The Entrepreneur's Mentor

Strategic Alliances

Entrepreneurs may find an easier path to success if they develop strategic allies early in their existence. Working with other companies give a business owner extra selling power, extra resources and a more powerful presence. In the event industry, you find a lighting and audio company teaming with a video company to go after the technical contract for a corporation's annual meeting. Separately, they each only represent a piece of the puzzle. Together, they represent the total deal.

An insurance broker that doesn't do wealth management can ally with a wealth manager that doesn't sell insurance, in order to fully service customer needs. They share clients and leads and can pitch business together.

Ethics in Business Does Matter

Business ethics has been a touchy subject over the last decade. Any number of large companies have run afoul of the law due to ethical lapses that extended into illegal territory. Lawyers solicit clients contrary to state ethical directives; pharmaceutical companies wine and dine doctors for their business, insurance agents sell policies to people who don't need them. Ethical problems are everywhere.

Small business people have to resist the easy path of doing business unethically. Paying a kickback may seem like an easy way to gain business, but benefits, if any, are very short term.

Non-profit entrepreneurs

It is so exciting to see good minds do good things, not only in business but for society.  I was in Denver last week for a speech and in a short visit I met a few people who are making a difference.  One woman is using her hobby of beading (making bead jewelry) to help women in Ethiopia become self-sustaining.  Another has started a foundation to make sure that food is delivered to those in need at times of urgency- when there are births or deaths or serious illness.  These entrepreneurs have full lives-children, work  and their share of problems.  But they have taken the time to use their creativity for the good of others.

Entrepreneurialism can take many forms.  Non-profits need mentors too.  Those of us supporting for-profit entrepreneurs with mentoring should be doing the same with non-profits.  Any ideas on this?

Entrepreneurial Obstacles

Entrepreneurs encounter obstacles at all stages of their development.  Many find that among the early obstacles they face is having to work out of their home.  Unable to afford rent, they create a home office and then discover the loneliness, the distractions and the boredom at home.

How have you gotten around these issues?  WHat tips or tricks can you offer to those struggling at home?

There was a recent article in the Philadelphia Inquirer documenting the establishment of a large space in Philadelphia where early stage entrepreneurs can come and work.  There is a rental cost, but it is fairly minimal.  The upside is that the presence of many provokes social networking, idea sharing, brainstorming and virtual advisors.

Entrepreneurs and trust

Learning to trust others can be tough for an entrepreneur. If you come up with a new product, service or process, you don't want to see somebody else steal it, so you keep your cards close.

When you hire your first employees you may not trust them to do it your way, so you don't delegate, but instead rationalize that you can do it quicker than you can show someone else how to do it.

Many entrepreneurs don't trust their professional advisers to charge them fairly.

When you go for financing, you truly believe that investors want too much for their investment.

So, who can you trust and how do you develop trust?