1. The Entrepreneurial
Ecosystem
Part 6:
Dr. Michael R. Burcham
Mentoring the
e. michael@michaelburcham.com
Entrepreneurial CEO w. www.michaelburcham.com
t. www.twitter.com/michaelrburcham
f. www.facebook.com/michael.r.burcham
l. www.linkedin/in/michaelburcham
3. What is a Mentor?
MENTOR (n)
• Wise, trusted guide and advisor
• Teacher
4. A great mentor listens, asks
questions, and facilitates introductions
and discovery
5. Qualities of a Mentor
• Positive attitude.
• Willingness to invest
time and effort.
• Personal caring.
• Teacher and supporter.
• Knowledgeable of
organizational function
and structure.
• Encourages new ideas
and stretches protégé’s
capabilities.
6. ?
How Do I Develop an Effective
Mentoring Program?
12. Recommendation 3:
Establish Mentoring Policies
Examples:
• Valuation Discussions
• Referrals to Angel & Early Stage Investors
• Schedules and Appointment Times
• Confidentiality of Conversations
13. Elements for the Mentoring Relationship
• Mutually agreed upon goals
• Timeline
• Create a foundation of support
• Define how to work together
• Both parties know what to expect
• Measures of success
14. Requirements for Effective Mentoring
• Planning
• Mutual respect
• Logical fit
• Compatible temperaments or style
• Commitment
• Enthusiasm and satisfaction on the part of both
parties
15. The role of the mentor is to:
1. Build rapport,
2. Ask questions,
3. Listen, and
4. Elicit the mentoree's own wisdom.
The mentor should embody someone
you wish to become.
16. Benefits for the Early Stage CEO
• Receivescoaching and directionfromcolleagues
with realexpertise– butmustdo the workthemselves
• Enables the Entrepreneur to betterunderstand the
business process and how the variouspartsrelate to
oneanother
• Helps the entrepreneurdevelopa solid business
network (individuals with keyknowledge)
• Evaluation throughout the earlydays – with honest
feedback.
17. Mentoring Categories:
• Entrepreneurial
Knowledge:Start
ups (Been
There, Done
That!)
• Functional
Knowledge:
Marketing, Techno
logy, Law, Account
ing
• Industry
Knowledge:
Healthcare, Social
Media, Music,
• Launch
Knowledge: First
18. Entrepreneurs Benefit from All Types:
Startup Mentoring Functional Mentoring
Industry Mentoring Launch Mentoring
19. Building Blocks for Mentoring
1 2 3
Select Develop Outline
And Train Mentors Screening Process Mentoring Process
• Mentor Application • Appointments • Example: The 100
• Mentor Profile • Screening Process Day Journey
- Area of Expertise - 1st 20 Minutes • Lead Mentor and
- Availability - 2nd 20 Minutes Supporting Mentors
- Industry - Wrap Up • Bi-Weekly Pitch
• Confidentiality & • Providing Feedback Sessions for “A’s”
NDA Document • SampleMethodology
• Review of Mentoring - A’s
Policies & Process - B’s
• Mentoring Handbook - C’s
• Notes • Referrals into Your
Ecosystem Network
20. Building Blocks for Mentoring
1 2 3
Select Develop Outline
And Train Mentors Screening Process Mentoring Process
• Mentor Application • Appointments • Example: The 100
• Mentor Profile • Screening Process Day Journey
- Area of Expertise - 1st 20 Minutes • Lead Mentor and
- Availability - 2nd 20 Minutes Supporting Mentors
- Industry - Wrap Up • Bi-Weekly Pitch
• Confidentiality & • Providing Feedback Sessions for “A’s”
NDA Document • Sample
• Review of Mentoring Methodology
Policies & Process - A’s
• Mentoring Handbook - B’s
• Notes - C’s
• Referrals into Your
Ecosystem Network
21. All business plans and models are off
“magnetic north” by 10-15 degrees.
Closing the Gap
Defines Success
22. 5M Framework for Startup Mentoring
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
Model Management Market Money
Idea – Biz Model Structure - Team Operations - Market Financing - Funding
Market
Financing - Funding
• Model
•
5M’s:
Management
• Market
• Money
• Momentum
24. EC Mentoring Program
100-Day Work Plan
Business Model Business Model Business Model
IP Discovery IP Discovery IP Discovery
Management Team Management Team Management Team
100 Day Timeline 100 Day Timeline 100 Day Timeline
Operations Plan Operations Plan Operations Plan
Target Market Target Market Target Market
Sales Process & Time Sales Process & Time Sales Process & Time
Distribution Channels Distribution Channels Distribution Channels
Financial/Cash Plan Financial/Cash Plan Financial/Cash Plan
Final Business Plan Final Business Plan Final Business Plan
Funding Strategy Funding Strategy Funding Strategy
Launch Plan Launch Plan Launch Plan
Day 1 - 30 Day 31 - 60 Day 61 - 99
26. The mentoring conversation invites the individual being mentored to
reflect on their own experience with a situation, gather information
from a variety of sources, sort through options and decide on a
course action, plan and implement it.
Reviewing the results continues the learning cycle.
27. • When mentoring is approached in this way, it is the mentor’s
questioning skills that extend and enhance the mentee’s
thinking processes.
• The mentee does not become dependent; they develop
independent critical thinking.
• The mentee is empowered, having come up with his or her
own answers.
• They also take responsibility for their actions.
Having explored
possible
consequences of
actions, they are less
vulnerable.
28. The Big Take Aways from The Process
• The Entrepreneur’s Job: To Turn an Idea into an
Investable Story! Mentors are a coach & a sounding
board – the entrepreneur must own the process and
do the work.
• Mentors ask questions to help shape and test the
business model.
• Trust and Integrity are Everything – Don’t ever lose
them!
• Frequent check ins between the entrepreneur and
the mentor builds the relationship over time.
