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The average startup has six to eight advisors, according to entrepreneur and investor Angel Gambino. That means there’s a wealth of opportunities for entrepreneurs and executives interested in focusing more on advising and mentoring the next generation of leaders.
This is a common path for tech leaders like Sky Dayton, who founded EarthLink and several other tech-forward companies before transitioning to focus more on investing, mentorship and personal pursuits. Becoming a mentor, in particular, is a wonderful way to pay it forward and ensure the industry you love remains strong.
The transition can unfold in a variety of ways. As you make it, it’s best to have a plan of action to manage it as well as adequate guardrails to make sure you’re not overloading yourself or acting contrary to others’ interests.
It Helps to Focus on What You Know
If your plan is to become a “professional” mentor, think about focusing on the strengths that got you to this point in your career. For example, if your specialty is fundraising for startups, your “highest and best” use as a mentor or advisor is probably helping less experienced founders seek (and close) capital.
Then again, sometimes you need to get outside your comfort zone to keep things fresh and exciting. You can do this as long as you’re realistic about your limits.
You Can Ease Into Mentorship As a Volunteer
Are you one of the nearly 76 million Americans who generously volunteers their time on a regular basis?
If not, try becoming one. It could be the opening you’ve been looking for to get into mentorship, and in a lower-stakes environment than giving advice directly to company founders and executives with real money on the line. Nonprofits, faith organizations and community groups in your area are almost certainly looking for experienced mentors right now.
Volunteering can also be a helpful intermediate step if your endgame is to become a formally designated — and possibly well-compensated — company advisor. This is an important distinction, notes Gambino.
“Mentors aren’t usually compensated for their time or advice, whereas advisors receive equity or cash in return for their services,” Gambino says.
You Can Be Close (But Not Too Close) to Your Mentees
Many mentors get started by advising people in their professional or even personal networks. You can feel free to do this as well, with one important caveat: Advising people you’re already very close to can get messy, in the same general way that borrowing money from a close family member may not be a good idea unless you’re sure you can pay it back. Except in this case, you’re the “lender.”
Plan for an Intentional Transition
“Don’t try to do too much” is always good career advice. It’s especially true when you’re navigating a big career transition that will take you out of your comfort zone.
In circumstances like this, experts advise planning out over a long time horizon. Five years is a good window.
“Planning for five years instead of one gives you the space to expand your possibilities and helps you keep up with change,” says career development expert Mary McNevin.
As a leader, you’ve probably asked the question, “where do you want to be in five years?” more often than you can count. Now, the shoe is on the other foot.
Avoid “Linear Thinking”
Becoming a mentor or advisor doesn’t have to be an “all or nothing” thing. Especially during those early years, when you’re making your initial transition from day-to-day work at a single company to more of an “emeritus” role, you can keep your feet in both worlds.
There’s also no reason to consider your transition permanent or irreversible. Many advisors also work in more tactical roles, often as fractional C-level executives. And if you get an opportunity you can’t refuse, you can also move back to a full-time day job.
Center Your Advisees’ Interests
Being a mentor or company advisor can be incredibly rewarding. However, at the end of the day, you’re not doing it for yourself. You’re doing it for your mentees and advisees.
As such, you shouldn’t use your role as a trusted confidant for personal gain or anything else that might cross an ethical line. You should also consider backing your advice with your personal resources; many company advisors also act as angel investors for early-stage companies.
Follow Your Own Path
Like entrepreneurship, mentorship is a personal journey. It’s the logical next step after a successful run after a “day job” as a founder, executive or key employee. It’s a way to give something of value to the next generation of leaders — people who may remind you of yourself at a younger age.
Because mentorship is so personal, it’s important not to get too caught up in “doing it right.” These tips can certainly guide your journey, but you always need to be in control of the process. This is still your career, after all, even if it feels less like work these days.
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