Hunt for the Right Mentor

Lan Nguyen

When Josh Wolfe and two partners kicked around the idea of starting a venture capital fund focused on the physical and life sciences more than eight years ago, they did their research. Just as important, Wolfe bounced the idea off his mentor, Dr. Dominick Auci, Ph.D., whom he befriended when he was 13 years old and needed help for a Westinghouse project. "Dom was a sounding board, a reference, and made introductions," says Wolfe, now founding partner and managing director of Lux Capital.

In fact, it was Auci who first introduced him to the world of high-risk finance. "We'd be waiting for scientific experiments to finish and he'd be trading futures and options on his computer," recalls Wolfe. "This got me enamored of capital markets and risk, which later led me to starting a venture capital firm."

As Wolfe discovered, a mentor not only helps launch a career but can also kick-start a business. But that doesn't mean anyone will do. When on the hunt for a mentor, here are seven things you need to keep in mind:

Look for a Role Model

A mentor should be someone with traits you admire and would like to learn. It could be his business savvy. It could be her networking skills. Whatever the case, first consider what is important to you and what areas you need help in.

Friends Need Not Apply

A mentor's task is to be your sounding board, and in some cases, your voice of skepticism. So don't tap friends or relatives unless they can tell you like it is, says Dennis Kelley, founder and president of D. Kelley Group, a coaching, consulting and training company. "A mentor must be someone who will give you tough love. They will ask you tough questions and hold you accountable to things you need to do."

Success Is Key

Tough love is essential, but you don't want someone who is so negative that he is discouraging. Being a small business owner is lonely enough. A mentor must be able to help you strategize and brainstorm, and be someone you trust to share your goals, visions and challenges with. Says Wolfe, "You should seek someone who you respect and admire and who in turn genuinely wants to see you succeed."

Think Outside the Field

To avoid conflict and competition, look for mentors in related industries. If a mentor is in the same business, make sure she's in a different market so that she won't be in direct competition with you. When Laura Harris started her insurance business 15 years ago, she drove four hours away to find a mentor, and it paid off.

Time Is Money

A mentor is of no use if he doesn't have time for you. Equally important: Make sure you make the most of your time with her. One of Harris' pet peeves is a mentee arriving ill-prepared. "If you don't walk in with a list of questions, if you don't walk in with a pen and paper, then you're not respecting my time," says Harris, who is also a speaker and author of Surrender to Win: Regain Sanity by Strategically Relinquishing Control (Greenleaf Book Group).

"I had someone fly in, spend 20 minutes, leaning back and saying, 'tell me what I need to know.' If you're going to waste my time, I am going to waste yours."

Keep a Clear Head

Being a protégée can be heady stuff. But advice is advice: Take it with a grain of salt. A mentor is not infallible. He is shaped, and limited, by his own experience and talents. Harris said she unconsciously kept herself from growing when she took her mentor's word as a holy grail. "Check it out, use common sense, and don't blindly accept what they say," she cautions.

Consider Hiring a Pro

If you've hit up all the retired executives you can think of and tapped out on SCORE and the local Chamber of Commerce, perhaps consider paying someone to be your mentor. Coaches like Kelley can work with you in a group or one on one. Expect to pay $100 to $1,000 a month. Just don't forget to hold them to the same standards outlined above.

If you have a story idea, email Lan.thestreet@hotmail.com.

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