My Hero Let a mentor guide you on the path to success while sidestepping the potholes.
Opinions expressed by Entrepreneur contributors are their own.
There's nothing like having somebody who's been therebefore to show you the entrepreneurial ropes. Do you need help withyour business plan? Want reassurance from someone who'sstruggled through the same startup challenges you'refacing?
When it comes to college entrepreneurship, Alvin Rohrs,president and CEO of Students in Free Enterprise (SIFE), aSpringfield, Missouri-based nonprofit, says mentors can share themistakes they have made and show you how to avoid making thosemistakes yourself. Mentors can be anyone--from professors andadvisors to local businesspeople. Plenty of universities withentrepreneurial programs put emphasis on mentoring; examplesinclude the Center for Entrepreneurship Program at Loyola MarymountUniversity in Los Angeles and the W.P. Carey School of Business atArizona State University in Tempe.
Brown University is another such school, as student entrepreneurJason Donahue, 23, knows firsthand. In 2003, Donahue; EricShashoua, 23; Samee McDannel, 20; and two other students launchedAxon SleepResearch Laboratories in Providence, Rhode Island. They werealso matched with three university alumni mentors. One mentor is asleep expert, another is a marketing expert and the third is astartup expert. Each mentor brings a unique expertise to help thecompany grow and market the SleepSmart, an intelligent alarm clockthat monitors sleep cycles and wakes people from light sleep.
The entrepreneurs raised $250,000 in venture capital and arelooking to secure $2.75 million more before they start selling theSleepSmart in 2006.
The ideal relationship between a mentor and an entrepreneurshould include a free flow of ideas and real-life checks andbalances. Beware of mentors who brag about their success, warnsRohrs. "When selecting a mentor, you want one who wants tohelp others succeed," he says.
With this in mind, look for a mentor, even if there isn't anofficial program at your university. Rohrs suggests you start yoursearch with your local SIFE chapter, which often has ties to the localbusiness community.
You should also consider business school professors or localentrepreneurs as possible mentors. Don't be shy--ask them tolunch and explain what you're doing. You'd be surprised athow readily most entrepreneurs will share their wisdom."I've found very few entrepreneurs not willing tohelp," says Rohrs.
If your first meeting goes well, ask if you can make it a formalmentoring relationship with meetings in person, over the phone oreven via e-mail. Rohrs adds, "Understand that [your mentors]don't have a lot of time, and be prepared with what you want toask them when you go into your meetings."
