Starting a business is never a solo journey; founders rely on many people for guidance and support.
A very important character in almost every founding story is the wise mentor. Sometimes, it’s an industry veteran who adds a critical piece of the puzzle. Sometimes, it’s a seasoned founder who’s been there and done that. And sometimes, it’s someone who has seen dozens of startups grow and can share valuable war stories.
While mentorship is so crucial, it needs to be done right.
Having worked with hundreds of founders and created a number of startup programs, I have seen the power of good mentorship. But I’ve also, unfortunately, witnessed things go wrong.
In this article, I’ve summarised three key things mentors should never tell a founder, hoping to inspire better mentoring practices to ensure entrepreneurs are receiving the right type of guidance.
The first thing never to tell a founder is: “This is a good/bad business idea.”
Well, how do you know what a good/bad business idea is?
‘Good’ is not a great term, but if there were a definition, we would probably have to go back to the fundamental question of the problem-solution fit.
Can this business actually solve a problem for a customer?
As a mentor, how can you be certain? Do you have all the information about the market they’re operating in? Have you spent countless hours talking to potential customers?
Probably not.
Even if you have industry expertise, you have to be very careful about making such a judgment. And if you did actually know everything about the industry and know for a fact the customer does not want it, this would not be the way to break the news to the founders.
On the other hand, if you did believe it was a ‘good’ idea (in terms of a problem-solution fit), it still does not guarantee success. In either case, your judgment could be wrong and may either inflate or deflate the founder’s hopes unnecessarily.
Rather than labeling a business idea as ‘good’ or ‘bad,’ a mentor can guide founders toward actionable next steps. Help them identify blind spots, make valuable connections, and gather the data they need to reach their own conclusions.
The second thing never to tell a founder: “You should do it like I did.”
No two startup journeys are exactly alike.
What worked for a mentor in their specific set of circumstances may not work for a new founder operating in a different environment, time, or market.
It’s not just that the world is always changing, and the circumstances are never identical. This also goes a little bit deeper.
The truth is we learn more from our failures than our successes.
We reflect more deeply on what went wrong and why, which forces us to adapt, adjust, and grow. Success, however, can be misleading. It may reinforce practices or behaviors that worked in a specific context, which may not translate to different circumstances. Success sometimes prevents people from reflecting on broader patterns.
Instead of prescribing their past methods as a universal solution, mentors should offer insights, frameworks, or stories from their own experiences that allow founders to think critically and chart their own course.
Founders need guidance, not a fixed recipe. Even though sometimes they might ask for one.
The third thing: Saying something confidently when you simply don’t know.
Mentoring someone often puts you in a position of power. The founder looks up to you and often assumes you have all the answers.
When you’re sharing something with them that you actually know well, this could be great. Their trust in your expertise can open their minds up to your advice and help you move them in the right direction.
The opposite can be very dangerous. If you confidently give advice without being sure of the facts, they might take it as true without verifying the information. They might go as far as to make their strategic decisions based on that.
Naturally, it’s difficult to admit “I don’t know” when you’re looked up to. I mean, how can you not know? Is it not your job to have all the answers?
No, your job is to help the founder. After all, no one can know everything—that would be impossible.
So, if you’re unsure or don’t know, be honest. Maybe you can go on a journey to figure this out together.
Remember, a mentor’s role is to guide, inspire, and ask tough questions without imposing their own judgments or directives.
By avoiding the ‘what not to say’ and providing the right guidance, mentors can help founders grow into more confident, capable entrepreneurs while allowing them to own their journey.
Author: Dr Lisa Portz, November 2024
Dr Lisa Portz is a consultant and trainer specialising in early-stage entrepreneurship support through her company ZebraFarm. On the consulting side, she designs, runs, and audits startup support programs. On the training side, she works with startup founders as a coach, trainer, advisor, and consultant to help them get from an idea to product-market fit. Lisa also holds a PhD in Entrepreneurship from Imperial College London.