The Entrepreneur: Mentors Are A Must-Have

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One of the biggest influences on my business career has been my mentors, and I have had a handful of them. I can say without question that I wouldn't have achieved a quarter of what I have accomplished without their guidance and support.
Some of my mentors were business Gods such as Pete Musser, who founded or funded Safeguard Scientifics, Comcast and QVC; the late Hubert Schoemaker, who built biotech juggernaut Centocor; and Betsy Cohen, chairman of two public companies, The Bancorp, and RAIT.
Others were my first full boss, who was a vice president at a tax administration company that lived by the One Minute Manager book written by Ken Blanchard, and another was my third manager, who ran Penn State University's Great Valley Campus and now is the associate provost at West Virginia University, my alma mater.
All of them taught me something different. The one thing they all had in common was that they liked sharing their knowledge and experiences. Nothing is more gratifying to a teacher than a willing pupil, and I was probably more eager than most. I was hardworking but academically average, so I had self-confidence, but not so large an ego that I wasn't receptive to advice and suggestions.
There are plenty of quality mentors available, and people are usually honored that someone would respect them enough to ask. Mentors are people who:
* Share their experiences
* Listen to problems without solving them, but help their proteges think through problems so they can solve them on their own
* Ask the tough questions
* Point out mistakes
* Rebuke their charges when they are out of line
* Provide guidance on how to methodically nurture a career
* Make introductions to people who bring different skill sets that will improve the protege
* Rebuild broken psyches
There is no age requirement, but I typically always sought out mentors that were 20 or more years older than me. I wanted coaching from people who had enjoyed tremendous success and great failure. People who only experienced success lack humility. They believe that they are infallible.
The areas I wanted to improve in for which mentors were a great help were the following:
Dealing with Top Executives: I always wanted to work with top-tier executives either through writing or through my business ventures. I needed to know how they thought, acted and what they expected.
Selling the Big Idea: I have read innumerable numbers of business success stories and I wanted to know how you sell your concept to successful people.
Managing People: There is a certain skill to driving people whose aspirations are just to make a paycheck to maximize their potential and different skills to get people who think they should be doing your job to work together.
Raising Capital: I wanted to learn the art of raising cash. Getting someone to part with their hard-earned money or their company's capital is more difficult than selling the product or service you plan to sell after you raise the money to start your business.
The profile of the right mentor depends on where you are in your professional life and your aspirations. In my case, I had always wanted to run a company, so I was looking for the following profile:
Entrepreneur: Someone who had started companies. I wanted to learn what it took to build a company from scratch.
Overcame Adversity: Leaders who went through highs and lows, but never gave up.
High-Level Contacts: Someone who could show me how to deal at the highest levels.
Raised Capital: I knew one day I would need to raise money, and I wanted to learn how to develop the pitch and what to say and not to say.
Board Experience: When you are developing a company, you will want to build an advisory board and/or board of directors, and I want to know how to select companies.
Evaluating Employees: To build a great company, you have to know how to attract talent and evaluate it. It's a skill that is learned.
Where do you find mentors? There are a variety of places you can find them.
Work: If you have a boss you admire, speak to him or her about the fact that you are looking for a mentor and what you want a mentor for.
Professor: When I was an aspiring journalist, I went to one of my professors who was an on air reporter for CBS in the 1950s and '60s and asked him to read my writing and give me feedback.
Place of Worship: Every place of worship has experienced professionals in a variety of fields.
SCORE: Senior Core of Retired Executives are people who have either run businesses or were high-level managers.
Family Friends: You might have a family friend who could be a great mentor or a family friend might know someone.
Online and Traditional Publications: I have contacted business executives I have seen featured and asked them to breakfast or lunch to pick their brain.
Conferences: I like to sit in the front rows of conferences and introduce myself to the speakers.
If you are launching a new business, a division of a company, entering the management ranks or aspire to be a leader, a mentor is invaluable. A good mentor can be an incredible boost to your career, and you are never too old to seek out people more experienced than yourself who can teach you the ropes, provide constructive feedback and encouragement.
Marc Kramer is the author of five business books on topics related to venture capital, management and consulting. He is a faculty member at the Wharton School of Business at the University of Pennsylvania and the veteran of over 20 startups and four turnarounds.
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