They say no man is an island. A helping hand from an experienced mentor can be valuable for anyone. Still, as someone who’s been on both sides of the mentoring relationship, it’s clear that too many people read more into these arrangements than is actually realistic.
A mentor isn’t a fix-all for the challenges you’re experiencing in your business. Mentors won’t tell you what to do, when to do it or how to move forward. They can, however, can help you reach the same end result on your own. You just have to be willing to commit.
Truly, there are many common misconceptions out there about the mentor-protégé relationship and what you can expect out to get of it. Here are eight secrets your business mentor won’t tell you.
Related: Find a Business Mentor
1. I can’t mentor you because I’m mentoring someone else
Mentoring is supposed to be an intensive, individualised and private experience. If you aren’t getting one-on-one attention, you’ve got a teacher – not a mentor.
Unfortunately, this presents a challenge for both parties. For mentors, it means turning down capable protégés if you’ve already committed to another. And for students, it could mean going to the trouble of identifying the perfect mentor only to be turned down for scheduling reasons – which may or may not be explained to you.
Don’t push it. The goal of a mentoring relationship is progress, and that’s only possible if the guidance is individualised.
There is a mentor or protégé out there for you, but you’ve got to wait for the timing to be right.
2. I’m not your coach
A business coach works with someone who has the necessary skills and ability to succeed but needs help discovering it themselves. A mentor goes beyond that role by helping you develop the skills and knowledge you need to succeed.
Chief financial officer of TD Bank Group Colleen Johnston explains how her mentor, Ed Clark, filled this role:
“He understands the complexity of finance-related issues and provides excellent coaching in communicating that message to stakeholders,” she says. “He’s always been very helpful [in assisting me] to think through some of those types of conversations with key business partners.”
3. I can be your friend
More often than not, good mentor-protégé relationships begin as friendships.
A mentor doesn’t have to come from a formal program or from the upper ranks of the company. Really, anyone who has wisdom and guidance they’re willing to impart on you, including an experienced coworker, can be a valuable mentor.
4. I’m not your consultant
A consultant is someone who has specific knowledge, expertise and tools they will use to help improve your business – but this kind of relationship doesn’t actually involve any learning or improving on your part. Mentors should not be fixing your problems for you – they should be teaching you how to fix them yourself.
Bill Gates once spoke about mentor Warren Buffett, admiring his “desire to teach things that are complex and put them in a simple form, so that people can understand and get the benefit of all his experience.”
5. I don’t have time for you
Unfortunately, it is possible to find yourself in a mentoring relationship that isn’t beneficial.
Remember, most successful businesspeople are very busy, so if they don’t have time to really guide you, the relationship won’t be worth your time either.
If your mentor has some sort of ulterior motive for mentoring, such as a company mandate, then they might not genuinely believe in your ability to succeed. And if that’s true? They aren’t equipped to help guide you to the success you’re looking for.
6. I don’t have to be your only mentor
It’s a common misconception that a protégé can only focus on absorbing the wisdom of one mentor at a time. In reality, different mentors have different skills and strengths that can help you succeed in both business and life.
Take Michael Lee-Chin, a successful philanthropist and businessman, who names Warren Buffet as his business mentor and his mother Hyacinth Gloria Chen as his life mentor.
7. I’m not going to lead you…
A leader tells you which direction to go without necessarily telling you why. A good mentor is more like a guide – someone who teaches you the path while helping you along it.
A mentor is supposed to help you grow and learn from your business experience and theirs. If they just gave you all the answers, what would you learn from the experience?
8. …But I will advocate for you
Good mentors go on to become advocates or champions for your success. They truly believe in your potential, and may go to extraordinary efforts to promote your skills and value to the others who will help you succeed.
A good mentor encourages a protégé to “have the courage to stick with a tough job,” which is exactly the advice AG Lafley, chairman and CEO of Procter and Gamble, received from his mentor.
Mentor-protégé relationships are far from limitless, but if both parties are in it for the right reasons, then they can accomplish a lot together. I’m a big fan of inspirational business quotes, and one of my very favourites comes from Tom Kelly of Ideo: “Fail often so you can succeed sooner.”
A good mentor may be able to help you avoid some failures altogether. But more often than not, they’ll be there to encourage and help you through your mistakes – taking you and your business to new heights you’ve never before dreamed of.
This article was originally posted here on Entrepreneur.com.
A World Of Opportunity Awaits With Peli Peli
Business ownership has always been the entrepreneur’s way of shaping their future. If you’ve always wanted to experience life in the US, this is your chance.
Global media has been reporting that the chances of non-American citizens being granted access to move to the US are getting slimmer with the new administration. However, there is still one channel of access that allows people the opportunity to relocate that hasn’t been amended by the presidency.
The EB-5 Visa programme was created by Congress in 1990 to stimulate the US economy through job creation and capital investment by foreign investors. Under a programme initially enacted as a pilot in 1992, and regularly re-authorised since then, investors may also qualify for EB-5 classification by investing through regional centres designated by USCIS based on proposals for promoting economic growth.
The question most commonly asked by foreign investors is where to start selecting a relatively low-risk company to invest their money into. One such entity that has been granted designation under the EB-5 programme is the restaurant group Peli Peli.
Peli Peli is a South African cuisine restaurant that has gained incredible traction in the competitive American restaurant industry. They currently have six successful branches opened in the Texas area. Peli Peli Vintage park, which opened in 2009, generated revenue of $5,3 million in 2016.
Peli Peli Galleria opened in 2015, and had $5,2 million revenue in 2016. Peli Peli Kitchen, their first fast casual concept, opened in October 2016 and reported revenue of $2 million in 2017. Peli Deli, a downtown fast food casual lunch concept and Peli Peli Cinco Ranch, which opened in February and July 2017, respectively, are both showing incredible growth to match their predecessors.
At least two more locations will be opening in 2018, and as all new Peli Peli locations have historically generated positive cash flow within the first year, the company expects to increase its revenue exponentially.
The power team behind the brand
The restaurant chain has garnered popularity, and won a multitude of awards, including Best Service & Best Atmosphere — Readers’ Choice Award (Houston Press) and 2013 Diners’ Choice Award winner for the Top 100 American Fare Restaurants in the United States (OpenTable). Peli Peli is also rated in the top ten in Houston, Texas (which boasts over 12 000 restaurants) on both Tripadvisor and Yelp.
The Peli Peli trio who own the business are Chef Paul Friedman, Thomas Nguyen and Aiki Tran. These three dynamic businessmen have their own share of accolades to speak of. Chef Paul, who is a born and bred Joburger, has been a contestant on Cutthroat Kitchen for multiple episodes on the Food Network. He won the People’s Choice Award and was placed third as a judge in the Gumbo Smackdown 2014. He received the 2013 Chef of Chef Awards in the 9th Annual Houston Wine and Food week, as well as being the 2013 Cadillac Culinary Master. He was also one of 60 Houston Chefs to be listed in the book Best Chefs America.
Thomas Nguyen, who is Chief of Marketing for Peli Peli, graduated from the University of Texas School of Law and was a former litigation attorney. He was the Houston Business Journal’s 40 under 40 award recipient in 2015 and an EY Entrepreneur of the Year Gulf Coast finalist in 2016 and 2017. He was Entrepreneur of the Year — Houston Asian Chamber of Commerce and is also a freelance writer for the Houston Press.
Peli Peli’s CEO, Aiki Tran, has over 12 years of experience in restaurant technology and won the 2007 Entrepreneur of the Year award — Houston Asian Chamber of Commerce. He was responsible for streamlining the technology infrastructure for franchises such as Popeyes and Wings, Pizza N Things. He also became the number one reseller of Aldelo and Dineware POS systems in Texas, with installations in over 200 restaurants.
Joining their ranks is South African Ryan Stewart. Having owned 16 restaurants throughout the country, he is also the CEO and co-founder of the Mozambik restaurant chain. Ryan has 17 years’ experience in the industry and is being brought on board by Peli Peli to assist in their revenue and store location growth.
Your path to the US
With the combined talent, brainpower and experience of these four businessmen, it’s no wonder Peli Peli is achieving success. The investment required to qualify for an EB-5 Visa through Peli Peli is an amount of $500 000 and is structured as an equity investment at risk. It entitles the foreign investor to permanent residency, and within two years of living in the United States, a green card for the investor and his/her dependents.
For more information on how
You can be a part of the EB-5 Visa programme through Peli Peli.
4 Ways To Find Your Own Business Style
The only way to develop a business style is step-by-step over time.
Finding a style in finance will define how you react to changes and how you approach new situations. It’s as important in business as it is in stock trading. Developing a business style and developing a stock trading system are extremely similar pursuits.
But I’m not going to pretend that it’s easy to do. It will take time and you do have to be willing to work at it.
Here are my four ways of finding your own business style.
1. Get rid of your expectations
You can’t force anything to work. It’s necessary for you to be flexible when it comes to finding a business style. Begin by letting go of any expectations you have before trying a new style.
Prior to attempting a new style, you have to be willing to go into it with no expectations. You never know what you’re going to find.
2. Track your movements
Some things are going to work and some things aren’t going to work. I always tell my students in the Tim Sykes Millionaire Challenge that they should keep records of the things they’re doing. Keep these records as detailed as possible because attempting trial and error can quickly lead you in circles.
Don’t fall into the trap (as I did in the beginning) of trying the same thing multiple times because you never tracked the results.
I keep large spreadsheets with notes of the various styles and systems I’ve tried in business. Business mistakes can be costly, so you need to do everything you can to avoid making them.
3. Look at what others are doing
I refuse to believe that someone is doing something truly unique. The moment someone makes a breakthrough in business there are a hundred people replicating the same things. And that can be a powerful tool. Consider what others are doing and see whether you can learn something.
It’s why I also advocate finding a mentor to help you out. They’ll be able to help you out and you’ll benefit from their enhanced experiences in business.
Again, track what you’re taking from other people so you know whether something is working.
4. Refine what you do
Rarely will anything in business work the first time. However, your first attempts will give you a good benchmark as to what you need to do next.
You should never be satisfied with what you have, even if it’s working. Always work on improving your business style. I believe this is the most important thing because it also teaches you how to adapt to changing conditions over time.
Last Word – Constantly Growing
There’s no step-by-step guide for how to develop a business style. The only way to do it is to obey the fundamentals and then develop everything over time.
Even though the process is long, you’re guaranteed to learn a lot of lessons and gain from a huge number of experiences over time.
This article was originally posted here on Entrepreneur.com.
6 Questions You Should Be Asking When Coaching
Top athletes have coaches because they’re winners. Business leaders should be the same.
Whether you’re a CEO looking for a mentor, coaching your management team, or structuring a coaching programme for your managers to implement, there are six questions that can help anyone get better at anything.
Dr Marshall Goldsmith is a best-selling author and world-renowned business educator and coach. He has coached top CEOs, including Alan Mulally, former President and CEO of Ford Motor Company.
The key to a successful coaching programme is simple dialogue and establishing responsibility. The person being coached must understand and agree that success lies in their hands. They must take responsibility for their actions.
Once every few months, have a direct coaching session. Ask (or answer for yourself) these six questions:
- Where are we going?
- Where are you going?
- What are you doing well?
- Do you have suggestions for my improvement?
- How can I help you?
- So you have suggestions for me?
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