Why Every Entrepreneur Needs a Mentor

Having just spent the past few weeks in the company of entrepreneurs, some at the beginning of their careers and most at the height of their success, I notice the one feature they have in common.  They have sought out a mentor.

Jacoline Loewen with Alumni of The Next 36

I was invited to The Next 36 reunion BBQ organized by Chenny Xia and caught up with the alumni who were mentored throughout their program. During our conversations, it struck me that as a result, these young women knew how to reach out for mentoring, they understood the high value of having a mentor and they knew it was not a waste of time but rather a way to catapult ahead. Kate Wallace talked about Facebook COO Sheryl Sandberg’s controversial book "Lean Forward".  Sandberg's written advice was her way of mentoring on a large scale and she dedicated a full chapter to mentorship. She lists Larry Summers as her most important mentor.
No matter their paths to success, accomplished women can usually agree on one thing: That somewhere along the way, they found a mentor (or more) who boosted their career immeasurably. "It was serendipitous that I met my mentor. I was searching for employment and what came of it was one of the most influential people in my life," said Danielle Smith, graduate of The Next 36 and mentee of Claudia Hepburn, who helped to found The Next 36.
Many famous people had mentors: Self-made billionaire, Oprah Winfrey was mentored by celebrated author and poet, the late Maya Angelou. Alexander the Great was mentored by Aristotle, Warren Buffet was mentored by Benjamin Graham, and Warren went on to mentor Bill Gates.
Of course, the best fiction has stories of mentorship; some of my favourites are Luke Skywalker learning The Force with Obi-Wan Kenobi, and Mary Poppins showing Jane and Michael Banks how to break all the rules. Instead of staying safely inside, Poppins had them dancing on the rooftops with chimney sweeps. As a young girl, I took in this encouragement to "Lean Forward" - aka the Mary Poppins way.
How Will You Reach Out for a Mentor?
If you have an early stage company, you could try Futurepreneur. Futurpreneur Canada and Spin Master Corp. set up the Spin Master Innovation Fund created by Ronnen Harrary; to bring financing, mentoring to 10 entrepreneurs each year. Over the past six years, the Spin Master Innovation Fund has helped 42 businesses launch.
For women: The WXNWisdom Top 100 Mentoring Program matches high-performing female leaders with influential mentors.
If you are a business founder who has achieved the sale of your company, you can get mentored about how to invest your sudden wealth. Smart entrepreneurs get that concentrating all of their money back into Canadian-based investments may be only one choice to build long term financial wealth.
If you would like to find out more about how Canadian entrepreneurs are investing with UBS Bank (Canada) please get in touch. I can discuss with you the results for the entrepreneurs who choose to manage their wealth with us.


Jacoline Loewen is director of business development of UBS Bank (Canada) and can be reched at jacoline.loewen at ubs.com  She is also author of Money Magnet: How to Attract Investors to Your Business. You can follow her on Twitter @jacolineloewen