5 Main Benefits of Having a Niche Mentor
By: The Brady Mentality™
We've all heard that having business development mentors that can help grow your company and yourself. But what is it exactly that these niche mentors can do for you? How can they help you move your company along?
Knowing exactly how you want your business development mentors to help you move forward can help you find the motivation to find these mentors, as well as give you the fire you need to ask your potential mentors for help in a compelling way.
Here are the FIVE main benefits of having a business development mentor.
Benefit #1: How to Structure Your Company
Most entrepreneurs don't spend a lot of time thinking about how to structure their company. Yet most mentors will insist on making sure you have your business structure correct from the get-go. They've made structuring mistakes in the past and paid for it.
Do you have a solid options plan in place? Do you have iron-clad operating agreements between all your partners? Are you operating with a legal entity that minimizes your personal risk and reduces the amount of taxes you need to pay? These are all structuring questions mentors can help with and so much more.
Benefit #2: Avoid Mistakes
Mentors will be able to tell you about mistakes that others in your industry have made with potential first-hand experience. They've been around the block longer and know the pitfalls well. The fail forward as a practical leader by example.
Benefit #3: Learn to Hire the Right People
Building an A-Grade team is one of the most important factors for success in business. But how exactly do you do it? How do you lure employees from lucrative jobs to come work for you? How do you build a corporate culture? How do you inspire people?
Mentors can help you with this elusive aspect of your business. For example, offshoring remote teams in the talent-rich Philippines takes a unique business niche mentor with a diverse experience and track record in the BPO industry, this type of business mentor saves money and time.
Benefit #4: Investments & Exits
Investments and exits are some of the trickiest negotiations in business. Without someone experienced to guide you through the process, there's a very good chance you'll make big mistakes.
How should you value your company? How important is it that you get some liquidation preferences? If investors want the right to hire an outside CEO, what should you say?
With acquisitions, how important are the terms versus the raw price? How do you value non-cash acquisitions, such as equity deals or performance-based deals? What kind of earn-out plan is fair?
Most startups and first-time entrepreneurs simply can't answer these questions without outside help. Having great mentors will help you through these important processes, asking and answering the tough direct no BS questions that will help you make the best decisions for the company and yourself.
Benefit #5: Think Big
Mentors can help you think outside of your regular bubble. If you're regularly only thinking at the $100,000 a year level, mentors can help you think about the $1 million a year or $10 million a year level.
If you've never tasted success, it's hard to imagine or plan for massive success. Mentors on the other hand can help you see and plan that far ahead because they have tasted success.
Are you looking for help? Need advice? For a FREE consultation please contact me directly, I enjoy helping people, to help themselves. All questions welcome.
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