (2) lists.
The first list should detail all the short term things you must do to survive. Reviewing your budget to make sure your rent, food, school, etc is taken care of for a period of time while you work towards your long term plans.
The second list is your "Dream" list or "Goals". This list is your passion that you want to work towards....with LASER FOCUS.
In my opinion, the best book to help you understand these basic concepts is Napoleon Hill's classic book, Think and Grow Rich.
Monday, March 2, 2015
Miami Herald - Business Plan Challenge
You have about two weeks left to participate in the 2015 Miami Herald Business Plan Challenge. If you are on the fence about whether to enter, here are five reasons to get moving:
1. Motivation. You’ve been meaning to write a business plan — this might just be that kick in the behind you need. Or perhaps you have a plan but need to refine your short version — those are in vogue this year. Whether you are entering the Community Track, open to all of South Florida, the FIU Track open to students and alumni of that university, or the High School Track, which is also open to eighth-graders this year, entering the Challenge will help you get moving.
2. Publicity. If you are one of the top three winners in each track or the “People’s Pick,” you will be profiled in a special section of the Miami Herald’s Business Plan Challenge announcing the winners. If you are in the top six in the Community or FIU Tracks, you will participate in the People’s Pick, our popular video contest hosted on MiamiHerald.com. We also announce our first cut, the semi-finalists, to keep the interest going. Social networking is a key component of our contest. Next year, we will look back on our winners and we follow them for years to come.
3. Feedback and education. I will share feedback from the judges with you if you request it, whether or not you are a finalist. If you are chosen for the aforementioned People’s Pick contest, that’s a terrific opportunity to polish your elevator pitch. If you are entering the High School Track, winning sure looks good on a college application. Also, winners receive free admissions to Florida International University entrepreneurship workshops and webinars so the learning will continue.
4. Exposure and connections. It can’t hurt to have your plan read by South Florida’s top entrepreneurial experts, including serial entrepreneurs and investors (judges’ bios are on MiamiHerald.com/challenge). Sometimes long-lasting mentorships are developed. Some winners have been introduced to investors or potential partners; others gained key customers. If you are one of the winners, you will also be honored at a luncheon with the judges and business staff and at FIU’s Hall of Fame reception. FIU’s Pino Global Entrepreneurship Center is our sponsor.
5. Pride. I know you’re passionate about your concept — and aren’t you just a wee-bit competitive?
The deadline is March 16. Contest rules are on MiamiHerald.com/challenge.
If you entered last year and weren’t one of the top three winners, regroup and try again. Business ideas in the dream stage are fine for this contest. Class projects are welcome, and we love high school entries.
Do you have questions? Email ndahlberg@MiamiHerald.com
YOUR QUESTIONS ANSWERED
Q. Is there a required template I should follow for my entry?
A. The short answer is no. Your entry is a three-page business plan, with one additional addendum page allowed for a chart or graphic, and we allow people the freedom to format it as they would like. But we suggest you consider including all or most of this information: brief product or service description, problem it is solving in the market (market need), a little about your target market and competition, relevant experience of your team, your business model (how you will make money) and how will you scale it, your marketing strategy and some financials, for example your startup costs and three years of projections. Keep each section brief — bulleted items are your friend. Many contestants use their extra page for their financial chart.
Some people download templates for business plans (easily found in a Google search) and include the categories most relevant. Some use an executive summary they already have written and add to it. People who already have investor decks have the information in a concise way — just put it into a 3-page word doc and you are done. Creative graphic presentations are fine, too. If you are starting from scratch, good for you! You have probably been meaning to do it anyway, and it will be a roadmap you can continue to update in months and years to come.
Missed our Business Plan Bootcamp? See our recap and full video hereon MiamiHerald.com/challenge.
Q. Why the three-page limit?
A. Short business plans are in vogue, actually. In today’s day and age, investors (and judges) want the information fast and brief and will ask for more info as they need it. They say that in real life, if you don’t capture their attention in the first page or even the first paragraph, they will move on.
Pro tip: Ask someone who doesn’t know anything about your business or business concept to read your plan, or at least the first few paragraphs, to make sure they understand it.
Also, though our judges are almost super-human, we can’t ask them to judge dozens of full business plans.
See more Q&As here on MiamiHerald.com/challenge
Tuesday, January 13, 2015
Advice from the experts
Startup Biz Information
Happy New Year, I hope you are off to a fantastic start! I wanted you to have my new contact information and invite you to reach out to me if i can make an important introduction or advise on any of your initiatives. 2015 promises to be a spectacular year and I've made big changes to take advantage of it. I hope you are doing the same! Please update the contact info you have for me:
Mike O'Donnell
Principal, StartupBiz.com
mike@startupbiz.com
206-930-9121
In Asia, it is the year of the Sheep -- a great year for finance, career, relationships and health. In North America and Europe, 2015 will be the year of the entrepreneur. More viable companies are being started than ever before. More seed capital is available for promising startups than ever before. By 2020, more people will be working for themselves (or for a startup) as 1099 wage earners, than working for established companies as W2 employees. Every facet of how we live, work and play is being reinvented. Hold on tight, it's going to be a great ride!
Let me know if i can help you with your ideas, or perhaps, join me on StartupBiz.com to help aspiring entrepreneurs with their ideas.
Cheers,
Mike
Happy New Year, I hope you are off to a fantastic start! I wanted you to have my new contact information and invite you to reach out to me if i can make an important introduction or advise on any of your initiatives. 2015 promises to be a spectacular year and I've made big changes to take advantage of it. I hope you are doing the same! Please update the contact info you have for me:
Mike O'Donnell
Principal, StartupBiz.com
mike@startupbiz.com
206-930-9121
In Asia, it is the year of the Sheep -- a great year for finance, career, relationships and health. In North America and Europe, 2015 will be the year of the entrepreneur. More viable companies are being started than ever before. More seed capital is available for promising startups than ever before. By 2020, more people will be working for themselves (or for a startup) as 1099 wage earners, than working for established companies as W2 employees. Every facet of how we live, work and play is being reinvented. Hold on tight, it's going to be a great ride!
Let me know if i can help you with your ideas, or perhaps, join me on StartupBiz.com to help aspiring entrepreneurs with their ideas.
Cheers,
Mike
Wednesday, September 24, 2014
Friday, September 5, 2014
Success Shortcut - Find a Mentor!
http://thenextweb.com/entrepreneur/2014/08/30/find-mentor-ways-maximize-relationship/
Rebecca Mahoney is the CMO of Ebuzzing & Teads.
There are countless bits of career advice that can be found through a quick search on Google or by watching tutorial videos on YouTube, but often the best-kept secrets to success come from personal experiences.
Working with a mentor can help you learn from their experiences, ones that you will likely encounter in your future. Whether you just want to bounce ideas or need help crafting your first business plan for investors, having a mentor can be highly beneficial, from building your confidence to expanding your business ventures.
Here are four ways to start and maximize your relationship with a mentor:
Finding the right mentor
If you have a great relationship with them, previous managers or directors can be great mentors. Dennis Crowley, Foursquare founder, worked with his first boss, Ken Allard as his mentor to start Foursquare. They often can provide the best insight for your personal work style because they’re more likely to understand how you work and operate.
While it’s nice to have someone you idolize as a mentor, having someone who you can communicate with is even more crucial. Attend networking events or industry conferences to learn from and meet people who have been in your position before, and find a mentor who can share their experiences—both good and bad.
Mark Zuckerberg’s mentor Sean Parker recognized his own mistake with Plaxo, his startup, and taught Zuckerberg the importance of balancing control over company shares.
Rajiv Shah, the Administrator of US Agency for International Development, worked closely with Patty Stonesifer, Chair of the Smithsonian Board of Regents, as his mentor. As he told CNNMoney, he found her to be one of his most important mentors because she taught him to keep communications open and include others in the problem-solving process.
Another option is to have more than one mentor—Brian Deese at the National Economic Council lists his four bosses as great mentors. As you get older, having multiple mentors can guide you through various experiences in life and business—whether it’s getting past the startup hump or developing business models for an established company.
CBS News’ president, David Rhodes, had two mentors to help him formulate different divisions of the company, like the hit TV program 60 Minutes and CBS Television Network.
Keep track of your meetings
Scheduling regular meetings can help build trust and deepen relationships. However, to get the most out of each meeting, take notes on the lessons learned and work to put them in action before the next meeting.
For example, if the topic of the meeting is client communication, work to incorporate that advice throughout the working week. When you have your next meeting, bring copies of your emails and discuss the improvements you’ve seen or need with your mentor.
Be open, but don’t be afraid to push back
Going into a meeting with an agenda can set expectations and goals, but don’t feel pressured to stick to the topics listed. Let the meeting trail beyond the agenda items as organic conversations can often lead to great ideas.
On a similar note, don’t be afraid to ask challenging questions and start a debate. Debates force you to articulate your reasoning and thought process behind the idea you are defending.
Like any relationship, it’s a two-way street. Not only will this be beneficial for you, but also for your mentor.
Take it outside
One of the best ways to learn is by seeing your mentor in action. Attend a conference where your mentor is speaking or shadow them for a day at a trade show.
Before the event, write down a few goals you hope to achieve and try to strike each out throughout the day. During the event, take the time to meet with your mentor’s peers to expand your network.
For example, if one of your goals is to improve your public speaking, note how your mentor presents and connects with the audience. If another speaker’s style catches your attention, ask what inspired his/her presentation.
After the conference is over, these notes can become great discussion points for your next meeting—going over any questions, observations and tips on how you can execute it.
While you may have all of the information in the world at your fingertips, sometimes the best lessons come from forging personal relationships with great leaders, peers and teachers. After all, many tech giants, like Bill Hewlett and David Packard, had a little help before they started their empire.
Tuesday, April 15, 2014
Goals - YOU MUST WRITE THEM DOWN!!!
What Should You Write About in Journal For Your Goals
GoalsOnTrack comes with a feature where you can write journal entries for your goals. Some people may wonder, “What should I write about in my goal journal?”
Well, this is all up to you. There are many things you can write about in there. For me, I don’t write much about my goals, but I do write one thing in it pretty much on a daily basis. That is, my goals themselves. Just all my active goals.
Everyday, I write them out in the journal what my long term, mid term and short term goals are. That’s it. I occasionally try to phrase the same goal a bit differently, but generally it’s just repetition of writing down all my goals every day.
I’ve been doing this for about two years, and I think it has done wonders for me. At least there are a few benefits of doing this from my own experience.
- 1. Writing down my goals on a daily basis helps me remember them. Believe or not, many people fail to accomplish their goals, only because they have forgotten about them after a little while.
- 2. Writing down my goals helps me think about if they’re indeed what I want.Strangely sometimes we set goals that aren’t actually what we want for ourselves, but rather someone else’s wishes, society’s conditioning, etc. Writing them out gives me a chance to really reflect on them and decide for myself if it’s something I truely want to accomplish.
- 3. Writing down my goals helps me clear my mind and block out all other distractions that seem to pile up more and more on top of my goals. Without doing this, I usually find my goals tend to slip beneath more and more unimportant things.
- 4. Writing down my goals helps me subconciously find ways to achieve them. I don’t know exactly how it works, but I just find myself achieve far more goals that I’ve been writing down on a regular basis than all other things I once set for myself to accomplish but never get to write them down.
So that’s how goal journal has helped me. I believe if you start writing down your goals on a regular basis, you will also reap the benefits as I did.
Monday, March 10, 2014
Selling a Business - Know your Numbers!
The 6 Numbers Every Smart Business Owner Must Know
As you prepare to sell your business, consider these key numbers as indicators of how financially successful your exit will be.
Facebook recently made news when it acquired WhatsApp for $19 billion. That's a lot of money. It left many wondering how Facebook could justify spending that much for a messaging-app startup.
But despite rampant speculation about Facebook's motives, you can bet that its decision ultimately boiled down to numbers. Facebook evaluated a set of key metrics that are important to the company and determined that WhatsApp was worth the investment.
Although the dollar valuations are a lot lower for sellers of small and midsize businesses, buyers in the business-for-sale market place a similar emphasis on numbers. In fact, there are at least six important numbers that business sellers need to consider when they prepare to market their companies to potential buyers. They are:
1. Revenue
Gross revenue is a major concern for business buyers. When buyers evaluate potential business acquisitions, annual revenue totals help them gauge the size and potential of the business as well as its relative position within the industry.
As a business seller, it's important to show a trend of positive revenue growth. A top-line growth curve creates confidence that the buyer will be able to generate sales and revenue after the business changes hands. In many cases, a positive revenue trend can justify a higher sale price--especially if you can demonstrate a significant amount of recurring revenue.
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2. Seller's Discretionary Earnings
Seller's Discretionary Earnings (SDE) speak to the cash flow of the business and represent net income before taxes, interest, depreciation, amortization, owner's income, owner's benefits and nonrecurring expenses.
A figure that is often associated with Seller's Discretionary Earnings is EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization). However, EBITDA is usually only used in larger mergers-and-acquisitions deals. Business with earnings below $1 million and sales prices in the $2 million and under range tend to use SDE.
Discretionary Earnings averages over the past three to five years matter to buyers because they provide a realistic gauge of the financial benefit a new owner can expect to receive from the business on an annual basis.
3. Earnings Multiple
Seller's Discretionary Earnings directly impact business valuation by way of an Earnings Multiple. Most Main Street businesses ultimately sell for a price that is one to four times the annual Sellers Discretionary Earnings figure.
Of course, Earnings Multiples vary according to the attractiveness and appeal of the business that is being sold. Some of the factors that justify a higher multiple include business performance, financial records, product line, recurring revenue, brand reputation, competitive position, key staff that will remain with the business, and other variables that make it easier for a new owner to successfully operate the company.
4. Valuation
The valuation of most listed businesses is based on cash flow or Seller's Discretionary Earnings modified by an Earnings Multiple, plus the cost of inventory and real estate assets.
If the valuation figure is too high or too low, it can easily jeopardize your ability to sell the business in a profitable and timely manner. Since business sellers often lack the expertise and objectivity to accurately value their companies, the assistance of an experienced business broker is critical during this stage of the process. A good broker will also use comparable sales of similar businesses when determining the appropriate valuation for your business.
5. Asking Price
The determination of an asking price is one of the last challenges to be addressed prior to listing. The idea is to identify an asking price that is competitive with other listings and will attract a significant number of qualified buyers, but not so low that it will be impossible to realize full valuation at closing.
Based on the thousands of closed small business transactions that are reported on BizBuySell.com each year, the average business ultimately sells for 87 percent of the asking price. Again, your business broker's expertise will be essential in setting the right asking price for your company.
6. Net After-Tax Sale Proceeds
Net After-Tax Sale Proceeds is another number that should be on the radar of all business sellers. Since a certain portion of sale proceeds may be required to go to the government in the form of taxes, it's important to know the amount you will clear when you walk away from the sale.
The good news is that there are various strategies that can be used to minimize or defer taxes, resulting in a larger portion of sale proceeds going into your pocket at closing. Common tax minimization strategies include delaying the receipt of sale proceeds, converting from a C Corp to an S Corp or LLC, transferring stock to family members, structuring asset purchases to obtain a more favorable capital gains treatment and using trusts to reduce estate taxes. Consult with your business broker and/or a tax planning specialist to determine how to maximize the proceeds from the sale of your business.
Selling a business isn't just about the numbers--it's a combination of art and science. But by understanding the numbers that matter to potential buyers, you can better position your business for a smooth selling process.
IMAGE: SHUTTERSTOCK
LAST UPDATED: MAR 10, 2014
More:
CURTIS KROEKER is group general manager for BizBuySell.com and BizQuest.com, the Internet's largest and most heavily trafficked business-for-sale marketplaces. BizBuySell.com has more than 910,000 monthly visits.
@BizBuySell
@BizBuySell
Sunday, March 9, 2014
Mentoring
Mentoring Suggestions from Fast Company
6 WAYS TO BE A KICK-ASS MENTOR
THERE ARE MENTORS, AND THEN THERE ARE KICK-ASS MENTORS. AND IF YOU’RE GOING TO TAKE ON THE MANTLE OF GIVING SOMEONE ELSE CAREER GUIDANCE, INSIGHT, AND ADVICE, YOU MIGHT AS WELL ASPIRE TO GREATNESS.
After Kristin Mosher signed up for Pathbuilders, an Atlanta, Georgia, leadership and mentoring company, and found out her new mentor was a man, she was a little skeptical. Newly promoted and leading a production and operations services team within Turner Sports’ Creative Services Sports Unit, she was unsure that a man would understand some of the challenges women face in the workplace leadership roles.
Now, she admits, she couldn’t have been more wrong. Her mentor, Peter Scalera, currently vice president of trade marketing and execution at InComm in Atlanta, brought several important attributes to his role that made him a great fit--and helped Mosher settle into her big new role with ease. He even went so far as to meet with her supervisor and some of her informal mentors at Turner to get a better sense of who she was and where she could use advice.
“He made himself completely accessible. We related to each other and there was an understanding of confidentiality. He really went above what could have been expected,” she says.
There are mentors, and then there are kick-ass mentors. And if you’re going to take on the mantle of giving someone else career guidance, insight and advice, you might as well aspire to greatness. Here’s how.
1. GET INVOLVED.
Scalera’s field trip to Turner is a great example of how exceptional mentors can help their protégés. That involvement is one of the hallmarks of great mentors, says Ellen Ensher, Ph.D., professor of management at Loyola Marymount University in Los Angeles and co-author of Power Mentoring: How Mentors and Protégés Get the Most Out of Their Relationships. Great mentors take the job seriously and learn as much as they can about the people they are counseling. It’s tough to be a great mentor if you don’t put in the time doing your homework to understand the person and his or her career and life situation, she says. Act as if it was your career on the line.
2. BE ACCESSIBLE.
When Scalera mentors someone, he doesn’t limit meetings to once-a-month conference calls or coffee. If you’re letting a month lapse between meetings, you’re not really building a relationship with your protégé, he says. He’ll hop on the phone to talk through a work challenge or will review a PowerPoint deck before a big meeting. That kind of accessibility makes all the difference, Ensher says. Great mentors are available in those high-stress moments to be a coach as you stretch to master a new skill or navigate a crisis situation.
3. LEARN TO LISTEN ACTIVELY.
Being a great mentor isn’t just about listening--it’s about listening with intent. Scalera, who won Pathbuilders Mentor of the Year Award in 2012 after Mosher nominated him for it, asks questions about his protégé’s current responsibilities and challenges, as well as his or her goals and aspirations. When he doesn’t understand something or thinks that there may be more to the story, he asks more questions. That helps him draw parallels to his own experiences to gain more insight and give good advice.
“It doesn’t really matter what company you have worked for, if you [have similar] roles in your past. I can quickly figure out when there are a lot of similarities between the experiences I had and what [a protégé is] dealing with,” he says.
4. BE HONEST.
You’re not doing your protégé any favors by being too nice or not addressing the tough issues head on, Ensher says. You need to be straightforward. When you think your protégé is screwing up or about to knock it out of the park, say so. Unlike a therapist or even a life coach who isn’t supposed to interject his or her own feelings into the conversation, a mentor has more latitude to share personal experiences and insights--and even to say, “This is what I would do if I was you.”
5. OPEN YOUR NETWORK.
Assuming believe in and trust your protégé, making introductions is an important part of being a kick-ass mentor. You have the benefits of being higher up on the proverbial food chain and, likely having a more powerful if not bigger network. If you know someone who can help your protégé, make the connection, Ensher says. And if your protégé isn’t someone who you’d be comfortable referring to a trusted colleague, it may be time to re-think the relationship.
“You have to have chemistry. And this person is going to be linked to your name if you act as a mentor. If you’re not comfortable with that, this may not be the right relationship for you,” she says.
6. KNOW WHEN IT’S TIME TO LET GO.
For Scalera and Mosher, the mentoring relationship had a specific time frame through the program that matched them. However, they still keep in touch and meet informally. When less formally structured relationships run their course, it’s time to know when to let go, Ensher says. Great mentors may even help their protégés find their next mentor, understanding when it’s time to let go and let someone else step in.
[Image: Flickr user James]
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