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Then we discussed how they could go about finding this startup business advisor. Do you have any suggestions for how to find a good mentor? Great question and I believe that just like finding a TechnicalAdvisor for your startup is critical, finding a good mentor is critical. They may open doors to the next role.
Take advantage of inside and outside advisers at school. Most universities also bring in outside advisors to mentor budding entrepreneurs. Once you graduate, you can’t take that course you need, and even the advisors are gone. Some college faculty members have great practical experience. Business networking is key.
To that end, last week, Los Angeles-based MuckerLab (www.muckerlab.com) announced its plans--and a big lineup of local CEO mentors--to start up a new, YCombinator- and TechStars-type program in Los Angeles, headed by former Silicon Valley venture capitalist Erik Rannala , and affiliated with the TechStars Network.
Based on my experience advising new entrepreneurs as well as more mature businesses, I recommend the following strategies for building business momentum, while still optimizing the limited resources of every small business: Find more customers that like what you do best. Utilize outside expertise and mentoring.
Over my many years of mentoring aspiring entrepreneurs and business professionals, I often hear a desire to start a new business, with a big hesitation while waiting for that perfect idea and perfect alignment of the stars. I advise that you block out time at least weekly for nurturing new and existing relationships.
Most people totally advise against stealth. They certainly struggle to find mentors as there is nothing more frustrating than trying to help a company who is afraid to tell you anything. You always have too much technical debt, too many problems, staff members quitting, not enough capital, customer complaints, etc.
Many of the entrepreneurs I advise or invest with spend considerable time on the Internet, keeping up with technology, customers, and competitors, but very few feel the need for an early personal presence. In fact, some totally avoid it, assuming their product or solution will speak for itself later.
In my business of mentoring new entrepreneurs and advising small company owners, I recognize that most don’t start as experienced leaders, and most don’t realize that people leadership is a primary key to their future success. Building a business is not a one-person job, and leading by edict rarely works today.
He and I connected, and walked through PartySlate and what we were doing, and he immediately said he wanted to invest and become an advisor to the company. I feel strongly, that if you're going to do this, you need to be technical, or have a technical co-founder. He's based in LA. I went to Michigan with him.
Unfortunately, too many of the technical entrepreneurs I mentor and advise are focused on their technology, and assume that the value will be self-evident to customers. Tech may be the tool, but hospitality – making life a little easier, more comfortable, and more enjoyable for your customer, is the winning focus.
Steve Jobs started his technical career creating circuit boards at Atari, before joining Steve Wozniak to build personal computers in his garage. I advise owners that they have to know when to give up a business, as well as when to buy one. This starts with picking your roles carefully – to be in the right place at the right time.
The aim, according to the private college’s press release, is to provide “mentoring, advising and access to resources for up to 15 student- and community-run companies with a philanthropic twist.” Salt Lake City, Utah’s Westminster College debuted it’s Social Impact Incubator on August 30 of this year.
I made the jump myself from IBM several years ago, and now have a satisfying startup advising small businesses and mentoring entrepreneurs. Most technical people I know love to discuss and debate technology, but avoid business subjects, including finance and marketing, like the plague. Focus on customer value in every job.
More importantly, as a parent or mentor, what should you advise young potential entrepreneurs about getting an MBA? If you have a technical career with no business background, and you want to start your own business, an MBA can be a blessing by giving you the basic knowledge you need to manage your business.
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