the hive co-working space

The Hive is a members’ coworking space and creative community based in the dynamic Wan Chai area of Hong Kong. 

NEST is a hands-on investment incubator focusing on scalable consumer businesses in the lifestyle space. Our vision is to develop Hong Kong as a global hub in the fields of entrepreneurship and creativity to enable start-up businesses to thrive.

investhk logo

Invest Hong Kong is the department of the Hong Kong Special Administrative Region (HKSAR) Government established in July 2000 to take responsibility for Foreign Direct Investment and support overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services to help businesses succeed in Hong Kong's vibrant economy.

bridges logo

Bridges Executive Centre has been in business for 10 years and helped over 8,000 clients incorporate and grow their business in Hong Kong with a knowledgeable team fully versed in different corporate aspects like company formation, company maintenance (e.g. company secretary, Annual Return, BR renewal), accounting, audit arrangement, tax filing and tax efficiency planning, investment visa, etc., covering every need of a start-up from basic to advanced. Their helpful staff, fast turnaround time, fair pricing and full range of maintenance support tell why you will love them.

maurice wm lee solicitors

Maurice WM Lee Solicitors are a Hong Kong law firm focused on legal services relating to business, finance, trust, investment, wealth management, creative industries and legislative lobbying.  Our experienced lawyers also provide legal services in key areas such as media, entertainment, dispute resolutions and China legal services.

 

Promotional Partners

maurice wm lee solicitors

The Asian Venture Capital Journal (AVCJ) is the leading source of information on Asian private equity, venture capital and mergers and acquisitions. Based in Hong Kong, AVCJ has been providing editorial coverage, quality data and intelligent analysis via its Asian Venture Capital Journal weekly magazine to the Asian private equity industry since 1987. AVCJ is also the organizer of the highly acclaimed AVCJ Private Equity & Venture Forum series of conferences in the world’s leading financial centers including Tokyo, Hong Kong, Singapore and New York. The AVCJ Forums series regularly receives strong support and participation from the industry’s leading professionals and firms, including GPs, institutional investors and advisors. 

Why Most New Entrepreneurs are Not Ready to be Mentored

Posted by Amity Sims on 2014-03-09

Founder Feedback gives you insight from the startup trenches.

In this post from his Tropical Gringo blog, Managing Partner at Socialatom Ventures and Director of the Bogota Founder Institute, shares his experience as a startup mentor in Colombia. 

Below, an excerpt of How to find a good mentor for your startup has been republished;

 

"Because of what I do, I have the opportunity to actually mentor startups.

Each year, I probably listen to over a hundred business ideas (usually for startups), or pitches of ongoing startups. After listening to these, I normally communicate my thoughts, which sometimes include my suggestions to the entrepreneur. It’s up to the entrepreneur whether they’d like to take this advice or not.

Many entrepreneurs are surprised when I convey my philosophy on the importance of mentors. 

What I truly believe is that an entrepreneur's best mentor is their customer. 

In other words, actually finding out what a customer is willing to pay for, or what a user is willing to spend time on.

After the customer, the next most important thing is the vision of the CEO and the founding team (whether evolving or coalescing), and then finally, third, comes listening to mentors.

I’m not saying that mentors can’t and don’t make a big difference. In fact, I’ve seen first hand when entrepreneurs who have taken my own advice have translated it into incredible business results and/or million dollar fundraising success.

What I’m saying and what I truly believe is, if you have a strong team that knows how to test things in the marketplace, and a solid leader with an inspiring vision for the company, then that foundation will greatly increase your ability to interpret and execute on good advice.

As a recent Business Insider article highlighted, most of the technology visionaries we can think of had one or more mentors which helped them along the way. Nonetheless;

Even if the right mentor comes along, many entrepreneurs are just not ready to be mentored.

In Colombia, a lot has changed in the past two years. Many international mentors have visited the country, and I’ve seen the following four types of entrepreneurs; 

  1. Entrepreneurs who are "rudderless", get confused with advice from so many mentors, and are ill equipped to translate the advice into action;
  2. Entrepreneurs who have become addicted to interacting with “celebrity” mentors without building the strong "foundation" I described above, and are thus immune to advice from “mere mortal” mentors (their prospects are clearly limited);
  3. Entrepreneurs who are good at executing, good at listening, and good at processing advice (these are the most fun to be around);
  4. Entrepreneurs who have built a successful, growing business and are pretty good at distinguishing insightful advice from superficial suggestions. 

 

These last ones are the self-assured, talented entrepreneurs, some of whom, could build high impact businesses."

 

For more insights from Alan, join him at the Bogota Founder Institute, or another chapter in Latin America where he frequently mentors.  


Like this article?

 

 

[Mentor photo from Shutterstock]

Feedback Form

We welcome your feedback to improve the Institute. Please contact us using the form below, and we will get back to you promptly.
Your Email Address:
Message to the Institute:
What is ? (enter the answer below):
Close Window