The Rules of Good Mentorship: My $50,000 Mistake (Part 1)

November 20, 2023

The Power of Mentorship

In this episode, I want to share with you a topic that’s very close to my heart – the importance of finding and leveraging good mentors. I firmly believe that mentorship has been the key to my business and personal growth. But, it’s not just about finding a mentor, it’s also about being prepared and open to receiving guidance. 

Tune in below to hear my $50,000 mistake and how to find a mentor that aligns with you!



How to Find the Right Mentor

Not all mentors have to be famous or high paid. Some of my best mentors have been unknown to the public. I encourage you to approach mentorship with an open mind. There are different ways to find mentors, including seeking out paid or unpaid mentorship opportunities. 

I’ve had the privilege of working closely with renowned mentors like John Maxwell and Jeff Smith. But, I couldn’t have landed these mentorships five years ago because I wasn’t yet the person I needed to be to attract such mentors. It’s crucial to be a desirable mentee, which means being coachable, open to feedback, and willing to learn.

Be a Mentee That Mentors Want to Work With

It’s important to approach mentorship without an agenda or trying to prove oneself to a mentor. Instead, focus on humility, resilience, and taking ownership of your own growth. Mentorship is a critical piece of personal and professional development. It amplifies the good in individuals and helps them reach their growth potential.

A mentor wants to see that the person they are mentoring is hungry and obsessed with their goals, willing to bring good ideas, wisdom, and support to the table. It can be frustrating for a mentor when a mentee doesn’t implement their suggestions due to a lack of hunger, willingness to work hard, or fear holding them back.

The Importance of Alignment in Mentorship

Finding the right mentor is crucial for success, and it often involves a deeply personal connection. This connection is built on humility, vulnerability, and a willingness to learn and apply what is taught. I once made a $50,000 mistake by hiring a mentor who was not aligned with my values and life goals. Despite getting value from the mentor in terms of business growth, I realized that I couldn’t sacrifice my integrity and soul for the information I was receiving.

It’s not just about business support and growth but also about the kind of life the mentor is living and whether it aligns with your aspirations. Avoid cherry-picking guidance from someone who doesn’t embody the values you hold dear.

Choosing the Right Mentor

When choosing a mentor, do thorough research and seek out mentors who have experienced challenges and overcome them. Mentors who are transparent about their imperfections and hardships are more relatable and effective. Assess the mentor’s achievements, milestones, and the way they connect with others. Find mentors who have a caring and down-to-earth approach, rather than those who only focus on showcasing their wealth and success.

Evaluate the mentor’s communication style and assess whether they hold themselves accountable and are willing to call out mentees when necessary. Trusting your intuition is also crucial in the mentorship selection process.

How to Approach Potential Mentors

When approaching someone for mentorship, present a compelling value proposition that highlights the mutual benefits and aligns with the mentor’s goals and expertise. Build a genuine relationship with the potential mentor before directly requesting mentorship. Get creative and find ways to connect with mentors, such as attending events they are hosting or engaging with their content.

Approach mentorship with a “gift first” mentality. Show willingness to contribute before seeking anything in return. This can be done by offering to help with projects, sharing valuable resources, or providing insights that the mentor may be seeking. Be persistent but patient, as building a mentorship relationship may require attending multiple events, sending multiple emails, or making phone calls.

When it comes to scheduling, adapt to the mentor’s schedule and make it as easy as possible for them to mentor you. Be adaptable, reliable, and flexible.

Paid vs Unpaid Mentorship

Both paid and unpaid mentorships can be valuable. However, the mentorship you initially seek is likely to be a paid one, as it is an investment in your growth as a leader. At Luminary Leadership Company, we offer mentorship opportunities and can connect you with other mentors if we are not the right fit for you.

To wrap it all together, mentorship is a powerful tool for personal and professional growth. It’s not just about finding a mentor, but also about being a good mentee. Remember, the journey of mentorship is a two-way street, and it’s about building a relationship based on mutual respect, trust, and shared values.



Learn how to work with us here: www.luminaryleadershipco.com/learn


Related Episodes: 

Episode 118: When You Know It’s Time to Make a Change

Episode 8: Discerning Good Opportunities from the Right Opportunities

Episode 188: How to Breakthrough a Business Plateau

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