Benefit from Your Startup Mentor Make Sure Derive Real Value from the Relationship

 In Benefit Venture Blog, Insights, Outside Help

startup mentorBenefit from Your Startup Mentor: Here are Venture Founders’ 10 criteria for a protégé to get full value from taking on a mentor to help you launch the new venture.

  1. Prepare yourself for any discussion by deciding what you need from the interaction and let the mentor know your agenda when you fix the appointment.
  2. Be totally open and honest, even about issues of which you are unsure, or where you lack the necessary data.
  3. Share and discuss any documents that you may have prepared about the business and the opportunity—especially your business model and business plan.
  4. Build the relationship, while keeping focus on those issues you regard as critical.
  5. Maintain a consistent relationship with the mentor; do not rely on a single interaction.
  6. Tell the mentor about other feedback you are receiving, especially where it may not be consistent with your mentor’s own.
  7. Follow up on any introductions that your mentor may offer, particularly where it concerns potential funding or other business relationship. It gives you an opportunity to expand your network.
  8. Discuss about ‘soft’ (people) issues, as well as ‘hard’ issues (numbers)—they may be the make or break areas of the startup.
  9. Allow the mentor to ask difficult questions.
  10. Remember the new venture mentor focus is You, unlike a business advisor whose focus is the business.

You might also like to read Dangers of Startup Mentors!

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