Soul Mate In A Stalemate

It is advisable for entrepreneurs to invest in a business mentor to help one steer in the right direction

Entrepreneurs in general are action lovers and mostly loners. They want action in a hurry and a very few exceptions show patience. Rarely is it understood that business is a waiting game and those who wait gain success. Age is another factor. The hurry to succede increases with increasing age.

The urge to be an entrepreneur stems from a certain belief, infatuation and frustration in the current occupation and confidence in core skills to be an employer than an employee in a business. The underlying motive is always to make money and become rich. Nothing wrong in that. Yet it is not realised that the path to this richness is strewn with hardships and the entrepreneurs who do not achieve their dreams soon start blaming their stars.

Even the best businesses get into trouble over a period of time.When the venture is examined, it would be the lack of general management skills that becomes the single most reason for difficulties in business. General management skills are not garnered from books but from experience. But where do we get this experience.

Entrepreneurs who possess this knowledge and experience are busy in their own venture and have very little time to spare and share. Many have written books about their experiences, but where is the time for the hurrying entrepreneurs to read and learn from these books. In fact the biggest mistake of most entrepreneur is that they stop reading books of this kind.

In such circumstance where do we look for the experienced guidance needed to succeed? A valid question but the answer could be found with the people who have taken up this as a profession and have the confidence and integrity to steer an entrepreneur to his desired achievement. These professionals are referred to as ‘Mentors’.

It is common in sports, education and the field of arts for experts to volunteer guidance and coaching to those in whom they see talent and extra-ordinary skills. In business, this is asking for the moon. So if an entrepreneur who has realised the need and wants support in managing his business, has to look out for such professionals.

Though there are not many in the country recognised as professional mentors, many consultants and entrepreneurs can transform themselves and offer their services as a separate professional discipline in the times to come.

A Mentor is a trusted guide with whom an entrepreneur would choose to share all his hopes and aspirations. That person plays the role of a guide, taskmaster, motivator and an educator contributing from his experience, all the mental toughness, patience and wisdom required to help the entrepreneur reach and grasp his dream.

The benefits of a mentor arrangement could be summarised as:

Someone to be accountable to–An entrepreneur from his position as the owner almost becomes unaccountable except to some legal and financial commitments and develops over a period an attitude of lethargy towards his venture. A mentor become a boss in disguise and can command discipline. It is no shame to be accountable so long as it is in the business interest. At least, there is some one to pull up the entrepreneur for any shortcomings.

Entrepreneurs have great ideas but to bring them to fruitation is another task especially when some of the ideas fail then one gets disheartened. At such times, the mentor would be able to help regain focus add his own bit and steer the person to the desired results. Also they can help refine the ideas to practical levels of implementation effectively by their experience and prior knowledge.

Someone who has a wealth of ideas to help the business grow–When the entrepreneur runs out of ideas on how to grow the business, the mentor can provide clues or offer solutions through contacts. Mentors, not being in the line of direct activity have a lot of time to mentally prepare, educate themselves better and share it with the entrepreneur at every occasion.

The entrepreneur’s limitation of knowledge accumulation due to lack of time can be overcome by the mentor and the purpose of the very arrangement is to make the entrepreneur’s learn the business and become successful. Apart from the above, the mentor could help one remain in good health and make life easier and enjoyable.

Someone who can keep the fire burning–Every entrepreneur at some stage in his venture becomes disillusioned and prepares to quit at a time when continuance would be the best bet. At such times, the mentor could help balance the mind and emotions with words of encouragement, good advise and keep the passion burning.

As any association takes time to develop and mature, given reasonable time and opportunity the relationship could be the best investment the entrepreneur would have made. Patience with a particular professional could prove worthy in the long run.

In today’s business environment, a wise entrepreneur should appoint a mentor as his first aide. Though this may seem costly at the start, it is a worthy investment in the long run. The need for a mentor is ever pervasive and even well run companies would do well to engage one. Advise from friends, relatives and informal associates could be good enough for the start but a professional engagement would work out better in the long run. The role of the mentor and the benefits of this relationship could be justified in many ways. The true pay off of this arrangement is, when the entrepreneur starts working with the business than working in it and also true to the saying becomes a strategist than an action king. A true mentor is always a soul mate in any stalemate.

(The author is Director, DoMore Financials & Consulting Pvt. Ltd)

Issue BG37 May04