The Entrepreneur’s Source Reviews the Importance of Mentors

The Entrepreneur’s Source Reviews the Importance of Mentors

Mentors are necessary at any age—especially for aspiring entrepreneurs.

Entrepreneur coach and coauthor of the book “Making the Jump into Small Business Ownership,” Jeff Levy helps individuals clarify their goals and values so they can properly evaluate self-employment career options. As the first guest on The Entrepreneur’s Source Franchise Friday show, Levy shared his vast insight into the world of franchising and entrepreneurship with Franchise Friday host and CEO of FranchisEsource Brands International, Paul Segreto.

Below is an excerpt from his Franchise Friday show on his advice regarding why entrepreneurs need mentors, and how to build a mentor/mentee relationship.

What is a Mentor?

A mentor is not someone you pay. A mentor is not someone who has necessarily a formal relationship with you. Mentors come out of a mold of people who care.

They like to give back. They like to see other people successful and they’re willing to donate their time for someone who is genuinely interested in learning and in learning how to improve themselves.

I’ve been very, very lucky in my life and I could identify four people that have been mentors and I was maybe smart enough to realize that I needed to be a sponge from these people, to learn from them, to take their graciousness of wanting to help me. When I work with folks today, one of the key questions I ask is, “Do you have a mentor?”

How Do I Find a Mentor?

Sometimes you have to seek that personnel. A mentor is someone who will know something about the industry that you want to enter into, that you want to grow into, the business you want to do. They typically are not competitors. They don’t have the dog in a fight. They’re not trying to sell you something. They just want to see the next generation move up.

I would approach someone who you respect and say, “Look, I’m genuinely respectful of you and what you’ve accomplished. I would like to spend some time with you. I won’t be overbearing but could we get together once a month? Coffee is on me. Breakfast is on me. I’d like you to be able to give me some thoughts on things that I’m dealing with in my career.” 

Why Do I Need a Mentor?

Mentors are really important. I still mentor today on the third most senior in terms of years served. I mentor at the business school at Seattle U. From a mentor perspective, it is one of the most fulfilling things we could do for those of you who want to be a mentor. From a mentee perspective, it’s a genuine relationship with another human being that is priceless.

“We’re fortunate in today’s digital society that it doesn’t even have to be anymore somebody that’s right in your neighborhood. One of the greatest success stories in franchising started out with that type of relationship. Of course, I refer to Fred DeLuca, the founder of Subway. It was working with a mentor that round up, sphering him on the right track and working through what was initially a failure and of course, turned it into one of the largest franchises in history,” said Paul Segreto, CEO of The Entrepreneur’s Source.