I am so grateful for those who have been willing to invest time in me as a mentor and can personally attest to the value of finding the right mentors. I have a long way to go yet, but I wouldn’t have had the courage, capacity or tools necessary to begin this journey as an entrepreneur without the consistent mentoring of those who were already successful and willing to share their own experiences with me. If we want to see more entrepreneurs become successful founders of leading companies, we need to be willing to commit to supporting their efforts through mentoring when and where we are able to provide high value insight and by helping make connections to those who can mentor the next generation.
Editor’s note: Rhett Morris is the director of Endeavor Insight, the research arm of Endeavor, a nonprofit that supports high-impact entrepreneurs across the world.
“I’ve probably revised this investor pitch deck 200 times,” a founder told me recently. She’d met with more than 50 potential investors before closing a seed round last month. This might sound excessive to some, but her experience is not unusual.
Entrepreneurs often spend hundreds of hours raising funds from angel and venture capital investors. While these activities are clearly important, analysis of new data on startups suggests that founders should also dedicate significant time to something that many people overlook: recruiting great mentors. This simple strategy can increase a company’s odds of success more than almost anything else.
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