As an entrepreneur, you need to work ON the business, not in the business. That’s the first thing I share with young people who are starting out on their own.
It’s hard to understand this when you’ve just launched your company and want to control every little piece of the business. This is what I recently told Thomas Brown, a young entrepreneur I have been mentoring for over a year. My advice to entrepreneurs is always: If you focus on building the business and not being the business, you’ll go places. You have to let go, and that’s not always easy. I learned this the hard way – being so entrenched in Palmetto Infusion Services and trying to control every aspect of the company, I lost sight of what I’m good at. Luckily, David Goodall (Palmetto Infusion’s CEO and my good friend) called me out on it, and I’ve never looked back.
Sharing Knowledge
People often ask me what I get from mentoring and why I want to invest my time nurturing businesses and entrepreneurs. The answer is the same when people ask me why I wrote a book (The Success Paradox) – to help people. I have been lucky to have some business success and get a real kick out of seeing people able to scale their businesses significantly. This stuff is easy for me, and there are no strings attached – I don’t want anything out of it other than to give and see others succeed.
Paying It Forward and Investing in Women-led Businesses
I sold a bunch of companies, built up a pretty cool resume, and have had some incredible mentors along the way, including my Dad, so this is my way of paying it forward. Currently, I’m looking forward to supporting women-owned businesses.
I watched my sister struggle in a male-dominated world when she built a boutique hotel, and whether we like it or not – things are still pretty uneven for female entrepreneurs. I am looking at mentoring a few female healthcare entrepreneurs—a few women-led healthcare businesses. Why? Did you know that only 2% of private equity capital goes to women? I also think it’s a good business decision. If I can help as a mentor, board member, or investor, my returns will be great emotionally and economically.
There’s No Manual on How to be A Good Mentor
Being present is half the job done. It’s really important to commit to the process. Initially, I simply get to know the person (mentee). I ask them about themselves and forget their business objectives for a while. I ask them questions like, “What’s your why?”, “How will you feel in 10 years?” “What makes you get out of bed in the morning?” etc.
I helped a young man for two years before he successfully invested in mini storage. He was having a difficult time after being injured and losing his fingers in a factory accident. He is now super-productive, an award-winner, a leader in his industry, and a dear friend. He is teaching me things, and I am teaching him stuff. The more I help him, the more he helps me. That’s how it works.
I’m Happy to Share My Mistakes
Watching people grow and succeed is a gift, and knowing I had some little part to play is gratifying. What can mentees learn from me? They don’t have to make the mistakes I made — that means they can make new mistakes, and then we’ll learn together. This goes back to my belief in faith-based investing. By helping others, I continue to give back and pay it forward to entrepreneurs, and this positivity, in turn, affects our community at large.
If you are a new or aspiring healthcare entrepreneur, contact me in the DMs, and I’ll be happy to help!
Let’s connect!
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