There's nothing like having somebody who's been there
before to show you the entrepreneurial ropes. Do you need help with
your business plan? Want reassurance from someone who's
struggled through the same startup challenges you're
facing?
When it comes to college entrepreneurship, Alvin Rohrs,
president and CEO of Students in Free Enterprise (SIFE), a
Springfield, Missouri-based nonprofit, says mentors can share the
mistakes they have made and show you how to avoid making those
mistakes yourself. Mentors can be anyone--from professors and
advisors to local businesspeople. Plenty of universities with
entrepreneurial programs put emphasis on mentoring; examples
include the Center for Entrepreneurship Program at Loyola Marymount
University in Los Angeles and the W.P. Carey School of Business at
Arizona State University in Tempe.
Brown University is another such school, as student entrepreneur
Jason Donahue, 23, knows firsthand. In 2003, Donahue; Eric
Shashoua, 23; Samee McDannel, 20; and two other students launched
Axon Sleep
Research Laboratories in Providence, Rhode Island. They were
also matched with three university alumni mentors. One mentor is a
sleep expert, another is a marketing expert and the third is a
startup expert. Each mentor brings a unique expertise to help the
company grow and market the SleepSmart, an intelligent alarm clock
that monitors sleep cycles and wakes people from light sleep.
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The entrepreneurs raised $250,000 in venture capital and are
looking to secure $2.75 million more before they start selling the
SleepSmart in 2006.
The ideal relationship between a mentor and an entrepreneur
should include a free flow of ideas and real-life checks and
balances. Beware of mentors who brag about their success, warns
Rohrs. "When selecting a mentor, you want one who wants to
help others succeed," he says.
With this in mind, look for a mentor, even if there isn't an
official program at your university. Rohrs suggests you start your
search with your local SIFE chapter, which often has ties to the local
business community.
You should also consider business school professors or local
entrepreneurs as possible mentors. Don't be shy--ask them to
lunch and explain what you're doing. You'd be surprised at
how readily most entrepreneurs will share their wisdom.
"I've found very few entrepreneurs not willing to
help," says Rohrs.
If your first meeting goes well, ask if you can make it a formal
mentoring relationship with meetings in person, over the phone or
even via e-mail. Rohrs adds, "Understand that [your mentors]
don't have a lot of time, and be prepared with what you want to
ask them when you go into your meetings."