Three Ways for Mentees to show their appreciation to Mentors

A mentorship relationship should yield benefits for both parties. If the mentor isn't benefiting from the relationship, the mentor will likely be able to leave in the near future.

It's normal for mentees to believe that they aren't able to give anything back to their mentors. This isn't the case. Although you may have a hard time being able to repay in the form of money, however, the reality is that most mentors aren't there for the money.

How can a mentee return the favour to a mentor?

==> Gratitude

In the simplest sense, they want you to feel proud of their contribution to an impact on your life.

Inform your mentor(s) to be aware of the ways they have impacted your life. Make it clear. Inform them of what your life might have been without them.

Following each meeting you have with your mentor your mentors, they should leave feeling that they've accomplished something great. This is the reason why many mentors lend assistance.

==> Public mentions

Another method to help your mentors is to give them public recognition. When you and your business grow you'll be able to address the public or get your name mentioned in the media.

If that occurs, make sure to acknowledge the name of your mentor(s). This helps them establish their name and will give them the feeling that you truly appreciate the work they do for you.

If you've read the books of successful individuals, you'll notice that they usually mention their mentors and influential people in their own names. They'll mention them not only on their "acknowledgements," but at the very core of the book itself.

Find places where you can mention your mentors and they'll be grateful for it.

==> Being successful

The best method for you to express "thank you" to your mentor is to have a tremendously successful experience. They want to know that they were influential and their contributions made it easier to achieve your objectives.

Mentors strive to be a positive influence on the world. If you can go from starting your own business from scratch to becoming a successful entrepreneur through the guidance of your mentors they'll be very happy. They'll be thankful they chose you to follow them.

==> Giving back to mentors

While mentees typically can't return their mentors' favours financially but you'll be able to show your appreciation to mentors through emotional means.

You want your mentors to feel confident in their contribution to your success. You want them to walk away from your meetings with a positive attitude. You want them to be happier having had a good time with you than they didn't.

Don't think of your mentorship relationship as getting something from them. Think of it as a collaborative partnership, where they're looking to be a part of something and they are their channel. They're making a difference to your personal life as well as your company and, in return, they'll reap a myriad of benefits emotionally.

Do you think a Startup Incubator is right for you?

A unique type of mentorship available to entrepreneurs is incubators. Incubators blend traditional investment with an efficient mentoring system to guide entrepreneurs who are just beginning their journey to an exit that is successful.

What exactly is an incubator? Is it the right choice for you? Let's look at it.

==> The incubator basics

An incubator is a coaching program that is run by former entrepreneurs. In general, an incubator will offer anywhere from $10,000 to $30k in funding, and they will also invest between 2 % and a 10 per cent part of the company.

If you're enrolled in this incubator programme, you'll be granted the use of their network and facilities. You'll be able to work in the shared office at no cost and avail of their accounting and legal services.

The company is launched simultaneously with an all-inclusive group of entrepreneurs. This will help create an atmosphere of team spirit, working on big projects collectively.

Alongside access to the mentor who is your primary, You'll typically have access to an array of successful people. Incubators can invite successful entrepreneurs to act as speakers or mentors. They may also invite participants from the program to share their accomplishments and provide suggestions.

==> The downsides of working with an incubator

There are some drawbacks when working with incubators which you should know about.

In the beginning, they're extremely focused on the industry. A majority of incubators concentrate on the tech sector, although there are incubators that focus on biotech, green tech, and even industries.

Many incubators are looking for rapid equity cashouts. This means that generally speaking incubators are looking to aid you in the development of your concept and then get your business acquired for a substantial sum within the shortest amount of time. If you're trying to grow your business to last for a long time choosing an incubator may not be the best choice for you.

==> It's a very specific business model

Incubators operate under a specific model of business. They invest in a set of companies, but they expect that a significant portion of them to fail. However, those that succeed should generate enough revenue to cover investment losses, and also the costs associated with running the incubator itself.

If your business is in line with the guidelines that incubators are seeking, then you'll be hard-pressed to locate a better mentorship model. The mentorship program will provide you with experts in all areas of development for businesses, from incorporation, beginning to selling your business.

If you're not looking to sell or do not want to lead a rapid growth business it is possible that a startup accelerator isn't the right fit for you. Make sure you know the ramifications before you venture into an incubator's world.