In the last two posts we examined ratios you need for appraising your business; the Pareto principle and efficiency ratio. This week, we’ll be taking a short break from ratios to examine an important relationship every entrepreneur must have to succeed in business. Thereafter we would return to our business ratios.
The world’s most expensive lunch is served once a year. Some years it’s a table for two, other years it’s for more; but one of the customers is a constant. His name is Warren Buffett, the second richest man in the USA. “No wonder”, you’d say until you find out that he doesn’t even pay for the meal; that honour falls on the other customer(s). Then you’ll begin wondering why on God’s green earth someone will shell out so much ($3.5million in 2013) to eat with a money-bag who won’t pick the tab.
I assure you that they don’t pay that much to have their pick of a buffet; it’s the brains of Buffett himself they are out to pick. His vast investment experience, particularly in picking winning stocks, is their sole aim and the delicacies are merely icing on the cake. They recognize that to sit, for an hour, with one so astute is worth decades of personal study and equivalent to years of hands-on experience. (It must be noted that Mr. Buffett auctions the lunch to the highest bidder and gives the proceeds to charity).
That brings us to this focus of my post….. How much are you willing to part with for mentoring? What will you give to stand on the shoulders of those who've gone ahead? How far would you go to get sound judgment? Think about it!
To start with, who is a mentor? A mentor is not an adviser, although we seek their advice; neither is a mentor a friend, although we love to have them on speed dial. A mentor doesn't micro-manage you, hold you by the hand when times are hard or give you the occasional pat on the head when you do it right. What a mentor does is to point you in the right direction. Period.