3 Ways for Mentees to Give Back to Mentors

3 Ways for Mentees to Give Back to Mentors

A mentoring relationship should be rewarding for both sides. If only the mentee is getting something out of the relationship, chances are the mentor will soon opt-out.

It's common for mentees to think that they have nothing to give back to their mentor. That simply isn't true. Though you might not be able to give back in a monetary way, the fact is most mentors aren't in it for the money.

So how can a mentee give back to a mentor?

==> Gratitude

At the most simple level, mentors want to feel good about the fact that they're making a difference in your life.

Let your mentor(s) know how they've made a difference in your life. Be specific. Let them know how your life would have turned out if it wasn't for them.

After every meeting with you, your mentors should walk away feeling like they did a great thing. This feeling is why many mentors give a helping hand.

==> Public Mentions

Another way you can give back to your mentors is through public mentions. As you and your company become more successful, you'll have the opportunity to speak in public or be written about in public.

When that happens, go out of your way to mention your mentor(s). This will help them build up their name and also gives them a sense that you truly do appreciate what they do for you.

If you read books by successful people, you'll find that they often acknowledge their mentors and influencers by name. They'll do this not just in the "acknowledgements," but in the core of the book itself.

Find places to mention your mentors in public and they'll love you for it.

==> Being Successful

Finally, the ultimate way to say "thank you" to a mentor is to be extraordinarily successful. Mentors want to know that they made a difference and that their contribution helped you hit your goals.

Mentors want to make a difference in the world. If you go from starting a brand new business to being a successful entrepreneur thanks to your mentors, they'll feel very fulfilled. They'll be glad they took you on.

==> Giving Back to Mentors

Though mentees usually can't give back to their mentors in financial ways, you'll often be able to give back to mentors in emotional ways.

Make sure mentors feel good about helping you out. Make sure they walk away from your meetings glowing. Make sure that they're better off having spent time with you than if they hadn't.

Don't view your mentorship relationships as you taking something from them. View it as a mutual relationship, where they want to make a difference and you're their conduit. They're making a difference in your life and your business and in return, they get a wide range of emotional benefits.

Are Startup Incubators Right for You?

One unique form of mentorship that's open to entrepreneurs is incubators. Incubators combine traditional investing with a streamlined mentoring process to help take beginning entrepreneurs to a successful exit.

What is an incubator? Is incubator mentorship right for you? Let's take a look.

==> Incubator Basics

An incubator is a business coaching program run by a very successful former entrepreneur. Typically, the incubator will provide $10,000 to $30,000 in funding and take between a 2% and a 10% stake in the company.

Once you're in the incubator program, you'll have access to their facilities and network. You'll be able to work out of a shared office for free and take advantage of their in-house legal and accounting services.

You'll start your company at the same time as an entire group of other entrepreneurs. This helps create a sense of team spirit, of taking on a big task together.

In addition to access to the primary mentor, you'll usually also have access to a whole range of other successful individuals. Incubators might bring in other successful entrepreneurs as mentors or speakers. They might also bring in alumni of the program to talk about their successes and give advice.

==> The Downsides to Working With an Incubator

There are a few downsides to working with an incubator that you need to be aware of.

First of all, they're very industry-focused. The majority of incubators focus on the tech industry; though there are also incubators for green tech, biotech, and industries.

Most incubators are looking for quick equity cashouts. That means that generally speaking, incubators want to help you build out your idea then have your company acquired for a large sum in a short period of time. If you're looking to build up your company for the long haul, going with an incubator might not be your best bet.

==> It's a Very Specific Business Model

Incubators work under a very specific business model. They fund a group of businesses, while expecting a good portion of them not to succeed. The ones that do succeed need to bring in enough revenues to cover the lost investments, as well as the overhead costs of the incubator itself.

If your business fits under the model that the incubator's looking for, then you'd be hard pressed to find a better mentorship structure. You'll have access to experts in every realm of business development, from incorporation and getting started to eventually selling your company.

If you don't want to sell or if you don't want to run a hyper-accelerated growth company however, then a startup accelerator might not be your cup of tea. Make sure you understand what you're getting into before you dive into the world of incubators.