I’ve had more questions and more requests for mentorship in the first part of the year than I could possibly handle. Think about it. In January 2015, over 500,000 new businesses were started. These 500,000 business owners aren’t all seasoned entrepreneurs. I’d bet that a lot of them are terrified about what to do and how to do it. An even smaller percentage of those people are aware that they need help and that they might have a better shot at real success if they had a mentor; someone they can lean on when the heat is on.
I prefer not to use the label “Mentor.” Instead, I focus on building strategic partnerships where we collaborate, support each other, and learn together to succeed in this business. However, since most people refer to this role as a “Mentor,” I’m okay with accepting that term.
So, why do you need a mentor?
First, let’s start simple. You need a network and your mentor has one. Simple. You might remember that your network is your net worth. Your mentor can open doors for you that you would have a difficult time opening, or even finding, on your own. A mentor can build bridges where gaps used to be. They can make introductions for you to reach people that would otherwise be too far away to touch. Imagine that someone is cold calling you about your services. Would you react better if the voice on the other end says, “Hi, my name is Mark and I would like to talk to you about my business”, or “Hi, our mutual friend Baile told me that you would be a good person to talk to about my business”? Mentors can accelerate your network.
The “been there, done that” factor
I’m not saying that mentors have done everything, but they have experience to handle things as they happen. Without a mentor many people fall back into the analysis-paralysis purgatory when problems occur and lose valuable time trying to figure out what to do next. A mentor can guide you through all of the rough times that you would otherwise stumble through or be too afraid to even approach. They’ll hold your hand, walk you across the minefield, and tell you that everything is going to be okay.
Is a mentor in it to help and guide you?
When you build a long-term relationship, you actively invest in your career growth. Choose a mentor who genuinely wants to help you succeed, without pushing any products or services. Avoid anyone who tries to sell you something instead of offering guidance. With a good mentor, your relationship will mature, leading to a strong foundation of personal and professional trust. As they get to know you better as a businessperson, they’ll provide more tailored advice. You’ll also build a reciprocal trust that could lead to future partnerships. You both will grow together, and eventually, you may start seeing them as a partner rather than just a mentor. My goal is to continue working with people as business partners, not just mentors.
Not all mentors are right for you.
They may be great businessmen but they cannot teach or have the patience to work with someone new. If you’re high-energy and they’re laid-back—or vice versa—your personalities may clash, leading to frustration. Some people may only be interested in taking your money without providing quality service. That’s why you need to interview them just as much as they interview you. Seek out individuals who are willing to give back and openly share what they’ve built, rather than being overly guarded.
My personal method for partnering with new investors – which they refer to as mentoring – is different. I want my partners to have skin in the game. Some mentors charge a sum to be part of their mentorship – a LOT of money in some cases. Many want “sweat equity” out of the people they are mentoring. I think it’s best when the person being mentored puts something up front then puts in the “sweat equity”. In my case, after the first property, they get their money back and we split the profits. I don’t take a direct payment, but I ensure individuals are serious about partnering by making sure they have something at stake if they choose not to continue working together. Find a mentor with a business model and personality that works for you. Remember, it’s YOUR business, not theirs, so be comfortable with the individual you are partnering with.
If anyone has more questions or wants more one-on-one coaching, don’t hesitate to contact me. This is a passion for me and I truly enjoy sharing what I know with others. Thanks for coming by and getting a bit of the education. Until then, remember that you, too, have that inner warrior that it takes to achieve greatness and success. Feel free to drop me a line at Coaching[at] BaileProperties.com.

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