How to Find the Right Mentor for Your Startup?

Did you know that Steve Jobs was not only an entrepreneur but also Mark Zuckerberg's Startup Mentor?

Or that Bill Gates credited Warren Buffet for teaching him how to deal with tough situations and think long-term?

On your entrepreneurial journeys, particularly at early-stage startups, you will have doubts!

There will be situations when you will wish that there was someone who would just write down the correct answers for you.

While the right mentor may not give you the right answer directly, he/she can nudge you onto the right path.

Entrepreneurs need to understand that there is no harm in asking for help. The worst that can happen is that the potential mentor will say, 'no'. That's not the end of the world. Keep looking, as the right mentor may turn out to be the secret weapon that you needed all along.

However, you must choose wisely!

(You can also read the complete article here.)

Who is the right mentor for a startup?

Every mentor has a different skill-set that may or may not be suitable for a particular startup, and choosing the wrong one can lead you off the right track.

-Deep Kalra (Founder & CEO, MakeMyTrip)

At TiE's StartupExpo 4.0, the Keynote Panel discussed the Importance of Creating a Mentor & Investor Startup Ecosystem. Deep Kalra (Founder & CEO, MMT) expressed his concerns that startups often get discoursed because of getting the wrong advice from the wrong mentor.

So what should you look for in a Mentor?

1. Need Fit

The entrepreneur should be aware of what he/she needs from the mentor, be it industry insights, strategic partnerships, field expertise, help in crisis management, someone to bounce ideas off or funds.

For example, if you need someone for financial guidance, you should look for someone who has not only the domain knowledge but also the right experience in the industry that you work in. CFO of a smartphone company may not be suitable for advising a healthcare company on its capital budgeting decisions.

2. Culture Fit

Once you have identified the potential mentors who suit your needs, you must discover whether they fit your startup culture.

If the mentor is egoistic, it may get difficult for you to say no to a suggestion without taking the risk of damaging the relationship with the mentor.

You don't want your mentor to bully you into a decision that you don't even understand or do not agree with. There should be some level of professional understanding.

3. Trust and Time

Finally, the mentor must have the time to understand your business properly and give you advice accordingly, instead of just giving away general advice.

However, do NOT expect someone to be always available on call or sit with you for hours and days to work with you on your problems. Mentors are generally busy. It is enough to have about fifteen mins to an hour a week if the mentor understands what you need.

As long as the mentor is willing to understand you, believes in your business and genuinely wants you to succeed, there will be trust. There shouldn't be any hesitation in conveying disagreement. It should be an honest and welcoming communication from both ends.

How do you find the right startup mentor?

To find the right mentor you need to put in some effort! The startup ecosystem is full of mentors from various fields. Someone has already been where you are right now. You just need to find that 'someone' and ASK.

Be shameless! Keep asking for help, you never know where you might get it.

-Ankur Sinha, Jharkhand Innovation Lab

Research

Look for mentors through websites and news articles which tell you about people who have been in similar situations that you face. You can find such stories on media platforms like YourStory and Inc42.

When considering a mentor, make sure you check whether his/her claims check out. There have been cases of wrongful impersonation. People often claim to be experts but turn out to be just seasoned manipulators. So make sure that you get some feedback or resources that back up their claims. In fact, at the Startup Expo, there was also some discussion about the Indian School of Business' project for issuing Mentor Certification.

Attend events and network

Many organisations take initiatives to connect entrepreneurs with mentors and investors.

These events take place at educational institutes, incubators, co-working spaces, etc. While most of these are free to attend, some might charge a fee to cover the operational expenses.

You can find out about such events through social media, or by subscribing to the email list of frequent organisers, or from websites like Townscript, EventsHigh, etc.

Use LinkedIn

LinkedIn is 'the' social media platform for reaching out and connecting with the relevant people. You can not only use LinkedIn's powerful search tools for finding the right need fit but also scroll through their activity for insights into their personality and knowledge- the culture fit.

LinkedIn also allows you to engage with them and make a good first impression by interacting with their posts or through the personalised invite option.

Ask your existing network for recommendations

Most of the successful mentors are too busy to check emails or LinkedIn messages from strangers. So your chances of getting a response increase when someone they already know writes to them and connects you.

This is what Mr Rajan Anandan (MD, Sequoia Capital and Ex Southeast Asia VP of Google) said at an event by Rukam Capital at The Circle:

Last I checked, I had more than 300 unread messages on LinkedIn so I don't check it anymore.

I would be more inclined to invest in your company if someone whom I already know sends me the mail because then I know that the recommendation is backed with their credibility.

To sum it up, here is an infographic:

If you can spare some money, you can also become a member of organisations, like TiE, to get access to their vast network of mentors.

You can also use free resources available online to find such people. A Singapore-based company, Spendless Academy, is an amazing, free portal to interact with global experts and connect with them for mentorship.

Read 5 ways to pay or compensate a mentor.

Do you have anything to add or any questions? Let's discuss in the comments.

Also, don't forget to tag someone who might find this useful.