Do entrepreneurs have what it takes to turn their ideas into a billion dollar company? If they’re being honest, they’ll admit the answer’s no. The great news is that if a company founder is part of the right network she can get the advice she needs.
Many entrepreneurs have so much on their minds that they don’t even know where to start when it comes to figuring out what they need help with.
And as ventures grow, they need advice in different broad categories like strategy, finance, people and product. What follows are the kinds of advice mentors can deliver in the first three categories — and mentors who have helped start-ups with each.
1. Industry Vision
Start-ups should skate where the puck’s heading. If founders are too consumed by the day-to-day, a mentor could help the start-up figure out where the industry’s heading so the start-up CEO can decide whether those tasks will lead to long-term victory.
LinkedIn (LNKD) Chairman, Reid Hoffman, can think about where things will be in five years and how to invest now in order to profit from that vision. Lee Hower worked with Hoffman at PayPal and LinkedIn and considers him a mentor.