The Knowledge - How to choose a mentor

Thinking of starting a new business? Where do you start? And once you get started, how do you make it a success? Welcome to The Knowledge – a series of helpful videos offering free advice from business people who’ve been there…and done it. Choosing the right mentor for your business is crucial – just ask small business operator Bonnie Tuttle; Master Painters Association CEO, Mark Amos; and entrepreneur Troy Trewin. You’re on the way to becoming a small business owner…but just how important is it to get advice from someone who’s been there, done that? Bonnie: It’s important to listen to people and take it onboard but then always make your own decisions. Mark: I think it’s extremely important starting out, to use that person as a sounding board. Troy: I found it invaluable to go to someone and ask for that advice. Saves me not only time but also some money as well. When should you consider choosing a mentor? Bonnie: As soon as you decide that you would like to think about starting a business, that’s when you should engage some mentors. Mark: Join your industry association straight off. Troy: Don’t wait six months or a year. I think having that person help you shape your business from pretty much from day one is invaluable. Every business is different…so how do you choose a mentor that’s right for you? Bonnie: We chose people based on their expertise and also their interest in our business. Mark: You want someone that has an understanding of communications. You want somebody that has also understands working with clients. Troy: You need to like the person and respect them so they need to have had, I think, not just success as success is a poor teacher and I think having someone who’s has some failures in their business career as well is a great thing to have. What qualities should you look for in a mentor? Bonnie: We think that it’s not necessarily important that a mentor is a professional mentor. It’s just someone who has some advice that you can take on board. Troy: A mentor has to be very open, honest and frank. They have to be able to tell you the good news as well as the bad news. And how often should you catch up? Bonnie: If advice comes to you, no matter what the time, you don’t turn it away. Mark: Yeah, every couple of months, I think, should be followed. Even if it’s just to pick up the phone and say ‘Hi, this is what I’m doing, what do you think about that?’. Troy: I think optimally at the start, every two weeks is probably good and then go back to a monthly cycle. That all makes perfect sense…but what exactly can a mentor help you with? Bonnie: Mentors can help with anything really. You need to go and seek out the right type of mentor for what you’re interested in. Mark: To make sure that they’re looking at their business plan correctly. Make sure that they’re actually reading their financial statements. Troy: Biggest role I see for a mentor is mainly around strategy. Are you going in the right direction? Are you doing the right things? Their job is to look further down the road than you are looking at right now.