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Posts Tagged ‘mentoring’

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The Current Paradigm Shift For Venture Capital Firms

Tuesday, September 15th, 2009

Currently, the state of funding for start-ups from a venture capitalist seems to be on the wane.  The keyword there is “seems.”  Once again, what is actually happening in the realm of business and what is being perceived to be happening in the realm of business are too very different things.  The assumption is that a venture capitalist doesn’t want to put any investment capital out there since they’re afraid of the market’s current state.  Things to keep in mind about the current climate is that there is no basis for comparison to use when saying, “In the past when the economic downturn has been this bad…” is pretty much useless since an economic downturn of this caliber has never existed along the advent of technology like it is today.   This is a cycle, yes, but it’s also never the same cycle twice.  Every time an event like this happens in the financial world, there are always factors that are in play to make it a different setting than the last time we were at this point.  

For instance, during the post-2000 internet implosion, we were witness to two landscape changing events of the time:  The inherently great start-ups and late-stage opportunities were shown to be able to survive even if they were weakened by the crash.  Also, we saw the web become a place of imagination as well as innovation as opposed to just a new advertising marketplace.  Social networking, video aggregators, etc. all were new additions to what was thought to be a fad market that died as quickly as it ballooned.  Here we are today and we’re most likely going to see yet another renaissance of people who come up with an idea that doesn’t even exist for comparison and can gain ground in a competitive landscape that is devoid of rivals. 

Things to be keeping in mind in this new economic landscape is that the economic recovery plan from the Obama Administration will play a factor in allowing for any productivity-enhancing information technology to become a sought-after investment opportunity.  Also, survivors of this recession will be seen as strong companies that should maybe be given some working capital investment in order to keep thriving in the years ahead.   Domestic clean energy will also be an area that investors will be looking at since now is the time to start moving away from oil and coal and other fossil fuels as the dependency on those resources has shown to be a severe detriment to the United States. 

There are options out there and there are venture capitalists who want to invest in those options.  Now is the time to be meeting these demands and showing why your company is deserving of funding from a venture capitalist or private investor.  Either have an innovative idea that actually breaks the mold instead of imitating it, capitalize on the need for energy demands, or make it so your company survives this recession to live to fight another day and you will be able to seek the monies from the VC’s that are patiently waiting to put up funding.

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Posted in raising capital, venture capital | 1 Comment »

The Holy Trinity Of Business Mentoring And Coaching

Sunday, August 16th, 2009

Whenever I’m discussing my philosophies on the purpose of hiring a mentor service, I sometimes notice an elephant in the room that no one wants to address:  Just what the heck IS a mentor anyway?  Sometimes it slips my mind that there isn’t a clear definition of what these types of services are for in business.  My own personal definition of a mentor is pretty much the norm for the business world, but should probably be reviewed, regardless. 

I’ve always felt that a mentor is not there to buy, sell or negotiate. A mentor provides a service. In essence, mentoring is simply helping someone else play their cards right and become successful in their home business or other endeavor.  They’re not there to do anything for you, but rather listen and advise you based on their own experiences.  Give a man a fish and he’ll eat for a day.  Teach a man to fish, etc, etc. 

So that’s my definition of a mentor and it’s important to note that this brand of mentoring has been a business practice for awhile now.  Ask any person involved in a successful business and they’ll admit that using a mentor was a standard business practice for them at some point.

Something I’ve noticed that people don’t keep in mind about mentors is that benefit in this arrangement to them is the experience, not the monetary reward.  When you’re working in the capacity as a business mentoring advisor, you’re there to share what you’ve learned in the trade, but also to try to learn a few more nuggets along the way. After all, what good is information and experience if you don’t share it with someone who needs a mentor down the line?

There is a “holy trinity” to being a successful a mentor.  You’ve got to think in terms of a trainer, a financial expert, and a technical advisor if you want to help someone start their business. 

Personal Trainer

You’re there to motivate them and keep them focused on their goals for success.  They’re going to become discouraged and they’re going to need to be built up by someone that isn’t just placating them.  You’re there to keep them meeting their own personal best so that they can push through every failure and not be enamored with every minor success.

Financial Advisor

You’re there to rein them in when they may get a “pie-in-the-sky” financial scenario that isn’t feasible.  It’s extremely simple to think that the right office or a large staff of employees or a brand new delivery van with all of the trimmings will be the best tools for their business.  Maybe these items will be, but making sound financial decisions with an objective voice of reason works a lot better than going with your first gut instinct.  

Technical Advisor

You’re there to get them the tools to start and grow their business in the best possible fashion whether that’s incorporation documents or the best tools for search engine optimization.  You’ll find out that it’s not a matter of the client being ignorant, but uninformed about what’s available to them in terms of resources and options.  Being a helpful, knowledgeable, and quick with a recommendation should a need present itself will make you an asset. 

You’ll wear many hats in this type of job, but these are the three that matter most.

Why go through this all on your own?  Why make the same mistakes that have already been made by others?  Find an experienced person that knows the three aspects to successful mentoring. Find someone who can help you on the road to success by giving you the benefit of their experience. At Ethos 360 (www.Ethos360.com) your mentor’s hindsight becomes your foresight.

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How To Start A Business For Under $5000

Tuesday, August 11th, 2009

In today’s economic environment, individuals with entrepreneurial mindsets are exploring new ideas for businesses that will not only survive in a recession, but will also thrive. The key to starting a new business is maximizing its resources while remaining lean in operations. Let’s face it: most people do not have $100,000 sitting in their pockets. So, how is it possible, then, to start a business with a minimal amount of capital? The good news is that there are literally hundreds of business concepts that can be created with less than $5,000 in start-up costs.

Businesses under $1,000

Yes, believe it or not, it is possible to start a business under $1,000. According to BusinessTown.com, there are 82 business categories that do not require more than $1,000 in start-up fees. For example, to become a Merchandise Demonstrator, start-up costs are estimated between $500 and $1,000.  However, earnings can rest between $20,000 and $35,000 per year. This business requires a person who has garnered a network of business contacts to demonstrate products for one or more specific companies at trade shows and seminars. This business can be learned first by handing out samples at grocery stores, which typically pays up to $50 per day. By beginning here, the person has a launching point from which to establish relationships with larger corporations, with the ultimate goal of merchandising their products. Other examples of inexpensive businesses under $1,000 entail Lawn Care Services, Toy Cleaning and Repairing Services, Reminder Services, Professional Organizers, Motor Vehicle Transportation, and Roommate Referral Services.

Businesses between $1,000 and $5,000

The good news is that there are literally hundreds of business concepts that can be created with $5,000 or less. As reported by the aforementioned online source, 136 businesses cost between $1,000 and $5,000 in start-up fees. Most of these concepts only require a phone, desk, and a few other tools such as a list of established contacts and a passionate drive to build a steady pipeline. Some of the more interesting businesses that stood out include a Resume Service Provider, a Mobile Hair Salon, a Meeting Planner, a Mover, a Window Washing Service, a Vending Machine Owner, Flower and Tree Cutting and Trimming Services, and Speechwriting Services. Now, these are only eight of the 136 businesses listed, but are businesses that may appeal to a larger number of entrepreneurs, than the more concentrated, niche-targeted businesses such as an Adoption Search Service firm. 

The antiquated notion that a business cannot be started without a large lump sum of money is no longer the reality. Many businesses today have flourished based off of lean operations and low start-up costs. Today’s world does not require every type of business to begin its first day in operations out of a 10-story office building with leather couches and a glitzy waiting room. Companies can start out of one’s home and see immediate results. Entrepreneurial expert Bonny Alpo, who has owned her own copywriting service since 2005, reports that the least expensive business concepts revolve around pet care, home care, and delivery and moving services.

There’s no excuse for not being able to start your own small business either as a full time effort or start off part-time until it grows. Contact Ethos 360 (http://www.ethos360.com/contact) for additional assistance and business coaching.

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How A Business Mentor Works With An Entrepreneur

Thursday, July 23rd, 2009

My mother used to remind me that all relationships take time.  Friendships, marriages, and even business relationships all require a little TLC and room to grow so that they can find their way to success.  This is especially true for a business mentor relationship.

If you’re smart in your selection, the right business mentor will not only gain you an advisor but also a confidant and friend.  The best type of mentor relationship is one grounded in the personal connection that the entrepreneur and the mentor can forge.  My favorite anonymous quote happens to be, “Mentor: Someone whose hindsight can become your foresight” and I can’t begin to tell you how perfect a philosophy this is for the relationship.

It doesn’t just have to pertain to business, though.  The mentor needs to build personal interest as well as trust.  While they’re not going to be your therapist or your significant other, the type of dynamic that you want to maintain with them should enjoy commitment and consistency as well as communication.  This is sometimes done best through finding common interests so that the dialogue can flow freely and that a strong rapport can be built.  Qualified mentors should be interested in you as a person as well as a business person.  By having a dialogue that allows them to know you as an individual they’ll be able to make the working relationship less intense.  The right business mentor knows that the client is human and makes them feel human. This is one of the underlying philosophies ingrained into the mentors at Ethos 360. (www.Ethos360.com).

An established rapport can contribute to building a solid mentoring relationship that a business mentor will need to set to develop a consistent pattern of communication early on. This is because frequency of contact is highly important.  Communication breakdowns occur when a tone or consistency that one side is used to is suddenly changed with no explanation.  Ask anyone in a relationship what it’s like to suddenly be unable to get in touch with your girlfriend on the usual date night or when your husband is suddenly distant and uninterested in your thoughts.  Your business mentor should discuss updates on the items they recommended in previous talks and always maintain at least the minimum of interest and enthusiasm established.

Remember that the right mentor strives for three C’s: Commitment, consistency, and communication and that these three C’s are reciprocal.  The entrepreneur will also need to maintain these points so that the relationship can be mutually rewarding.

I’ll leave you with another of my favorite quotes about being a mentor from an unlikely, but worthy source.

“People ask what gives me the authority to give advice. I say, first of all, I don’t give advice. Dr. Phil gives advice. Mr. T helps people. I motivate them, I inspire them, I give them hope, and I plant the seed so they can feel good about themselves.”

-Mr. T

Truer words have never been spoken.

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Ten Tips For Entrepreneurs To Maximize Your Mentor Relationship

Sunday, July 5th, 2009

Finding a great mentor is one of the best ways to learn, to get feedback, and to take your start-up or small business to the next level. Here are ten tips for making the most of your mentoring relationships.

Tip #1

Self-assess. Ask yourself, “What skills do I need to get where I want to go?” Don’t be afraid to ask for help. We all need help and can’t be the best at everything.

Tip #2

Identify your learning goals. Put them in writing and execute.

Tip #3

Decide together how the mentoring relationship will work – frequency and type of contact. Create time and space for the relationship to blossom.

Tip #4

Commit the time. Don’t give up if the chemistry doesn’t feel right at the first meeting. Meet a minimum of once per month. Touch base regularly – by e-mail, phone, in person. Make regular contact a priority.

Tip #5

Take time to build trust and communication. Get to know each other on a personal level. Discuss your backgrounds, interests, career histories, and perspectives of your organizations.

Tip #6

Keep confidences. Nothing kills trust in a mentoring relationship faster than a breach of confidence. Both parties need to openness that only a trusting relationship can provide.

Tip #7

Be sensitive to cultural and gender differences. Do a little homework. And listen. You learn a lot more by not talking and truly listening to what someone has to say.

Tip #8

Understand and plan for the phases of a mentoring relationship. Build in time for evaluation and closure. Accomplish your goals. Do not quit.

Tip #9

This is about learning, whether you’re a protégé or a mentor. Keep a journal or document progression of the relationship.

Tip #10

You don’t need a single mentor who you keep throughout your career. What you need is a mind-set that allows you to learn from those around you, no matter who they are.

In summary, to get ahead, create your own multitalented “board of advisors.” Surround yourself with people who are better and smarter than you at specific tasks. Learn to listen and most importantly be humble by checking your ego at the door. For more information about working with a mentor visit www.Ethos360.com.

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