8 benefits of being a startup business mentor?
Being a mentor does not only benefit the entrepreneur you are mentoring but can also be a big benefit to you as the mentor. Mentorship is a good opportunity to work with the brightest entrepreneurs working on some of the biggest problems in the world, and also a good opportunity to enrich your network.
In an earlier post, we have covered how to become a good startup business mentor. In this article, we are going to look at why you should become a startup mentor, from a mentor’s perspective.
8 reasons you should become a startup business mentor
- Mentorship is not a transaction, but a way to help people immediately without a specific expectation of benefit in return.
- If you mentor and mentor well, you get a substantive return that goes well beyond money. This return comes in the form of respect from the ecosystem. Mentor benefits include the feeling that comes from making a difference and enhanced self-esteem.
- For some, it’s an opportunity to return to their entrepreneurial roots and help someone develop and grow.
- You get to keep up to date with the latest cutting-edge ideas and technologies. You know that the world of new business startups is constantly changing. Mentoring gives you an inside edge on what’s happening.
- You get a first look at interesting companies to invest in as an angel. If you are an angel investor or planning to become one, why not work with the brightest founders and try to be right where the action is? Mentors can also learn more about new companies in areas where they lack knowledge. Things like how the startup goes to market, how new technologies are being used, and identifying potential companies to invest in.
- You can help shape and build the entrepreneurial community in your area. Not every place is Silicon Valley, but every place requires startups to fulfill certain needs and wants. If you live in a place where the startup ecosystem is nascent, you can be a first mover and offer your help to early-stage businesses in your community.
- The ability to further development of personal coaching and leadership skills, and growing larger personal and business networks. Mentors already have powerful networks. But working with startups enables them to grow their network across venture capitalists, academicians, industry experts, and high net worth individuals.
- You get to mingle with some of the brightest minds and often you also get sweat equity depending on the terms of the mentorship.
Done right, a mentor’s touch can make a difference in the entrepreneur’s life and business. It can be one of the most fulfilling endeavors a mentor can have.
Steve Jobs as a mentor
A lot of you may not know but one of the interesting stories of Steve Jobs that stands out is related to a time when there was a dispute with Google. Apple was suing Google for the relatedness of its Android product which looked and functioned like the iPhone. Basically, Apple accused Google of stealing the design and operation of the iPhone.
However, at the same time, Jobs was mentoring both Larry Page and Sergey Brin from Google. When Jobs was asked why, if he was suing Google, would he be mentoring its leadership? His response was that Silicon Valley is long known for its history of generous mentoring.
He pointed out that Bill Hewlett, one of the founders of Hewlett-Packard was a very generous mentor of his. So why not return the favor to another entrepreneur. Entrepreneurs by nature want to help others and pay it forward when they can.
Done right, a mentor’s touch can make a difference in the entrepreneur’s life and business.
Frequently Asked Questions – Becoming a Startup Business Mentor
1. What is the benefit of being a startup mentor? Being a startup mentor offers several benefits, including the opportunity to work with bright entrepreneurs solving significant problems and the chance to expand your professional network. It also provides a sense of fulfillment from making a difference and boosts self-esteem. Additionally, mentors gain insights into cutting-edge ideas and technologies, access to potential investment opportunities, and the ability to shape and contribute to the entrepreneurial community.
2. Is mentorship solely about financial gain? No, mentorship goes beyond financial gain. It is not a transactional relationship but rather a way to help others without specific expectations of immediate benefits in return. While there are substantive returns associated with mentoring, such as respect from the ecosystem, the primary focus is on providing guidance, support, and knowledge to entrepreneurs.
3. Can being a startup mentor help me stay updated with the latest trends? Absolutely! The startup landscape is constantly evolving, and mentoring allows you to stay up to date with cutting-edge ideas and technologies. By working closely with entrepreneurs, you gain an inside edge on what’s happening in the startup world and remain informed about new business trends.
4. Can being a mentor help me identify potential investment opportunities? Yes, as a mentor, you get a first look at interesting companies and startups. This gives you the chance to identify potential investment opportunities, especially if you are an angel investor or plan to become one. Mentoring allows you to work directly with founders and gain insights into their market strategies, technologies, and growth potential, enabling you to make more informed investment decisions.
5. How can being a startup mentor contribute to building the entrepreneurial community? By becoming a startup mentor, you can actively contribute to building and shaping the entrepreneurial community in your area. Not every place has a mature startup ecosystem like Silicon Valley, but every place requires startups to meet various needs and demands. By offering your guidance and support to early-stage businesses in your community, you become a first mover and help nurture the local entrepreneurial ecosystem.
6. Does mentorship help in personal and professional growth? Yes, mentorship provides an excellent opportunity to further develop personal coaching and leadership skills. By working with startups and entrepreneurs, you can refine your coaching abilities, enhance your leadership qualities, and expand your personal and business networks. Mentors often have powerful networks, but through startup mentorship, they can grow their connections across venture capitalists, academicians, industry experts, and high-net-worth individuals.
7. Can being a startup mentor lead to equity opportunities? Yes, depending on the terms of the mentorship, mentors can sometimes receive sweat equity or other forms of compensation. This means that in addition to the fulfillment and personal growth experienced through mentoring, there is a possibility of benefiting financially if the mentorship agreement includes equity incentives.
8. Why is mentorship considered a fulfilling endeavor? When done right, a mentor’s guidance and support can make a significant difference in an entrepreneur’s life and business. Witnessing the positive impact of your mentorship and seeing entrepreneurs succeed can be incredibly fulfilling. By sharing your knowledge and experiences, you have the opportunity to shape the future of startups and contribute to their growth and success.
9. Can you provide an example of a well-known mentor? One notable example is Steve Jobs, co-founder of Apple. Despite Apple’s lawsuit against Google for similarities between Android and the iPhone, Jobs still mentored Larry Page and Sergey Brin, the founders of Google. Jobs believed in the tradition of generous mentoring in Silicon Valley and saw it as an opportunity to pay it forward, as he himself had been mentored by Bill Hewlett, one of the founders of Hewlett-Packard. This example illustrates the mindset of successful entrepreneurs who understand the value of mentorship and the desire to help others. It showcases how even in the midst of a legal dispute, Jobs recognized the importance of supporting and guiding fellow entrepreneurs. This story emphasizes the notion that entrepreneurs often want to give back and pay it forward, contributing to the culture of mentorship in the entrepreneurial community.
By taking inspiration from such stories and following the principles of effective mentorship, you can make a meaningful impact on the lives and businesses of the entrepreneurs you mentor, thereby experiencing the fulfillment that comes with being a mentor.
