The Magic of Mentorship

by Karen Dodd

What do you think Oprah Winfrey, Richard Branson, Kim and Robert Kiyosaki and Anne McKevitt all have in common?

They give enormous amounts of credit for their success, not just to their own willingness to take action, but to important people who mentored them in their respective careers. Some of these individuals were fortunate that someone took a sincere interest in them and simply took them under their wings. However, as time went on and they were struggling to make a name for themselves, they all -- without exception -- hired experts who could teach them the important aspects of life and business, that they had not yet learned. Had they not done that, do you think we'd know their names today?

Recently I listened to a fascinating interview with rags-to-riches billionaire Anne McKevitt, a woman that many, if not most would be unfamiliar with. In relating her story and where she (correctly) predicted the world economy would be today, she shared some very interesting principles that I think apply to all of us, whether we're famous or not.

First, it appears that the vast majority of people don't understand that failure is part of the process of success. We've all heard those cliches about failing your way to the top, but I think that has become such a commonly heard phrase, that we no longer take it seriously. We've kind of become de-sensitized to the reality and lessons of failing. Show me someone who says they've never failed, and I'll show you a fibber or a non-risk taker.

The good news about failing is that when you hit rock bottom, you realize that you actually have the power to make dramatic changes. By taking responsibility, coupled with intelligent action, you can climb back up relatively quickly. However, when you hit rock bottom -- or just a bump in the road -- it can be difficult to recover if you're not sure what got you there in the first place.

Having been on both sides of the fence -- being mentored and mentoring others -- I see the biggest challenge for people who are considering a mentor, to be the cost versus benefit decision. Or, being the persistent people that we entrepreneurs are, we figure we can just dust ourselves off and battle through it ourselves. But is that productive? Is it FUN?

Sometimes we're so enmeshed in our own situation that it is difficult to see the forest for the trees. As one of my own coaches told me recently, it is much easier for an outsider to see our situation from 30,000 feet, than ourselves, who are right in the thick of things. Add to that, their expertise and ideas that you might not even have thought of, and there can be tremendous progress made in a relatively short period of time by having a mentor.

One of the biggest benefits that McKevitt talked about with her personal experience of mentoring, is the ability to go from ladder-climbing to leaping. Often, we have been conditioned by parents and people who care about us to take little baby steps and to plod along slowly but steadily. I know I can relate to that, having had parents who went through the Great Depression.

By taking a step back from that cautionary advice -- and with the help of an expert -- you may determine that not only have you been slowly ladder-climbing, but you might actually be on the wrong ladder! I don't know about you, but I would rather find that out sooner rather than later, so that I could stop self-sabotaging and step more easily into my greatness.

There are several ways to benefit from the expertise of a mentor, some of which won't cost you a penny:

1. Start or join a mastermind group. Having the support of like-minded people who can look at your ideas with fresh eyes can be tremendously helpful. The caveat is to make sure it is a strong group with structure, that meets often and has a leader. Otherwise, they tend to turn into coffee klatches and can be real time-wasters. You don't need to meet in person. In fact, there are many good mastermind groups online where you can "meet" on a weekly or monthly basis. My own VIP Mentorship group is one of them and you can try it out for 2 months for fre*e.

2. Hire a coach or mentor that is affordable for your budget. Instead of thinking about what working with a mentor will "cost", look at the value that you will derive. For example, determine what you get paid on an hourly basis (or per sale) for what you do. Then look at what one good idea from a mentor would net you in increased sales or billable hours. You might not have budgeted for a coach but hopefully you plan every year for annual growth in your business. Implementing your business mentor's ideas can significantly add to your bottom-line. Using myself as an example, I doubled my client base in 8 months, solely from a coaching program I invested in last November. Do you think that was worth it? You bet -- plus now I can share those money-making ideas with my clients!

3. Work with a mentor by way of their home-study courses or small group teleclasses. These are always much less expensive, you can get their expertise on a very targeted basis, and you can pace yourself both time and investment wise. This is actually how I started working with both my coaches. It also gives you a really good flavor for how they work and whether their style of mentoring works for you.

In all cases, when engaging a mentor/coach or mastermind group, here is the due diligence you'll want to do:
 ask for a "get acquainted" session with them, either in person or on the phone. This should be fre*e of charge and depending on the mentor, could range from 15 minutes to 1 hour
 ask them exactly what results you can expect from working with them. If they say something like, "Well you know, I'll be coaching you. We'll meet every week on the phone, I'll give you advice and then you'll go do it" -- run the other way! If the person mentoring you doesn't have quantifiable clarity around how they'll help you, how are you going to make the necessary changes to move forward?
 ask for testimonials and clients they've worked with before. You want to be sure that you aren't a brand new coach's guinea-pig. I know -- they all have to start somewhere, but that's not your problem!
 attend one or more of their fre*e teleseminars. Virtually every good coach I know has weekly or monthly 1-hour seminars that are content rich and again, will give you an opportunity to sample their style. Be prepared for 10 - 15 minutes of self-promotion (after all, there's no free lunch) but you will very quickly learn who is giving really good content and who is just giving fluff
 don't be afraid to be clear about your budget and find out how flexible their payment options are. Depending on the initial investment of their programs, there is almost always a monthly, 2-pay or 3-pay option.
 I personally like to offer 100% money-back guarantees on all home-study courses (I know I'll get a lot of flak about this!) The reality is that a good coach knows that they will very seldom have to give refunds because they know their programs get results. However, giving prospects the comfort of knowing that they can return the product anytime within 1 year, goes a long way toward building a trusting relationship
As Anne McKevitt said in her interview -- today more than ever -- people want more honesty, not too much to read or digest, and no BS. She also brought up one very interesting point -- and that is that in networking or masterminding, many people only attend their own industry-related events. For example, a financial planner might do most of his or her education by attending events that qualify them for their continuing education credits. The downside of that is that they may never get those "fresh eyes" who can objectively take a look at what they're doing and suggest things that could raise their awareness -- and have a huge impact on their personal and business growth.


Need some help to figure out how to really focus in on implementing these things? Then be sure to go to my Events page to get more information about my Inside Every Woman There's a Millionaire® Tea Party. If you are not in our local marketplace, then click here to register for my small group 5-week teleclass.

[Editor's note: Karen is available to work with you one-on-one, to help you identify your niche and implement a step-by-step strategy to build your business and attract your ideal clients. Please email her at Karen@KarenDodd.com for more information.]


©2009 Karen Dodd International

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