Daniel Nathanson, Ph.D. from UCLA Anderson Graduate School of Business, describes the characteristics of a perfect business mentor and explains how a business mentor can help you with your business.
The closest thing to a silver bullet to help ensure the success of your new business, especially for first-time entrepreneurs, is to find an advisor or mentor. The perfect advisor is someone who believes in you, in your team, and in your idea, that has industry experience and entrepreneurial experience. He or she is someone who wants to give back and is willing to invest. In other words, someone who knows the business, someone who has some gray hairs, and someone who has experience and credibility in the field. If you are lucky enough to have someone like that, it will give your team the knowledge and credibility it needs to grow successfully. This is especially important if you want to attract additional investors. If investors see that someone who is a star in your field believes in you and will invest his time and money in you, they'll come on board much more easily. Plus, if you don't know the business, if you haven't spent years and years in the business, and even if you have, you will benefit greatly by having someone to help and be a sounding board.