25 Criteria for Finding, Qualifying & Using a good Mentor for your Startup

“You can use this Post for both Finding & Being a Mentor”.

Mentor Topics: Why get a Mentor, Finding, Traits, Qualifying & Using a Mentor + Compensation ??

A. Why do you Need a Mentor?

  • Support with tough business decisions.
  • Advice from someone who’s “been there.”
  • Access to a wider business network.
  • Help dealing with growing pains.
  • Guidance through turbulent times.
  • A sounding board for ideas.

B. Finding a good Mentor

 

 

1. Where: Startup-Mentors.com, LinkedIN, SCORE, SBA, SBDC, MicroMentor, Vistage, your Network

2. How do I find a Business Mentor?
  • Attend local tech events.
  • Founders of companies you admire.
  • Contact a Tech Incubator [Y-Combinator, TcchStars, 500 Startups, StartupBootcamp]
  • Read local business & tech publications.
  • do Research online.

C. Traits of a good Mentor

  1. A good Role Model:

The most effective Mentor is someone that is accomplished, admired & respected in their chosen path or position. Mentees will often look for a set of habits, approaches, style & skills that the Mentor exhibits and that the Mentee wishes to emulate & practice.

  1. A Sponsor:

Mentos are influential people in their area of expertise. One of the major roles of a good Mentor involves helping the Mentee to open doors, referring the Mentee to other business partnerships, promoting the Mentee’s business in all ways possible.

  1. An Advocate:

Good Mentos may choose to do more than just interact with their Mentee. They must actively & wisely foster support for the Mentee, influencing and promoting the Mentee’s reputation, capabilities, & worth.

  1. Good Listener:

Being a good listener is one of the most important characteristics of a good business Mentor. By so doing, this enables the Mentee to communicate any problem & resolve.

  1. Respectful:

Each person is unique. A good Mentor respects the Mentee’s wishes or opinions and don’t push too hard when the advise is against the desire of the Mentee.

  1. Considerate:

Good Mentos understand that sometimes life goes wrong and they give you space to deal with life’s problems. They are sympathetic (to a point).

  1. Challenging:

Good Mentos push you outside your comfort zone. They understand that growth occurs when you’re exploring new territory.

  1. Good Communicators:

Good Mentors are able to communicate complex concepts in a language you understand and are in constant communication with you.

  1. Likeable:

You need to like your Mentor. A good Mentor is someone you like being around and enjoy what you’re doing.

10.   Qualifying & Using Mentor

Most of the above Traits (rated) to compare Mentors – when selecting one.

Questions for Mentors

C1. Stories

To break the ice, have your Mentor tell a story from their own career. Questions: How did you get to where you are today?” or “How did you land your current role?” But you could also ask more specific questions that address your career objectives & concerns. Some questions to consider:

  1. Which leadership skills are the most important to develop?
  2. What’s the most important leadership lesson you’ve learned. How has it proven invaluable?
  3. Which leadership skills were the most difficult to develop?
  4. Was there a time you goofed up and felt like you’d failed? How did you bounce back?
  5. How did you learn to embrace risk-taking?
  6. Tell me about a recent business setback. How did you recover?
  7. Think back to about five years ago. Did you envision your career as it is today?
  8. Can you tell me about a time when you had a difficult boss? How did you handle situation?
  9. How did you develop the skill of speaking in front of groups?

C2. Situations

Now that the conversation is flowing, get more granular in your requests and bring a specific situation to your Mentor–one that you’d like help navigating. For example:

  1. I tried to delegate a task last week and it did not go well. Can we work through what to do differently next time?
  2. Who are the people I need to align with in this organization to achieve success?
  3. My Chairman said I need to be more strategic. What does that mean?
  4. How often should I stay in contact with key influencers in my Network?
  5. When trying to gain “buy-in” to implement a new program, what tactics have worked for you?

C3. Self-Awareness   

Note: consider some of these Questions, when your Mentor gets to know you better.

One of the greatest gifts you can give yourself is the gift of self-awareness – meaning the ability to see yourself as others see you. That way, if you like how you’re perceived, you can embrace it and take steps to strengthen that positive perception. If you don’t like how you are currently perceived, you can take steps to shift that perception to a more positive one that supports, rather than under-mines, your goals.

After starting with the obvious question: “How do you think others perceive me?” become more specific, so your Mentor can assist by “holding up the mirror” and providing detailed feedback on how your actions and communication are impacting the way others see you. Ask questions such as:

  1. How am I viewed by my Team & Employees?
  2. Where do you see my strengths, weakness? How can I improve?
  3. Do I come across as strategic or tactical in my day-to-day communication?
  4. How can I have communicate my ideas more clearly?

C4. Skill-Building

Is there a skill you’re currently working to enhance, such as Project Management, long-term Strategic Planning, Delegating, or Public Speaking? Use questions like these to ask your Mentor for their experience, advice & resources to help you hone these skills:

  1. How can I become a more assertive Negotiator?
  2. How can I become better at managing people?
  3. Do you have any tips for re-energizing my Team?
  4. What’s a good methodology or tool for Project Management to track progress?
  5. Do you have a template that you use for long-range Visioning & Strategic Planning?
  6. What new skills are the “most needed” to be successful in my business?

Conclusion to Qualifying a Mentor.

With these four types of questions and their accompanying examples, you’ll never sit through another Mentoring conversation wondering if the other person is finding the discussion useful.

Compensation for a Mentor

Hourly vs Profit-Sharing

Charge the Hourly Rate that you think your Mentee can afford (ie, per size) ???

Pro: You get paid monthly – low risk

Con: a Startup has little extra $$$ when they start. Probably better to go for long- term compensation on a Percentage (%) of the earning when they become profitable. After all, if you’ve been a good Mentor, you’ve contributed significantly to their success. Therefore, they should be willing to pay you 1-5% of the Profit/mo, once they become profitable. So, it’s up to you to Negotiate the best amount you can get.

Comments: Do you know any useful info for Finding, Traits, Qualifying & Using a Mentor + Compensation ??

from many different Sources on the Web on Mentoring 8/20 enhanced by Peter/CXO Wiz4.biz

For more Info, click on Mentoring.

 

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