Counseling relationships should be rewarding for both parties. If only the mentor finds something in the relationship, there is a good chance the mentor will leave soon.
It is common for teachers to think that they have nothing to return to their counselor. That is not true. While you may not be able to repay in a financial way, the reality is that many advisers are not in it to earn money.
So how can a mentor return to a mentor?
Thanks
At the simplest level, counselors want to feel happy about the fact that they are making a difference in your life.
Let your counselor know how to make a difference in your life. Explain. Let them know what your life would be like if it were not for you.
After all the meetings with you, your mentors should leave feeling like they did something good. This feeling is why many counselors offer a helping hand.
Public Discussion
One way you can give back to your mentors is to speak in public. As you and your company become more successful, you will have the opportunity to speak publicly or be written about it in public.
If that happens, go out of your way to name your adviser. This will help them build their reputation and make them feel that you really appreciate what they are doing for you.
If you read the stories of successful people, you will find that they often acknowledge their mentors and powerful mentors by name. They do this not only in “confession,” but also in the context of the book itself.
Find places you can talk to your mentors publicly, and they will love you for it.
Success
Lastly, the final way to say “thank you” to a mentor is to achieve an extraordinary success. Counselors want to know that they have made a difference and that their contribution has helped you achieve your goals.
Counselors want to make a difference in the world. When you go from start a new business to being a successful entrepreneur because of your mentors, they will feel very fulfilled. They'll be glad they took it.
Return to Counselors
While counselors may not always be able to repay their advisers financially, you will often be able to repay their advisers in ways that affect them emotionally.
Make sure counselors feel ready to help you. Make sure they leave your meetings glorious. Make sure they are better off if they spend time with you.
Don’t look at your teaching relationships as you take something from them. Look at it as a relationship, where they want to make a difference, and it is their path. They make a difference in your life and business and in return, they gain many emotional benefits. We've all heard that having business mentors can help you develop yourself and grow your company. But what is it exactly that these mentors can do for you? How can they help you move your company along?
Knowing exactly how you want your 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 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.
Benefit #2: Avoid Mistakes Others Made
Mentors will be able to tell you about mistakes that others in your industry have made. They've been around the block longer and know the pitfalls well.
Benefit #3: Learn to Hire the Right People
Building an A-Grade team is one of the most important factors to 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.
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 first time entrepreneurs simply can't answer these questions without outside help. Having great mentors will help you through these important processes.
Benefit #5: Think Big
Mentors can help you think outside your regular bubble. If you're regularly only thinking at the $100,000 a year level, mentors can help you think at 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.
These are some of many reasons to get mentors in your business.
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