This topic for those of you with experience under your belt in guiding others to success.
I have been an Entrepreneur Mentor (EM) now for over two years. This doesn't count my 10+ years in Entrepreneurship. Becoming an EM is a natural progression for self made VC's or Angels. I have currently invested in 8+ ventures. Here are some of the amazing lessons learned:
1. Plant the seed and wait!
The most important element that an EM must understand is each Apprentice (Entrepreneur) takes a different amount of time to get IT! Entrepreneurs have egos in differing levels which seem to directly relate to the time it takes for them to get IT! So what is IT? IT in this case means the idea we EM's put in their head.
I always plant a seed in my Apprentice Entrepreneurs by asking them 1-5 questions carefully designed to get their brain processing the idea I need them to have. Eventually they get IT and their new idea is presented; to which I congratulate them on their great idea or epiphany without ever taking credit for planting the seed.
Most eventually catch on to my process and confront me as the one who planted the seed, especially when my predictions are 100% correct. No matter, the satisfaction for me comes in the form of their success, not my ego.
2. Communications is critical.
Learning to communicate where many different personality types can understand what you are talking about or asking of them is extremely important. I often find myself pausing to get the right words out to effectively communicate my thoughts and recommendations to my Apprentices. If you can't effectively communicate your thoughts, you can't plant the seed!
It is not wrong to ask your Apprentice what they understand so far as to correct your communications to help them better. Sometimes you have to remind them that the more they listen, the faster they will meet their goal.
3. Credibility issues.
If you have ever been a VC or Angel who has recognized a good venture without the Founders knowing who you are, then you what it is like discussing their venture without the credibility your normal VC process allows. Basically they don't know who you are and don't care!
The best way to deal with this is to play hard to get. Don't be afraid to walk out in a meeting for effect. Normally I would scorn such theatrics, but in this one case, it is the most efficient way to begin the credibility generating process. Example:
I recently had a meeting with 4 people, one was the Mayor of a small city, the other 3 were trying to get me to invest in their lounge. They thought bringing the Mayor to the meeting would impress me and give them the ability to dictate terms! 20 minutes after the introductions when I noticed they were posturing as the advantaged party (good technique on thei part) I stood up and proclaimed that I did not see the financials painting the same picture as them (they weren't). I then walked out.
The leader of the group (another way to identify this person) stopped me in the hallway and asked what the deal was. I told her that they had no idea of how to generate customers for this new business. No Investor would touch them. I added that I was insulted by them wasting my time. I never really get insyulted, but it helps to state the insult sometimes.
When I returned to the meeting after getting a cup of coffee, the tone was completely different. They just wanted to listen to what I had to say. I finished the meeting by explaining the importance of an action plan, not a business plan.
They never realized I was guiding them to a better process, rather they felt I was just another investor with his process. What I knew they didn't; I was the only Investor of 8 who took the meeting.
I have been an Entrepreneur Mentor (EM) now for over two years. This doesn't count my 10+ years in Entrepreneurship. Becoming an EM is a natural progression for self made VC's or Angels. I have currently invested in 8+ ventures. Here are some of the amazing lessons learned:
1. Plant the seed and wait!
The most important element that an EM must understand is each Apprentice (Entrepreneur) takes a different amount of time to get IT! Entrepreneurs have egos in differing levels which seem to directly relate to the time it takes for them to get IT! So what is IT? IT in this case means the idea we EM's put in their head.
I always plant a seed in my Apprentice Entrepreneurs by asking them 1-5 questions carefully designed to get their brain processing the idea I need them to have. Eventually they get IT and their new idea is presented; to which I congratulate them on their great idea or epiphany without ever taking credit for planting the seed.
Most eventually catch on to my process and confront me as the one who planted the seed, especially when my predictions are 100% correct. No matter, the satisfaction for me comes in the form of their success, not my ego.
2. Communications is critical.
Learning to communicate where many different personality types can understand what you are talking about or asking of them is extremely important. I often find myself pausing to get the right words out to effectively communicate my thoughts and recommendations to my Apprentices. If you can't effectively communicate your thoughts, you can't plant the seed!
It is not wrong to ask your Apprentice what they understand so far as to correct your communications to help them better. Sometimes you have to remind them that the more they listen, the faster they will meet their goal.
3. Credibility issues.
If you have ever been a VC or Angel who has recognized a good venture without the Founders knowing who you are, then you what it is like discussing their venture without the credibility your normal VC process allows. Basically they don't know who you are and don't care!
The best way to deal with this is to play hard to get. Don't be afraid to walk out in a meeting for effect. Normally I would scorn such theatrics, but in this one case, it is the most efficient way to begin the credibility generating process. Example:
I recently had a meeting with 4 people, one was the Mayor of a small city, the other 3 were trying to get me to invest in their lounge. They thought bringing the Mayor to the meeting would impress me and give them the ability to dictate terms! 20 minutes after the introductions when I noticed they were posturing as the advantaged party (good technique on thei part) I stood up and proclaimed that I did not see the financials painting the same picture as them (they weren't). I then walked out.
The leader of the group (another way to identify this person) stopped me in the hallway and asked what the deal was. I told her that they had no idea of how to generate customers for this new business. No Investor would touch them. I added that I was insulted by them wasting my time. I never really get insyulted, but it helps to state the insult sometimes.
When I returned to the meeting after getting a cup of coffee, the tone was completely different. They just wanted to listen to what I had to say. I finished the meeting by explaining the importance of an action plan, not a business plan.
They never realized I was guiding them to a better process, rather they felt I was just another investor with his process. What I knew they didn't; I was the only Investor of 8 who took the meeting.
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