Hao Lam, entrepreneur, author, speaker, founder of Adaptively Education and Best in Class Education Center.
Success doesn’t happen in isolation. No matter how skilled, ambitious or experienced you are, there will always be moments when you need perspective from someone who’s already been where you are or want to go—someone who has weathered the storms, figured out the tough decisions and learned lessons the hard way so you don’t have to.
That’s the power of mentorship.
While the business world is full of paid coaching programs and leadership seminars, I don’t think anything compares to the impact of having a real mentor—someone invested in your growth instead of seeking any monetary gain from you. Whether short-term or long-term, mentorship provides guidance, clarity and the kind of wisdom that you typically can’t learn elsewhere.
The Different Types Of Mentors
Not all mentors are the same, and not every entrepreneur or executive needs the same type of guidance. Here are three key types of mentors you might seek:
1. Industry Mentors
These are the seasoned veterans in your field—people who have walked the exact path you’re on. For example, if you’re in franchising, that person might be a multi-unit franchisee or a successful brand founder. I’ve found their insights are often specific and tactical when it comes to industry trends, common pitfalls and business growth strategies.
2. Leadership Mentors
These mentors help you refine the softer skills of business—management, communication and decision-making. Maybe you’re great at strategy but need to improve how you deliver communication or vet your hires.
A leadership mentor helps bridge that gap, guiding you to build trust, handle conflict and lead confidently.
3. Peer-To-Peer Groups
Sometimes, the best mentorship doesn’t come from someone ahead of you but from those alongside you.
Peer groups, mastermind circles and business communities can provide a transformative space to exchange ideas and problem-solve. You also get to learn from others facing similar challenges. These connections can be just as inspiring as having a one-on-one mentor.
The Search For The Right Mentor
Finding the right mentor takes initiative—it’s not something that just happens by chance. But that doesn’t mean sending an out-of-the-blue LinkedIn message to a high-profile CEO asking, “Will you be my mentor?” is the way to go.
Instead, mentorship develops organically through shared conversations, mutual respect and a genuine interest in learning from one another. Here are some ideas to consider for where to start:
• Attend trade shows, conferences and industry events. Look for opportunities to connect with experienced professionals who align with your values and goals.
• Leverage business networks and communities. Surrounding yourself with the right people—whether through local business groups, entrepreneurship programs or networking organizations—increases your chances of finding a great mentor. Organizations like SCORE help connect business owners with mentors in their area.
• Consider reaching out to retired entrepreneurs. Many seasoned business owners are eager to share their wisdom, especially those who have stepped away from day-to-day operations but still want to stay connected to the business world.
Once you find someone, don’t be afraid to ask. If there’s someone you respect and admire, be direct—but be respectful. Rather than requesting a formal mentorship arrangement right away, start with a simple request, such as, “I really admire how you built your business. Would you be open to grabbing coffee and sharing a little about your journey?”
The Benefits Of Mentorship
Having a mentor is about accelerating your growth while avoiding costly mistakes. Learning from someone else’s missteps can save you years of trial and error, providing reassurance and peace of mind.
I’ve experienced firsthand the power of mentorship. Over the past several years, I’ve been fortunate to have two incredible mentors who have stood by me through the ups and downs of both business and life. They’ve celebrated my wins, kept me grounded and offered unwavering support during the toughest moments. Their guidance has been invaluable—not just for the insights they’ve shared but also for the steady encouragement that reminded me I wasn’t alone on this journey.
When you invest your time with a mentor, you’ll learn from experience, not just theory. A good mentor has lived through your challenges and can offer real-world solutions. And a great mentor doesn’t just give answers—they ask the right questions, helping you see solutions you might have overlooked.
Additionally, you can make decisions faster. Instead of second-guessing every move, you get clarity from someone who’s been there before. You can also expand your network as mentors can introduce you to investors, business partners or key industry players who can open new doors.
The Value Of Becoming A Mentor
As much as you might need mentorship, you also have knowledge that others can benefit from. Extending yourself to other business owners or leaders in your community can pay dividends. As I’ve mentored others, I’ve discovered that giving my knowledge and experiences to another is not just for the person I’m helping but for my own growth as well. Consider these benefits:
• Teaching sharpens your skills. When you mentor someone, you reinforce what you’ve learned and gain a fresh perspective on leadership.
• You build your own network. Helping others builds goodwill. It can also strengthen your professional connections and keep you engaged in new ideas and innovations.
• It’s a way to give back. If you’ve benefited from mentorship in your career, paying it forward can create a lasting legacy of leadership.
Final Thoughts
I’ve noticed the most successful executives and entrepreneurs all have one thing in common: They didn’t get there alone. They sought guidance, learned from others and built meaningful mentor relationships that shaped their paths.
So, if you’re looking to grow, improve or tackle a new challenge, find someone who’s been there before. And when you’re in a position to help someone else—do it. I think the best leaders aren’t just the ones who succeed; they’re the ones who lift others along the way.
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