Setting up a Feedback Loop of Mentors, Advisors, and Peers
Starting a new business comes with enormous risk. Some of that risk is financial — borrowing money from friends and family, getting a loan, working on a freelance or contract basis to fund your idea in its earliest stage.
And while finance is a major concern, other things are often at play as well, like dealing with the stress of feeling you’ve failed friends, family, or employees, or struggling with long hours and bouts of depression. Even if you’re just at the earliest stages of working on an idea, it’s never too soon to start building a network of people that can help provide information and perspective, and support you when things get tough.
“I want everyone to know that the same shit happens to all of us. Nobody is having an easy time of it, but when you’re doing something really worthwhile, you need the solidarity of knowing others are having an equally unpleasant time in order to get you through it.” — @CindyGallup
In fact, both stories and research suggest that having a good system of support in the early stages (.PDF) makes a huge difference in how you handle the rollercoaster, and whether or not you become a successful entrepreneur.
But what kind of relationships should you build? What does a good mentorship do for you? And where do you find people working on similar ideas that might be your peers?
Here are few answers to those questions, as well as helpful tips for setting up your own feedback loop to make sure you are supported…
- Building relationships with mentors + advisors
- Growing your network of peers
Building Relationships with Mentors + Advisers
Mentorship seems to be everywhere these days. A lot of it has to do with the way the web has made it easier to connect to professionals by industry on networks like LinkedIn and Twitter. And everyone seems to have a sharp profile or a website that is well branded.
But just because someone is smart and represents themselves well doesn’t make them a good fit as a mentor. Finding the right person to regularly connect to is the key.
- Look for people who are already working in the industry that you want to be in — this includes forums, blogs, and yes, even by looking up hashtags on Twitter. See if you can find someone who’s experienced but has a different perspective than you.
- Be willing to have a quick conversation or engage with people — but take the time to learn about them. If they have a blog, follow it and listen to what they have to say over a few months, interact with them. If you’re passionate about creating toys, illustrations, or consumer products, find someone who has actually done it. The more specific you can be the more likely the relationship will be valuable over the long haul.
- If you think someone might make a good mentor, create a quick framework for how you might imagine working with them. What areas of expertise do they have that relates to what you’re working on? How do they like to communicate? How often do you envision connecting? Then use that framework as a proposal and ask for their feedback. Getting a light plan for working together out of your head and onto paper is critical.
- Be willing to ask them what they get out of the relationship — it’s important that you both can say out loud and in clear, direct terms what the value is for each of you.
Growing Your Network of Peers
Creating relationships with peers is a bit different from mentorship, although they can overlap at times. Having peers as you work on an idea or company is critical because they are experiencing the same things you are, and can offer support and perspectives that are closer to where you are actually at.
And it doesn’t have to be in person — you may find that you don’t necessarily have time to go to meetups, or your city may not have a lot of people working on the kind of thing you’re passionate about. If that’s the case, look for blogs, forums, and strong conversations online where people are working on the same problems together.
- Don’t worry about volume — a few good peer relationships can be worth tens or hundreds of loose ties.
- Actively create diversity in your network — this will help when you are dealing with decisions around product, marketing, hiring and firing people, and looking for customers who can give you feedback.
- Remember to connect over ideas, and not perceived influence — This is an important practice generally because it also fosters an appreciation / respect for the quality of someone’s ideas. If you focus on ideas and not the person’s influence, you’ll connect to them on what they’re most passionate about.
- Allow some room for ebb and flow — this means letting people change, and letting your connection to them change as well.
If all of this sounds like a lot of work, it doesn’t have to be. Even starting with one mentor and one forum that you visit a couple of times a month can make a huge difference. Half of the challenge of turning an idea into a product or company is simply getting the right information into your brain. If you build a good feedback loop of mentors and peers, that’ll begin to happen automatically.
WeGreenlight.com is a platform to help you validate your ideas, get feedback, and launch with early adopters. Join us and let’s help you launch your idea successfully.
Next up:
Subscribe below — get all of our posts sent straight to you.
If you enjoyed this, feel free to “press” the heart below.
