What is Startup Mentorship?Qualities of a good mentor.

“As a teacher you feel an awesome responsibility to do right by each and every student. Amidst all of this, you also gradually realize not just what a privilege it is to guide them on their journey- but just how much the teacher is learning from all of his students along the way. It’s quite stunning.”

- Paul Graham, Co-founder & Partner @ Y Combinator

Dear startup founders, here’s a first blow right up your chin, if you feel you don’t need mentorship — you’re wrong. You need mentors. Still feel you don’t need mentors, here’s a second blow and this time across your face — you’re wrong! YOU…NEED…MENTORS. Why? Read on.

If this is your first startup then the chances are you’re fairly young, you’re in your mid 20s. And trust me when I say this- I feel your passion, and your energy. However, what we lack is experience. There’s so much more to it than meets the eye. This article is for startup founders and mentors to understand how to make the most out of the mentor-mentee relationship.

Please do not confuse mentoring with coaching, they are worlds apart. I feel what the mentor-mentee have is a relationship whereas coaching is an experienced teacher’s coursework that someone pays for.

Mentors are an essential part of our culture. By freely sharing their wisdom & guidance, they impact the entire startup network and create real, lasting relationships. Mentor is not someone who just likes our startup or someone who just hates our startup. Mentor is someone who despite liking/disliking will constructively criticize my idea and help me grow. Mentor is not someone who will say “Your startup idea is stupid and it will never fly!”, but someone who says, “Your startup idea is stupid, but to make it fly do XYZ and I will help you do that!”

NOTE to Mentors: Don’t just tell startup founders, “You’re wrong!”, we are sensitive! Instead, tell us, “You’re wrong, but this is how you fix it, and I’ll help you fix it!”

As a herald of bootstrapped startups I can say that, we do not mind paying mentors handsomely for what they have done for us, what they are doing for us and what they will do for us. But the truth is we do not have enough capital to pay you. And the only currency we have is equity. Our startup is our baby, and giving a part of our baby to anyone is a little difficult. That said, if a mentor truly has a startup’s best interest at heart he would never ask for anything in return, especially from the poor broke-ass startup founders. Not saying that you should work for free, I am only saying that don’t expect anything in return and I am sure that you will be surprised at what you will get in return.

At Bolstart, mentors helped us get back on track and evolve our technology in a much stronger direction than it was before. We wouldn’t be where we are today without mentors giving us their time and teaching us how to run our own business.

Who should be your startup mentors?

Mentors are those individuals with deep industry expertise, or entrepreneurial experience. Mentors could be your college professors, or they could be a senior from your old job. They could be investors in disguise who might just save your company from drowning. They work with the startups pro bono, without expectation of a reward or compensation, they share their network with you freely, and will reach out to appropriate people for you. Mentors, with their generous contributions, lead a startup to success.

Why Become a Startup Mentor?

Mentors have a tangible impact on all types of entrepreneurs, from creative college students, to aspiring founders, from early-stage startups to unicorn startups. It’s a chance to give back — to support the community and freely share your expertise with a team you believe in. Giving back to the community is its own reward, it is a satisfaction that grows within. You can foster innovation, and provide guidance to startups. It is a chance to work on something you had always dreamt of but couldn’t because circumstances and conditions at the time prevented you from achieving that dream. You can discover new perspectives and connect with the network of innovators that bring fresh views and ideas, meet entrepreneurs that are designing the future you had once dreamt of. You will STAY UP TO DATE with the industry. There might have been a time when you felt that you are no longer updated with the innovations happening around the world. Well, this is your chance to catch up!

Moreover, if you choose the mentorship route, what’s to lose?! Give it a shot.

Trust me, it is extremely gratifying to help younglings achieve their dreams. You will get back amazing energy, and help them achieve the vision of ‘Killer team, killer tech!’

Although there are a million ways to mentor — something that we realize and fully support — we ask startups on Bolstart to classify mentors as Lead Mentors or simply Mentors. The only difference is time commitment and not their ability to help. Their time commitment could be anywhere from 1–2 hr/week to 1–2 hr/month. Lead Mentors spend more time with startup companies while Mentors help out where they can.

A mentor who has a mindset of not receiving anything in return, will make the most out of this relationship. Trust me!

Mentor Morals & Dogma-

Rushabh Shah with the help of Piyush Porwal wrote Bolstart’s Mentor Morals & Dogma in order to imbibe the values of mentorship in the Bolstart community.
Mentors with their extensive experience and expertise can convert the startup’s rough ashlar into the perfect ashlar. And this will materialize as the startups & mentors follow our morals & dogma:

• Be authentic. Practice what you preach.
• Be direct & sensitive. Tell the truth, however hard.
• Provide specific advice, don’t be vague.
• Expect nothing in return (you’ll be delighted with what you get back).
• The best mentor-mentee relationships eventually become a two way streak.
• Accept at least one startup’s request to become their Lead Mentor. A Board Advisory role always goes on your resume. Experience Counts!
• Do not renege or engage in negging. Either commit to mentorship or do not.
• Guide but never make their decisions for them. Understand that it’s their company, not yours.
• Accept and communicate with other mentors that get involved with the startup.
• Ask challenging questions but never be destructive. Help them with your constructive feedback.
• Have empathy. Remember that startups are hard.

And lastly to my fellow startup founders- A mentor might provide you with valuable guidance at no cost, but remember sooner or later you will have to give back. Be grateful!