Entrepreneur Mentoring
For startup companies, leadership has most of the same requirements as any business – except the number of people to manage are less, deadlines are sooner, and everything has to be done at once. Entrepreneurs need a lot more than good ideas. Not only do they need the ability to communicate and motivate others to make a quick informed decision, but they also need a solid understanding of finances, operations, production, marketing, customer service and sales. Rarely do they have time to find all the right people for the right positions – especially since there may not be a monetary packet yet to offer. Successful entrepreneurs know a little bit – or even a lot – about everything. Plus, they have an amazing skill of prioritization: knowing what should be done now and what can wait until later.
Good entrepreneurs surround themselves with experienced and intelligent people. They recognize the need for professional advisors and mentors: People who know what to do, since they’ve been through these experiences before. Such counselors may be friends, family, potential investors, prospective board members, or co-founders. Entrepreneurs have a way to inspire suppliers, workers, and even customers to cooperate – before everything (and sometimes anything) is in place. Entrepreneurs attract people that want to be a part of something new in an area of common interest. Prior to starting their venture, successful entrepreneurs need to quickly gather the right people, motivate their involvement, organize and execute on the critical path.
Mentors of entrepreneurs can be sounding boards for ideas and plans. They provide hope and reality, optimism and practicality, urgency and methodologies – while inspiring confidence and reinforcing commitment. The influence of effective mentors cannot be underestimate: Not only do they review and reflect the "state of affairs," but they can assist an entrepreneur in avoiding obstacles, perceived dead-ends, and discovering new directions when need. Startups are very biological and evolutionary. Though the vision and general direction may not change, the milestones are created or changed as the startup matures.
iPowerplex management has years of experience with many startups in diverse industries, making it a great resource for short conversations, topical planning meetings, and ongoing mentoring. Some of the topics that may become important in mentoring sessions include:
Creating the story
Who is really the customer and what do they really need
Building the networks of advisors
Leveraging existing resources
Understanding and focusing on the critical path
Expansion through suppliers and customers
Accounting and legal issues
About family and friends, angel investors and venture capitalist
A common background between the Mentor and the Mentoree can be developed through discussing valuable books such as:
"Crossing the Chasm" by Geoffrey A. Moore
"Blink" by Malcom Gladwell
"Outliers" by Malcom Gladwell
"Drive" by Daniel Pink
"The Lean Startup" by Eric Ries
"Innovation and Entrepreneurship" by Peter F. Drucker
"The Art of the Start" by Guy Kawasaki
Startup success begins with iPowerplex.
