Even experienced entrepreneurs, like Kenny Lao who owns Rickshaw Dumpling Bar, sometimes seek mentoring from seasoned experts to help prevent missteps and keep projects on track. Mr. Lao turned to two mentors matched through a program to help him open a new location in Times Square on a tight schedule. While getting objective advice has always been valuable, in today's economy it is crucial for entrepreneurs of all stages as capital is scarce. The article provides tips for finding mentors, such as through volunteer work or contests, and building an effective relationship with clear expectations of support.

1. Even old-hand entrepreneurs need mentoring | Crain's New York Business 9/17/11 5:32 AM
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Even old-hand entrepreneurs need mentoring
The mind behind Rickshaw Dumpling Bar isn't alone in turning to seasoned experts for advice; tips on
locating mentors and building a strong working relationship with them.
By Elaine Pofeldt
Published: September 16, 2011 - 5:59 am
Then Kenny Lao found out in July that his Rickshaw
Dumpling Bar had won a proposal to open a restaurant in
Times Square this fall, he realized that the tight time
frame allowed no room for mistakes. “This was an
unplanned opening,” Mr. Lao said.
Mr. Lao turned to the two mentors he had been matched
with in the CEO/Small Business Advisory Program, a
partnership of UBS Wealth Management Americas and
the Clinton Economic Opportunity Initiative. The owner
got frank input on a number of vital matters from Peter
Furth, chief executive of FFF Associates, a family-owned
firm that evolved from a spice importer into an Buck Ennis
international trade consultancy; and Peter Klein, senior
Kenny Lao, right, owns Rickshaw Dumpling Bar, and Peter Klein is
vice president of investments at UBS. Their regular
one of his mentors.
conference calls have been vital in keeping Mr. Lao
focused on two, big-picture points: opening on time and
managing cash flow, he says.
“They are not as emotionally invested, which is really nice,” said Mr. Lao, whose two stores and four food trucks have
combined annual revenues of $3 million to $5 million.
While getting confidential advice from trusted experts has always been valuable to new entrepreneurs, in this economy,
even experienced ones like Mr. Lao often find that getting an outside perspective helps prevent missteps.
“Young entrepreneurs have not seen times like this,” said Magnus Greaves, who advises many of them as CEO of
TheCashFlow. It creates online courses that assist entrepreneurs in turning their ideas into profitable companies. Mr.
Greaves also co-founded 100 Urban Entrepreneurs, a group that supports the creation of minority-owned businesses. Pro
bono consultation becomes crucial in such a hard-pressed economy, according to Mr. Greaves. “When capital is hard to
come by, good mentorship can stretch that capital even further,” he said.
Here are some tips on locating mentors and building a strong working relationship with them.
1. DON'T EXPECT A MENTOR TO FIND YOU.
Accomplished professionals are likely to be busy, so expect to put in some effort to meet them. “A very good way is through
a church or synagogue, or by doing charity or volunteer work,” said business coach Arlene B. Isaacs. “There are always
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2. Even old-hand entrepreneurs need mentoring | Crain's New York Business 9/17/11 5:32 AM
individuals on the board who have distinguished themselves.”
If you've got a high-concept business, consider entering one of the many local contests in which entrepreneurs pitch their
ideas to potential mentors and investors. Winning DailyCandy's “Start Small, Go Big” contest last year earned Vi Hoang,
women's clothing designer and founder of online retailer Dolly Pearl, guidance from apparel and accessories designer
Rebecca Minkoff on practical matters like sourcing and manufacturing. The prize includes just a day of mentoring, but the
two continued the relationship. Ms. Minkoff welcomed the opportunity to show Ms. Hoang some ropes. “I know I needed a lot
of help early on and would have benefited from [these kinds of] resources,” the veteran said.
It's not necessary to meet in person, either. “Facebook is really important,” said Ms. Hoang, who has gotten valuable tips
from contacts she has made via the site.
2. LOOK FOR SOMEONE WHO “GETS” YOUR PRODUCT OR SERVICE.
It's best to find a professional who is involved in your industry or uses what you're selling, says Ryford Estores, who markets
a package of home-haircutting equipment for men at Self-Cut System. He speaks regularly with Mr. Greaves, whom he met
through 100 Urban Entrepreneurs. “He understands and believes in my product,” said Mr. Estores. “He actually cuts his own
hair.”
Drawing on his experience, Mr. Greaves suggested that Mr. Estores offer an after-haircut cream to generate recurring
revenues. The entrepreneur, who used to be a barber, loved the idea. “I'm in the process of developing that product,” he
said.
3. KNOW WHAT TO EXPECT FROM THE RELATIONSHIP.
Mentors want to be of assistance, but a high-maintenance entrepreneur will have problems. “Mentors are there to bounce
ideas off and to give you insights,” said Mr. Greaves. “They're not there to run your business for you. They're not there to tell
you the right answers every time. It's your job to make the decisions for your own company.”
On the other hand, don't hesitate to ask questions for fear of looking like a newbie. “Invariably, they'll end up touching on
many other things,” Mr. Greaves said.
4. DON'T OVERLOOK ONE-TIME SESSIONS.
A benefit of competitions like DailyCandy's, which announces its 2011 winners later today, is that they offer manageable
doses of direction, according to participants.
Finalist Laura Williamson, founder of online knitwear retailer Le Loup-Garou, said that if she wins she will absorb everything
possible from program mentor Jonathan Adler and other high-profile entrepreneurs. “Just to hear everyone's story will be
inspiring for me,” Ms. Williamson said.
5. BE CANDID WITH ADVISERS.
His mentors point out that one thing aiding their work with Mr. Lao is that he didn't hide details—including his persistent
trouble delegating tasks that he thinks he can do better than his staff. “Communication is key,” Mr. Klein of UBS said. “You
want all your cards on the table.”
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