Can I Benefit From A Mentor Relationship?

Entrepreneurs and small business owners are still challenged as our country continues to recover from the devastating effects of the Covid pandemic and some question whether a mentor relationship can be helpful. In addition to organizations like SCORE, which has provided free expert mentoring, resources and education since 1964, a host of other mentoring resources have cropped up from DFW-based networking organizations like The DEC to national and international mentoring organizations like Pinnacle Global Network and Micro Mentors International. In addition, many universities now provide mentoring services for students and alumni.

Written by Robert Barrese, President Emeritus, SCORE Mentors- Dallas

In this article I’d like to discuss how the business owner can take steps to ensure a productive mentoring relationship. 

I love Shark Tank and have the greatest respect for the lessons they teach to prospective entrepreneurs. Having said that, the Sharks are not, in any sense of the word, mentors and they don’t pretend to be. I once wrote to a producer at the show suggesting that some mentoring sessions prior to contestants facing the Sharks might help avoid those embarrassing scenes like “HOW are you coming up with a valuation of $$$$$?” It was explained that those scenes are the dramatic and often comedic moments that highlight the show.

After an extensive business career in sales, sales management and product development at a major corporation, I moved into consulting where I led development of some 20 companies. I have, in recent years, focused on sharing my experience by counseling more than 700 entrepreneurs and small business owners. I have also been involved in interviewing, hiring and training mentors and with outreach to find mentees with more of the essential elements for success. Hopefully this experience provides a useful perspective for the readers’ consideration.

At its essence, mentoring is a professional relationship between two people, so there is no “one-size-fits-all” mentoring style. There is also “one-size-fits-all” mentee or client. Matching client needs and mentee skills is the ongoing challenge for every mentoring organization. Some try to do it with algorithms based on key words in a mentor’s bio. Others rely on a detailed input questionnaire and still others employ a human intake person armed with in-depth knowledge of all the available mentors. Each of these methods, with varying degrees of success, can bring a client and mentor together; then what?

It is important to remember that success requires this to be a mutually beneficial relationship and like any relationship it will take some effort and patience to determine if the match works. Mentors want to work with clients that have the basic tools for success. We all have our list of essential success traits, but I would argue for clients with passion, drive and an inquiring mind. Clients with inquiring minds have figured out a basic value proposition and have done enough research to know something about the market and key competitors. The best relationships are often intergenerational with an older mentor having a wealth of experience and a younger mentee with the patience to be able to draw from that wealth. A frank, upfront discussion about expectations is an absolute must. 

During my journey I have observed mentors who have had great achievement in corporate America but no firsthand success with a small business. In a simpler time, a retired business executive with a lifetime of big business knowledge provided relevant mentoring services to a broad swath of young entrepreneurs. It is tougher today because generational respect must be earned, it is not the given it once was. Older mentors need to practice lifelong learning, read and read some more. Stay young in spirit, get involved with high school and college students, entrepreneurial clubs, judge the odd pitch contest, look for opportunities to work with minorities and those of other cultures. The interplay between a diverse and multi-generational client-mentor relationship can create the perfect mix when properly managed, but it doesn’t happen without some effort on both sides.

Insuring A Productive Relationship

Step 1- In the first meeting have that frank discussion of expectations, mentor experience and skill sets. Talk about other sources of input, other mentors; what went right what was disappointing. Is the client just looking for some tactical advice, a business connection, or a longer-term partnership? Is the mentor in this to develop potential clients for a service business? Is he/she looking for young talent or an early-stage investment opportunity; what’s the motivation? This meeting is not about the business per-se it is about connecting and the beginnings of trust and confidence.

Step 2- Having made the decision to try each other out it is incumbent upon the mentor to do pre-meeting preparation. Although the basics of a successful startup are similar, we don’t all understand every business sector. A good mentor should take some time to research the market, understand the competition and business drivers. I’ve been lucky starting out as a commercial insurance broker I had the opportunity for deep dives into so many businesses.

Step 3- After two sessions it’s time for the mentor to think through exactly what are you working with. Is this one of the “naturals”; people with the capacity to accomplish their goals with very little help? Perhaps you have the classic “Wantraprenuer”; someone looking to start a business for the wrong reasons and possessing inadequate passion, drive and intellectual curiosity. They want to open a business because they hate their job or their boss. Once you know what you are working with you can plot a strategy for the best mutual outcome.

Step 4- Post session research and memorialization. Before making a record of the session we mentors should do a little more homework based on what we learned in the session; revisit our pre-session notes on the industry, competition, anything we need more info on. Whatever “homework” you assign should be a starting point for the next meeting. If you both agree on assignments the next session should not happen unless the assignment has been accomplished or there is a good reason why not.

Step 5- Ongoing encouragement, support the dream. Send relevant articles and white papers to help your client make connections. If you belong to a mentoring organization and there are others in the group that can provide relevant information and perspective, set up a co-mentoring session. If the client is working with another organization, say a lending institution, it may make sense to all get together.

When I entered formal mentoring, it was after an evaluation of what gave me the most satisfaction in my business career. I concluded that it wasn’t the money or the power but, in the end, it was about the people I helped develop that are now incredibly successful.  In a large international company, I was fortunate enough to have what we called a “Godfather” who took a shine to me and saw to it that I was exposed to opportunities and provided sage counsel on how to maximize those opportunities. He also provided a living example of how a leader acts with style. It feels good to have come full circle and I look forward to helping entrepreneurs build and re-build in this most challenging of times.

Bob Barrese provides mentoring services out of the Richardson Chamber offices and on Zoom. He and hundreds of SCORE mentors can be accessed at https://www.score.org/dallas/local-mentors