Smart Money:
You’ve got your start-up. Now you need a sounding board.
Finding a business mentor who can help you shepherd an early-stage company to success is an important - and often overlooked - strategic decision.
First-time entrepreneurs in particular can benefit from the smart advice of someone who’s been there, done that and is willing to share lessons learned.
‘Mentors can provide a one-of-a-kind development opportunity,’ says Elizabeth Ingrassia, who 3 years ago helped create the mentoring program at New York University’s Berkeley Center for Entrepreneurial Studies, which pairs business executives with students in the school’s business-plan competition. ‘We all need some form of insight that’s outside of our everyday life and educational experience.’
The best mentors offer feedback, constructive criticism and even a boost of confidence when needed. You don’t have to find one through a formal mentoring program, but it’s helpful to narrow down what you’re looking for. ‘Entrepreneurs typically are going to want people who have industry experience,’ Ingrassia says. Or, an entrepreneur might seek a mentor who understands the process of starting a small business and can provide advice on everything from hiring employees to raising capital. ‘That person may not necessarily be an industry insider, but may have been on a similar journey,’ she says.
Here’s where to find a mentor…
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