The EntrepreneurialEcosystemPart 6: Dr. Michael R. BurchamMentoring the e. email@example.comEntrepreneurial CEO w. www.michaelburcham.com t. www.twitter.com/michaelrburcham f. www.facebook.com/michael.r.burcham l. www.linkedin/in/michaelburcham
What is a Mentor?MENTOR (n)• Wise, trusted guide and advisor• Teacher
A great mentor listens, asksquestions, and facilitates introductions and discovery
Qualities of a Mentor• Positive attitude.• Willingness to invest time and effort.• Personal caring.• Teacher and supporter.• Knowledgeable of organizational function and structure.• Encourages new ideas and stretches protégé’s capabilities.
?How Do I Develop an EffectiveMentoring Program?
Recommendation 3:Establish Mentoring PoliciesExamples:• Valuation Discussions• Referrals to Angel & Early Stage Investors• Schedules and Appointment Times• Confidentiality of Conversations
Elements for the Mentoring Relationship• Mutually agreed upon goals• Timeline• Create a foundation of support• Define how to work together• Both parties know what to expect• Measures of success
Requirements for Effective Mentoring• Planning• Mutual respect• Logical fit• Compatible temperaments or style• Commitment• Enthusiasm and satisfaction on the part of both parties
The role of the mentor is to:1. Build rapport,2. Ask questions,3. Listen, and4. Elicit the mentorees own wisdom. The mentor should embody someone you wish to become.
Benefits for the Early Stage CEO• Receivescoaching and directionfromcolleagues with realexpertise– butmustdo the workthemselves• Enables the Entrepreneur to betterunderstand the business process and how the variouspartsrelate to oneanother• Helps the entrepreneurdevelopa solid business network (individuals with keyknowledge)• Evaluation throughout the earlydays – with honest feedback.
Mentoring Categories:• Entrepreneurial Knowledge:Start ups (Been There, Done That!)• Functional Knowledge: Marketing, Techno logy, Law, Account ing• Industry Knowledge: Healthcare, Social Media, Music,• Launch Knowledge: First
Entrepreneurs Benefit from All Types:Startup Mentoring Functional Mentoring Industry Mentoring Launch Mentoring
Building Blocks for Mentoring 1 2 3 Select Develop Outline And Train Mentors Screening Process Mentoring Process• Mentor Application • Appointments • Example: The 100• Mentor Profile • Screening Process Day Journey- Area of Expertise - 1st 20 Minutes • Lead Mentor and- Availability - 2nd 20 Minutes Supporting Mentors- Industry - Wrap Up • Bi-Weekly Pitch• Confidentiality & • Providing Feedback Sessions for “A’s” NDA Document • SampleMethodology• Review of Mentoring - A’s Policies & Process - B’s• Mentoring Handbook - C’s• Notes • Referrals into Your Ecosystem Network
Building Blocks for Mentoring 1 2 3 Select Develop Outline And Train Mentors Screening Process Mentoring Process• Mentor Application • Appointments • Example: The 100• Mentor Profile • Screening Process Day Journey- Area of Expertise - 1st 20 Minutes • Lead Mentor and- Availability - 2nd 20 Minutes Supporting Mentors- Industry - Wrap Up • Bi-Weekly Pitch• Confidentiality & • Providing Feedback Sessions for “A’s” NDA Document • Sample• Review of Mentoring Methodology Policies & Process - A’s• Mentoring Handbook - B’s• Notes - C’s • Referrals into Your Ecosystem Network
All business plans and models are off“magnetic north” by 10-15 degrees. Closing the Gap Defines Success
5M Framework for Startup Mentoring01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 Model Management Market Money Idea – Biz Model Structure - Team Operations - Market Financing - Funding Market Financing - Funding • Model • 5M’s: Management • Market • Money • Momentum
EC Mentoring Program 100-Day Work PlanBusiness Model Business Model Business ModelIP Discovery IP Discovery IP DiscoveryManagement Team Management Team Management Team100 Day Timeline 100 Day Timeline 100 Day TimelineOperations Plan Operations Plan Operations PlanTarget Market Target Market Target MarketSales Process & Time Sales Process & Time Sales Process & TimeDistribution Channels Distribution Channels Distribution ChannelsFinancial/Cash Plan Financial/Cash Plan Financial/Cash PlanFinal Business Plan Final Business Plan Final Business PlanFunding Strategy Funding Strategy Funding StrategyLaunch Plan Launch Plan Launch Plan Day 1 - 30 Day 31 - 60 Day 61 - 99
Recommendation 4:Find Effective Ways to Provide Feedback
The mentoring conversation invites the individual being mentored toreflect on their own experience with a situation, gather informationfrom a variety of sources, sort through options and decide on acourse action, plan and implement it.Reviewing the results continues the learning cycle.
• When mentoring is approached in this way, it is the mentor’s questioning skills that extend and enhance the mentee’s thinking processes.• The mentee does not become dependent; they develop independent critical thinking.• The mentee is empowered, having come up with his or her own answers.• They also take responsibility for their actions. Having explored possible consequences of actions, they are less vulnerable.
The Big Take Aways from The Process• The Entrepreneur’s Job: To Turn an Idea into an Investable Story! Mentors are a coach & a sounding board – the entrepreneur must own the process and do the work.• Mentors ask questions to help shape and test the business model.• Trust and Integrity are Everything – Don’t ever lose them!• Frequent check ins between the entrepreneur and the mentor builds the relationship over time.