How to Benefit Most From Mentors & Advisors (Hint: They Are Not Seeking Jobs!)

How to Benefit Most From Mentors & Advisors (Hint: They Are Not Seeking Jobs!)

What causes startups and businesses to fail? I contend that it is not the quality of their product or service or the intellectual property that protects it, but rather the entrepreneur’s inability to leverage their power to secure and capitalize on commercial opportunities. A prerequisite and mandatory step to leverage your power is to evolve, develop yourself, and mature as an entrepreneur: self-assess, understand your capacity and learn from experiences both inside and outside of your business. Almost every successful entrepreneur can recognize a few key mentors and advisors who have influenced their journey and helped them along the way. If you have raised equity funding, you may benefit from the guidance and mentoring that investors provide (yes, qualified investors don’t just write a check!). After all, it does take a village to raise an entrepreneur! Both mentors and advisors are an important part of the entrepreneurial journey, and although the terms are being used interchangeably, it is important that you understand the difference so you can benefit the most from their guidance.   Mentors: A mentor is someone who will support you and encourage you to develop your skills and knowledge as the leader of your company to maximize your business potential and achievements. They have some entrepreneurial experience and a general business acumen. They can be close friends, professional acquaintances or come from organized resources group like Score or the Business Mentor Team. Mentors are most beneficial in the ideation and early stage of a business. Why? Because their main focus is you as your business results are in direct relation to your development and maturity as...