Pastor Welcome Thamsanqa Mlungisi Dlalisa
In this article, we tackle practical tips to help find a business mentor.
A few weeks ago I listened to the podcast of the presentation of the Annual Financial Statements (AFS) of Berkshire by Warren Buffet (always on the top 10 list of richest people in the world) and his equally rich 92-year-old business partner Charlie Munger.
Although it was three hours, the highlight was when Charlie was asked if there’s anything that he would have done differently which would make him happier – he answered that he would be happier had he learnt some of the things he’s learnt about the markets over the past 10 years, (he was 82 a decade ago) a lot earlier. He went on to say that even at 92 he still has a lot to learn about investments and the stock market. This statement challenged me, coming from one of the most successful investors the world has ever seen – a multi-billionaire of note, whose AFS presentation attracts the best financial analysts from London, NY, JSE, Tokyo and other parts of the world.
If Warren Buffet and Charlie Munger are still learning daily, imagine us who are younger and the question is how can we learn from people who are older and wiser, those who have travelled the same road, so we don’t make the same mistakes – in IsiZulu we say, ‘indlela ibuzwa kwabaphambili’. The first step to finding a good mentor is coming to terms that you do need one. Pride and ego are usually the reason people do not see the need for a mentor, who would help with giving input into strategic direction, product development, marketing, R&D, Capital Allocation and so on. In addition to helping you shape the business, a good mentor will also help you with moral support.
Finding a good mentor
1. Find one successful person in your industry. Go big, don’t be shy to go for the best in your sector. It can be a senior executive or an entrepreneur – retired or active.
2. Someone who believes in you, your concepts and has sufficient time for you.
3. Engage the mentor early, before making major decisions. If you are already in business, it is never too late to get a mentor.
4. Another better way to access mentors, is by appointing a board of directors in your business (1 or 2) – Non Executive. One of them can act as a mentor, especially the chairperson of the board, but they will also provide the much-needed corporate governance.
5. Don’t be deterred when the people you approach turn you down.
Other crucial support structures
Without trying to make this note spiritual, but through my limited experience in business, I have found that the first mentor to consult before the one defined above here, is God The Holy Spirit – the Counsellor, Teacher who provides guidance on how to take decisions. He will guide you on who to take as an earthly mentor, give you business ideas and solutions – I urge you to consult this Mentor daily for He is never too busy to attend to your issues.
He knows your purpose of existence and potential. Jeremiah 1:5 – Before you were formed in your mother’s womb God approved you and called you prophet. This verse helps others to step into their divine gift and talents and show them how to build wealth through entrepreneurship, totally trusting God for favor and guidance.
My friend, do not let that pride and ego stop you from getting a good mentor, if Charlie and Warren are still learning, with all that wealth of experience and money, imagine you and me.
How often do you meet your mentor?
– Depending on the stage of the business and the related activities, once a month is a standard norm for an hour. At the beginning, it may be more frequent and/or longer as you are still laying the foundation, but subsequently, an hour per month is enough.
– Some of the issues on the agenda when you meet can include: progress on the action items of the last meeting, progress towards the achievement of the strategic goals, high level discussion of the management accounts, the 3 top risks facing the business, marketing issues (penetration, product development and so on.), personal issues (family, personal finances, relationships).
– Remember, the mentor is expecting you to be well prepared, and your responses must be straight to the point.
– Generally, most mentors who are industry captains do not charge for their services. However, some may offer to co-invest in your business if they think there’s a potential upside provided they have financial resources at the time to do so. You have a right to say NO, it is your business by the way.
As mentioned earlier, defeat your ego and begin the process of looking for a good mentor. Like Charlie at 92, you still have a lot to learn. Don’t forget to pray for guidance from God. My friend, the journey to wealth creation starts today.
To this end, I have set up a programme aimed at helping young entrepreneurs in and around Tembisa. This programme is called JAM. This stands for JOSEPH ACHIEVERS MENTORING programme (JAM).
It’s aim is to help all young people in our area with much-needed skills and support. If you are planing to start a business or you have started one, do not hesitate to join JAM now!
To join, visit our office at stand number 532 Entshonalanga Section, Tembisa and complete forms before 31 DECEMBER 2016
For more information, contact Pastor WTM Dlalisa on 083 395 1165.
