Learning From the Best
Objective Wisdom
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That third-party objectivity is one of the greatest gifts of
being mentored, notes Huntley. "Having a mentor, a third
party, look at [a situation], you can get the truth," she
says. Simply because the mentor is outside the cloud of confusion
you may find yourself in, he or she can offer sound advice that you
may not have considered. Seth Goldman found that to be especially true with his tea
business, Honest
Tea. Founded in 1998, this Bethesda, Maryland, entrepreneur was
faced with some difficult decisions in the course of his business.
And it was the wisdom of his mentor, Gary Hirshberg, the CEO of
Stonyfield Yogurt, that helped him through. Since both companies are in the natural foods sector, the two
entrepreneurs had a link. Goldman, 36, remembers seeing Hirshberg
at various conferences. Hirshberg's company was so successful
that he was often a speaker at these events, and Goldman paid
attention to his lectures. "Not long after I started my
business, I went to a weekend crash course on entrepreneurship with
successful entrepreneurs speaking," says Goldman.
"[There,] I got to first sit down with [Hirshberg]." Content Continues Below
The two established such a rapport that Goldman felt comfortable
asking the experienced entrepreneur's advice on a specific
investment. Unsolicited, someone wanted to invest $5 million in
Honest Tea, and Goldman was tempted to take the offer. "He
said, 'Don't take more than you need,' " recalls
Goldman. "Don't take the easy money." Hirshberg urged Goldman to hold out for a deal that was better
suited to his mission-one that would allow him to retain control
over Honest Tea and its future. So he didn't take the $5
million from that investor-instead, he waited about a year and
ended up getting about $1 million in investment capital from a more
desirable avenue: Hirshberg himself. With the capital infusion and
the continued support and advice of Hirshberg, Honest Tea expects
sales of $5.6 million this year. Finding your perfect mentor takes time, but it's worth it to
go about your search sensibly. Research your industry, find
businesses you admire, and hook up with them. Seek out a
professional business coach, or join a small-business network to
meet people who can share their knowledge with you. Turn to
colleges and universities-they're always full of wise
professors who love to see students succeed. However you get one, a mentor is one of the best ways to get an
unofficial business education. They're teachers, advisors and
support groups, all in one. | | How to Be Mentored | | It's all well and good what mentors can do for you and your
business, but don't forget that you, the one being mentored,
have some responsibility for making the relationship work. First,
don't idolize your mentor or put him or her on a pedestal.
Leadership coach Kathi Huntley explains how her mentor protects
against this peril: "If it ever got to where he felt that I
was taking everything he says as gospel and wasn't thinking for
myself, he would immediately say, 'Forget this-we can't do
this.'" Second, you've got to let yourself be coached. Many
entrepreneurs, used to their own way, find it difficult to open
themselves up to criticism and instruction, says Huntley. The only
way to really gain from a mentor relationship is to humble yourself
and remember you still have a lot to learn. Says Huntley, "To
an entrepreneur who has this 'I'm right' [mentality], I
would recommend that they consider how they got there, who helped
them get there and how it would be if there was no one around to
share it with." That said, you still have to give yourself the freedom to
disagree with your mentor. While you want to listen to their
suggestions, you'll ultimately have to make the decisions for
yourself. "That's one unique thing with [my
mentors]-I'm not afraid to speak my mind," says Matt
Springfield, founder of Dallas-based information security firm
Elliptix LLC. "If there's something I don't agree
with, I'll [say it]." |
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Originally published in the August 2002 issue of Entrepreneurs Start-Ups magazine
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