How to Use Mentors to Gain Investment
Rockstar Group’s founder Jonathan Pfahl shares his tips on how you can use mentors to help grow your business and gain investment.
1. Make sure the rapport is there. You firstly both need to have a liking of each other and mutual respect.
2. Set goals together. Little value is had in just meeting once a month to ‘chew the fat.’ Once you choose your mentor – in the first meeting – mutually agree to a financial goal that you both aim to achieve in the mentees business over a set period of time. Your mentor needs to be able to feel that the goal is reachable and important to achieve so the mentee is always seeing a return on investment.
3. Pick your opposite. A great Mentoring experience is one who is teaching you ways about business that you would not have thought of yourself. There is nothing worse than a mentor giving you all the ideas you have already thought of. It’s great when you are getting ideas that you wouldn’t have come up with yourself and then have them implement it.
4. Work hard to earn the rights to the black book. The mistake many mentees make is they ask for contacts and expect them after their first session. The trick is to show how passionate you are about the business and its success to the mentor that he/she will naturally want to continue introducing you to more and more potential customers.
5. Be patient. The goal is the main aim to be achieved, but you need to give it a minimum of 6 months. Not 6 weeks or 6 days!
6. Add them to advisory board. One thing investors always want to see is a credible and experienced advisory board. Choosing quality mentors when trying to raise money is always a positive step.
7. Get them to come to pitches with you. Go beyond having them in your advisory board and ask them to support you in the pitch. It’s always a positive to have your mentor with fast capital raising and sales experience help you in getting the message across and help build rapport with the investors who are similar to them.
8. Ask them to be investors. It always makes the rest follow if your credible mentor can stand up and say they themselves were one of the first to invest, but use the initial mentoring time to prove to them that you are bankable!
These tips come in line with the release of Rockstars newest company – it’s international mentoring app – Rockstar Business World, which gives users free access to the advice and guidance of over 100 famous and very successful business mentors from the UK, the US, China and Australia.
Rockstar Business World is available on both the App Store and Google play. To learn more about it and download click on the following link http://rockstargroup.co.uk/rockstar-app/.
Have a mentor that is encouraging you to obtain funding? Join the Business Funding Show for our upcoming workshop ‘Networking with Funders’ on August 22! Tickets available here http://bit.ly/2uX4v5j.