Why every entrepreneur needs a trusted mentor
For some entrepreneurs, and certainly for many in the business world, having a trusted mentor can help provide guidance in their career path. While some entrepreneurs prefer to learn by reading about luminaries such as Steve Jobs, others prefer hands-on mentorship, and increasingly there are more formal offerings for people looking to get matched up with an industry expert.
I’ve had informal mentors in the past, but last year I decided to join the Mentor Exchange program through the American Marketing Association to get advice on some specific questions as I grew my business, 88 Creative. The program pairs up-and-coming marketers with C-suite mentors, providing coaching and events throughout the nine-month program.
I was paired with Maple Leaf Sports & Entertainment vicepresident of marketing Shannon Hosford, who manages a team of more than 100 people across well-known brands including the Toronto Raptors and Toronto Maple Leafs. We meet monthly to discuss everything from hiring strategies to career paths, and her positive, no-nonsense attitude has helped me define my priorities.
Craig Lund is co-chair of the Mentor Exchange program, and president of Marketing Talent, a Toronto-based marketing staffing firm. Although he now helps run the program, in its first year he was a mentee matched up with Rubina Havlin, who was then Scotiabank’s head of credit cards. Lund was seeking advice on how to expand his business in the U.S. market, but ultimately worked with Havlin on buying out his partner and launching a new company.
“Over the course of the year, I ended up launching an entirely new venture called Marketing Talent Inc. with new investors and a silent partner,” Lund said, adding that the business is now in its fourth year. “Rubina’s guidance was a big part of my success and I am so grateful that she continues to be one of my biggest supporters and fans even four years after the formal one-year mentorship program wrapped up.”
While Mentor Exchange is aimed at people with five to 10 years of experience, new grads and budding entrepreneurs also need help finding a mentor, which is where Menteer comes in. The site was recently launched by the Career Skills Incubator (CSCI), a non-profit that helps underemployed people connect with opportunities and mentors.
Victoria Alleyne, founder and executive director of the site, said it provides an easy way to connect prospective mentees and mentors in the CSCI. She built it with funding from the .CA community investment program. Anyone can sign up to be a mentor or mentee, and Alleyne says budding entrepreneurs are already using the service.
“One of the things that makes us unique is we encourage people of all backgrounds and ages to be mentors,” Alleyne said. “It doesn’t matter if someone is young or unemployed, they can often be a tremendous resource to another person, if only by keeping them on track with their goals, listening, asking good questions, and putting things in context.”
In terms of what makes a mentor-mentee relationship successful, Mentor Exchange’s Lund said there are three key ingredients. First, the relationship must be mutually bene- ficial, so a mentee isn’t just using the mentor for contacts and not actually working with them. Second, fit is critical. Not everyone makes a great match, and both parties need to trust each other and feel it’s the right fit. Third, both sides need to manage expectations and set them out clearly. Aligning on what you hope to achieve and how often you meet or connect leads to a positive and healthy relationship, he said.
Ultimately Lund said mentors can be integral to entrepreneurs staying focused on the big picture, rather than the daily grind. “So often these folks get pulled into the minutiae of day to day fires and get mired in fixing small problems that take them away from what they are trying to build or from achieving their vision. “A mentor has been through this and knows how to keep focused on the end game,” Lund said.
“At the same time, an experienced mentor can also be there to offer reassurance and rebuild your spirit when you are having a bad day or feeling defeated by a setback. Being an entrepreneur can feel like a lonely enterprise, and it doesn’t have to be.”
Erin Bury is managing director at 88 Creative, a digital marketing and design agency in Toronto. Follow her on Twitter at @erinbury.