Uploaded byMichael Burcham
Entrepreneurial ecosystem p6 mentor1
The document discusses developing an effective mentoring program for entrepreneurs. It recommends selecting and training mentors, developing a screening process for mentees, and outlining the mentoring process. This includes developing a 100-day work plan with milestones like refining the business model, operations plan, and financial plan. Providing feedback is important. The goal of mentoring is to help mentees develop their own critical thinking skills and take responsibility through questioning and exploration of options.
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Entrepreneurial ecosystem p6 mentor1
- 1. The Entrepreneurial Ecosystem Part 6: Dr. Michael R. Burcham Mentoring the e. michael@michaelburcham.com Entrepreneurial CEO w. www.michaelburcham.com t. www.twitter.com/michaelrburcham f. www.facebook.com/michael.r.burcham l. www.linkedin/in/michaelburcham
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- 3. What is aMentor? MENTOR (n) • Wise, trusted guide and advisor • Teacher
- 4. A great mentorlistens, asks questions, and facilitates introductions and discovery
- 5. Qualities of aMentor • 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.
- 6. ? How Do IDevelop an Effective Mentoring Program?
- 7. Where Do IBegin the Process…
- 8. Building Blocks forMentoring 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
- 9. Building Blocks forMentoring 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
- 10. Recommendation 1: Create aFormal Mentor Application & Survey
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- 12. Recommendation 3: Establish MentoringPolicies Examples: • Valuation Discussions • Referrals to Angel & Early Stage Investors • Schedules and Appointment Times • Confidentiality of Conversations
- 13. Elements for theMentoring 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
- 14. Requirements for EffectiveMentoring • Planning • Mutual respect • Logical fit • Compatible temperaments or style • Commitment • Enthusiasm and satisfaction on the part of both parties
- 15. The role ofthe mentor is to: 1. Build rapport, 2. Ask questions, 3. Listen, and 4. Elicit the mentoree's own wisdom. The mentor should embody someone you wish to become.
- 16. Benefits for theEarly 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.
- 17. 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
- 18. Entrepreneurs Benefit fromAll Types: Startup Mentoring Functional Mentoring Industry Mentoring Launch Mentoring
- 19. Building Blocks forMentoring 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
- 20. Building Blocks forMentoring 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
- 21. All business plansand models are off “magnetic north” by 10-15 degrees. Closing the Gap Defines Success
- 22. 5M Framework forStartup Mentoring 01 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
- 23. The Mentor Matrix Strategic (long-term) Investment Coaching Mentoring (skills–“how to”) (values–“why do”) Start-Up Tactical (short-term)
- 24. EC Mentoring Program 100-Day Work Plan Business Model Business Model Business Model IP Discovery IP Discovery IP Discovery Management Team Management Team Management Team 100 Day Timeline 100 Day Timeline 100 Day Timeline Operations Plan Operations Plan Operations Plan Target Market Target Market Target Market Sales Process & Time Sales Process & Time Sales Process & Time Distribution Channels Distribution Channels Distribution Channels Financial/Cash Plan Financial/Cash Plan Financial/Cash Plan Final Business Plan Final Business Plan Final Business Plan Funding Strategy Funding Strategy Funding Strategy Launch Plan Launch Plan Launch Plan Day 1 - 30 Day 31 - 60 Day 61 - 99
- 25. Recommendation 4: Find EffectiveWays to Provide Feedback
- 26. The mentoring conversationinvites the individual being mentored to reflect on their own experience with a situation, gather information from a variety of sources, sort through options and decide on a course action, plan and implement it. Reviewing the results continues the learning cycle.
- 27. • When mentoringis 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.
- 28. The Big TakeAways 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.