Life is a series of lessons learned. How often do we think, “If I had only known then what I know now.” Here’s an example. As the founder and CEO of a government contracting firm, I faced an issue over certain contractual technicalities at GSA. I am not a lawyer, and, although we retained counsel, the matter was rather involved and dragged on for four years. My company lost momentum, focus and revenue as a result.
I truly believe that these difficulties were by no means unique to us. I think a mentor’s advice and guidance–someone who had encountered similar challenges–would have helped us resolve the issue much more quickly by bringing in a business perspective to it not just a legal one. Unfortunately, in that situation, I did not have such a resource.
I urge you not to find yourself in a similar situation. But let me also share a few “lessons learned” when thinking about adding a mentor to your own decision-making mix:
- Don’t let your ego stand in the way of creating a mentor protégé relationship. In technology markets in particular, change is constant and time to market is critical. No matter how experienced you are as an entrepreneur, there are always new challenges to be faced. Asking for help is not a sign of weakness but rather an indication of your commitment to grow better and faster.
- Pick someone as a mentor who can complement your strengths and fill in the gaps in your background. This means finding people with knowledge you do not already possess. This isn’t a contest to be viewed as the smartest kid in the class. Rather, it is a strategy to accelerate the process of getting your company to where you want it to go.
- Get your priorities straight. Don’t select a mentor based on your current friendship or rapport with a particular person. You are looking for someone to analyze your thinking and, if necessary, challenge it—not rubber stamp your ideas. Everyone likes to feel validated. Leave that job to others.
- Don’t pick as mentor someone already having a formal or fiduciary relationship with your enterprise, like a member of your board of directors. The relationship you build with your mentor should be private. When it comes to sharing thoughts and ideas with board members, your thinking may align when things are going well; when things are not going well, a neutral source for feedback is invaluable.
- Don’t expect mentor relationships to last forever. They wear out as your circumstances evolve and your challenges change. In the mentor protégé relationship, too much comfort can become like comfort food. Familiar but fattening. To run fast and stay strong, assess and reassess mentors frequently and don’t be afraid to add new players to your mentorship pool.
- Use mentors to help you play the long game, particularly when it comes to raising capital or seeking acquisition opportunities. Speaking as an entrepreneur, I think it’s fair to say that most small business owners are consumed with the daily struggles of running a business. It’s easy to stay laser focused on today and tomorrow and to forget about next year or the years ahead. Steps taken now, however, can build enterprise value for the company and its employees. Many people like myself have “been there and done that” and, as mentors, can help you do it too.
