Success is the Basis of Mentoring and Leadership
Successful entrepreneurs who built their start-up and sold it often just take their reward and pursue the benefits of success. Nothing wrong with that but a higher calling might be to mentor others.
A recent article at Fast Company.com lays out the basis for this important recommendation for successful business owners to share what they know and mentor other start-ups. This is the entrepreneurial version of executive coaching.
“Successful startup founders have a tendency to take the money and run after hitting it big. And who can blame them for cashing out? Every newcomer has to pay their dues, proving their business model is sound before getting funded. But in order to generate new business opportunities in a sector and push innovation forward, entrepreneurs who’ve already made it have a real interest in helping others make it, too.”
“Step in and share those tactical, specific tips you learned through experience that can help move new companies through the business cycle faster. Lead your protégés to mature their businesses more quickly, which will help them get further while burning through less capital, and support them primarily through guidance at important junctures. You won’t just be helping out one or two companies or individuals, you’ll be paving the way for further innovation in your industry.” Read more on this article >>Here
Mentoring New Startups the Next Step for Successful Entrepreneurs
The successful entrepreneurs, who innovated and built a successful start-up, could consider their next start-up as mentoring start-ups. The entrepreneur-mentor has learned many valuable lessons, over-come any number of obstacles, learned the ropes as to what it takes to move a start-up to stardom. This puts them in a unique and really inspiring position to help other start-ups to grow and prosper.
Mentoring your success is a purposeful and highly rewarding way for the winning entrepreneur to find a purposeful way to share and coach. This mentoring creates powerful motivation
A sense of purpose and the ability to be purposeful are key to personal and organizational success. Coaching can be a highly effective means of evoking purposefulness, and so generate high levels of motivation and contribution. It is not so much an issue of obligation as it is a recognition that entrepreneurship and successful start-ups actually drive our economic growth and create jobs.
Data from the Global Entrepreneurship Research Association (GERA), February 20, 2015 show that currently over 30% of entrepreneurs face serious “fear of failure” challenges. Who better to help guide and inspire the new start-up than the entrepreneur who over-came the fear of failure and went onto great success?
Mentoring and a Chaotic Business World
Look, mentoring by a successful owner of a real start-up success story is more important than ever. In years past, the business environment was more stable and predictable. You might say that today is more characterized by chaos and erratic market influences that anything near stability.
The significance of the knowledge and experience gained by the successful entrepreneur who over-came the obstacles of an erratic business world and cashed out a winner. Coaching new start-ups and pointing them in the right direction to negotiate the maze of issues to find a winning formula is a very high calling indeed.
How to scale the obstacles and reach success is a mentors opportunity to coach.
The need is growing. Over 14% of the population between the ages of 18 and 64 are owners of a new business or contemplating a start-up. That is a significant number of business owners in need of mentoring.(1)
Opportunities from Mentoring Start-ups
While the motivation for the successful entrepreneur would be to share their knowledge and business acumen, there are opportunities to consider. The first would be that in the process of mentoring a start-up, the entrepreneur-coach sees a legitimate need and opportunity to invest in the start-up. While this should not be the motive, and would be best if such opportunity originated with the startup ownership, it might be appropriate.
In addition to the potential opportunities afforded by direct mentoring a new business, the mentor also keeps their network connections current and may add to their networking. Opportunities will surely arise where a successful person remains engaged.
(1) Data from Global Entrepreneurship Research Association (GERA), Feb 20, 2015