A common theme throughout my career has been great mentors. When I launched Selerity it was my first start-up and I was relatively young at 26 years old, so having the support of a network of seasoned executives and entrepreneurs was instrumental in growing the business. I can’t stress enough the importance of strong mentors when embarking on the journey of building a company. One of my mentors helped me navigate and structure my series A capital raise. He educated me on critical components associated with setting up a company, like how to structure an employee stock ownership plan (ESOP) in a way that wouldn’t be seen as problematic for potential strategic acquirers, but also in a way that maximized profits for employees during a liquidity event. Without his help, my company may have looked very different.
My mentors and Board of Directors at Selerity have helped shape and impact everything from strategic partnerships, product strategy, sales, marketing, recruiting, to adding overall brand value to the company. A strong board also demonstrates to your staff that you have experienced advisers helping steer the business, instilling confidence and demonstrating your willingness to learn from others, which is particularly important if you’re a young entrepreneur. In addition to helping you shape your company, good mentors will be there for moral support. Earlier in our growth, one of my mentors helped me formulate a message to my employees when Selerity’s cash burn rate was higher than expected, a very sensitive issue.
I’m a firm believer in learning from people’s success and, more importantly, their mistakes. Individuals who have gone through the exciting but trying process of starting a company have a great deal to offer entrepreneurs. Their collective experience is the handbook to business building – some of Selerity’s most important strategic partnerships have been the result of a mentor introducing me to his expansive network, another mentor gave me my first job in the financial technology industry after college, which led to me building a foundation of industry knowledge before starting my own company. My father was also a mentor, teaching me critical business skills in management and helping me negotiate deals throughout my career. Without these people, I simply wouldn’t be where I am today.
Below are some helpful tips from my experience for finding and maintaining successful mentor relationships:
- Go big. Identify the very best, most successful people in your industry or area of expertise and find a way to engage them in a polite, respectful, but determined manner. I encourage you to find C-level executives and other senior professionals who have demonstrated success and have deep industry contacts. Don’t limit yourself.
- Find mentors who believe in you and have time for you. Outside of potentially adding brand value, an adviser or mentor who doesn’t give you adequate time is not very useful, no matter how well recognized or influential they are. Find mentors who believe in you as a person and who truly want you to succeed. There needs to be a strong connection built on mutual respect.
- Be respectful and conscious of their time. Successful people are successful because they work hard and take on a lot, which means they don’t have all day to spend with you. If you want to connect with them, send an email and find a mutually convenient time (I find unannounced calls in the middle of the day can be annoying to a busy person). Before meeting with your mentor, prepare an agenda and a set of questions so you can maximize their time and allow for a strategic discussion.
- Be a sponge – write things down. Be diligent about writing things down in a central place that won’t get lost. Not only does it serve as a great tool when looking back months or years later, it demonstrates a level of appreciation and shows that you care enough about what they’re saying to write it down.
- Get started early. The earlier the better when it comes to seeking trusted advisers. I started engaging business executives by writing them when I was 16 years old, gaining advice and opportunities that were instrumental to my development.
- Give back. I firmly believe in giving back to your mentor. For example, look for opportunities to introduce your mentors to people you feel would benefit them or pass along business opportunities they’d be interested in. Forward news articles relevant to their business and life. Giving back also means mentoring others using the experience and knowledge you gain during your journey as an entrepreneur.
