1. Someone who's a good fit for you
If your company is in the start up phase, you should be looking for a successful entrepreneur with a broad range of business knowledge and skills.
But beyond that, you need to make sure you have good personal chemistry with your mentor. That's why you should first do a thorough self assessment, says Linda Morana, Mentor in Residence at Futurpreneur Canada, which offers financing and mentorship to entrepreneurs aged 18 to 39. Consider your strengths and weaknesses, vision for your business and what you're looking for in a mentor.
Then, take your time to find the right person. Go for a coffee with prospective mentors and talk not only about what you want to achieve in your business, but also what's important to you in other aspects of your life. What kind of a person is your proposed mentor? And what is he or she looking for from the relationship?
“You've got to get a feel for this person and whether or not you will get along,” says Ryan Jackson, a veteran mentor in Medicine Hat, Alberta.
“Don't think you have to settle for the first person you meet. It's like dating, really. That's how personal it gets. You need to like and trust each other.”
2. Someone who will be available
Jackson, former Entrepreneur in Residence at Medicine Hat College, says it's important to find a mentor who will be there to talk to you on a regular basis. A weekly sit down is ideal, but depending on how the relationship develops you may want more or less frequent conversations. For example, Jackson checks in frequently by text message with a young entrepreneur he's mentoring. What's critical is that your mentor is committed to the relationship and has the time to devote to it.
3. Someone who's a good listener
Your mentor isn't there to solve your problems. Instead, he or she should help you to think through your challenges and find your own answers. That's how you learn to be a better entrepreneur.
“Entrepreneurs will have struggles and they need someone to talk to,” Jackson says. “When a mentor asks the right questions and listens, pretty soon a young entrepreneur will find the answer simply by telling you what they're facing. It starts to become evident to them as they explain what the solution might be.”
4. Someone with a positive attitude
A mentor's role in encouraging you and building your confidence is crucial. In fact, it was identified as one of the most important benefits of a mentor relationship in a Futurpreneur survey of more than 500 young entrepreneurs, Morana says.
“A mentor can be a really great supporter and cheerleader and help you regain your confidence when you've had a setback,” she says.
5. Someone with an open mind
Jackson says entrepreneurs accumulate “battle scars” over the years—attitudes that reflect their own business experiences. These attitudes may sometimes colour their reaction to your ideas and challenges in a way that may not be appropriate for your situation. That's why you should look for a mentor who keeps an open mind to your unique approach and business situation.
More generally, Morana says good mentors are “learning oriented—people who are always looking to develop or improve themselves. They will go into a mentoring relationship with more of an open mind and not be as prescriptive or directive.”
6. Someone who will treat you as an equal
You're looking for someone who will be in your corner and give you support and advice when you need it. You're not looking for a boss. Yet, some mentors default to that role because they're so used to managing employees in their own business, Jackson says.
“You want to be careful if you get that vibe that makes you say: 'I might as well get my parents to do this because they're treating me like a kid.’”
7. Someone who won't pull punches
While you want a good listener, you also need a person who can help you to make a tough decision when necessary.
“A mentor needs to be there to make sure the entrepreneur doesn't drive off into the ditch,” Jackson says. “It doesn't happen often, and most of the time, they will correct before they hit the ditch. But sometimes you have to grab the wheel.”
So where do you find a mentor? Jackson says you can approach an experienced businessperson you know or use one of the mentorship programs offered by local organizations and educational institutions.
Jackson recommends Futurpreneur Canada's program because it has a well structured approach to putting together mentors and young entrepreneurs and giving the relationship the best chance of success.
For information and advice on mentorship, check out Futurpreneur's mentorship crash course.