Mentors take an active interest in developing an entrepreneur's career by providing guidance based on their own experiences. They help entrepreneurs avoid common mistakes. Coaches focus on solving specific short-term issues, while mentors provide broader advice over the long-term. The entrepreneur must maintain the relationship by following up and keeping the mentor engaged. As a business grows, mentoring shifts from business matters to developing the entrepreneur as a leader. Mentors contribute out of care for others and passion for the field.

1. most valuable player

3. “A mentor is someone who takes an active interest
in the entrepreneur, and looks to develop their
career. They get their fingernails dirty, act as a
guardian angel, and can say, ‘Yes, I’ve seen that
pattern before, let’s help you avoid it.’”
– Bob Davis, general partner of Highland Capital Partners

4. “We [at Springboard] assign coaches [for short
periods] to solve specific issues that we see the
entrepreneur needs to solve in order to go to market
and be successful raising funds. A mentor is also
interested in the individual, but may have broader
views on issues not directly related to their current
growth patterns.”
– Kay Koplovitz, founder of USA Networks

5. “The onus is on the entrepreneur to
maintain the relationship, follow up, and
keep the mentor engaged.”
– Cindy Klein Marmer, manager of the John E. and Alice L.
Butler Venture Accelerator Program at Babson College

6. “As the venture advances, mentoring relates more to
the business itself. And, oftentimes, as a business
matures, the mentoring reverts to the personal,
because the entrepreneur needs to become a leader.”
– Steven Gold, director of Babson College’s Summer
Venture Program

7. “You do it because you have a sense of
concern, compassion, interest, love of the
business.”
– Bob Davis, general partner of Highland Capital Partners

8. eak.org/mentors