Sabanci University

Sabanci University is ranked the top private entrepreneurial university in Turkey according to Turkish Ministry of Industry and Trade.  The university hosts the SUCOOL Preincubation Center that supports early stage entrepreneurs and also supports Founder Institute by shared resources, network and providing space.

 

Fora & Şanlı Law Office

Since 2008, Fora & Şanlı Law Office is dedicated to provide legal advice and services which look beyond the legal issues and take the business aspects for each transaction for the success of its clients for their investments and business in Turkey and MENA region. Fora & Şanlı is very well connected with the world and other jurisdictions to facilitate its clients international business.

 

sendloop - email marketing services

sendloop email marketing services is in email marketing industry with its professional solutions since 1999. sendloop is the easiest email marketing service designed for SaaS owners, bloggers, designers, developers, small businesses, entrepreneurs and anyone interested in sending email to their contacts as easy as possible.

 

Microsoft Turkey

Microsoft is a strategic partner for promising startups around the world focused on business growth & development, industrial strength technology and beautiful usable products. Build locally, scale globally. We help smart companies take flight.

Why Most New Entrepreneurs are Not Ready to be Mentored

Posted by Jonathan Greechan 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