I remember more than a decade back when I was at a frustrating point in my career, I had reached out to a senior person in the organization saying that I need a mentor. The question he asked me in return was whether I was sure that I needed a mentor (or someone/something else, like a coach). The question helped me get clarity about what I actually needed at that point in time.
Seeing so many queries from founders about ‘Mentoring’, and almost every third LinkedIn profile projecting themselves as “Mentors”, I thought what helped me then might be useful to some:
Let me start by saying that genuine mentors are TOO BUSY to ‘ply their trade to you’. So anyone approaching you to mentor (you), and a paid one at that, should be a BIG red flag!
If you are at the crossroads and think of seeking a mentor, you need to ask this question to yourself.
What do I need the person to help me with?
1. If you need someone to just bounce off your ideas/ validate thought process/help you overcome obstacles/give specific gyaan (knowledge) in the area you need, or just point you in the right direction, MENTOR is what you need. Mentoring is usually extended free and anything more than couple of sessions a month would be overkill.
2. If you have significant clarity about what you want to do, and are just struggling with achieving your goals, than a COACH would be a better fit. A coach will help you execute on YOUR plans better. A good coach will push you to
EITHER fail fast, thus saving you time/money and effort, which you can then put to better use (maybe your next million $$ idea).
OR, accelerate your path to success.
Coaching typically is paid, and usually one session a week engagement. While it is not necessary for a coach to be an expert in your work domain, it may help. Do ensure that they are certified though!
3. If you want to fix specific problems in an area where you or your co-founders lack expertise, it might be better to hire a CONSULTANT. Consultants are typically experts in their work area and hired to fix/solve specific problems. Depending upon the magnitude of problem, engagement duration and fees may vary. Good consultants do not come cheap! Some consultants might be willing to work for a little equity though.
4. If you are all set (bootstrapped and built your product beyond the prototype phase), have paying customers and need just money to scale, then obviously, without me stating you know that you need just INVESTORS. You should opt for investors who’d be able to provide other value add to your enterprise apart from the $$$.
Asking the right questions has always helped me help others. I hope this provides you some clarity!
