“Advisor, Mentor and Coach Meet in a Bar…”
by Keren Beit Cohen3 min readIt’s not uncommon that people in the startup ecosystem get confused between ‘Advisor’, ‘Mentor’ and ‘Coach’. Despite their nuances, the purpose of all three is to support, encourage and facilitate entrepreneurs’ growth. Startups are characterised by the need in rapid growth (and in an uncertain environment) so when this help arrives – and it’s in the right form – it can be a blessing. As entrepreneurs it’s essential, however, to note the differences between advisors, mentors and coaches, because your choice has direct implications on the following:
1. Choosing the right person to answer your specific needs.
2. Understanding which ‘psychological contract’ applies to your relationship with them.
3. Knowing what to expect and what to consider a realistic goal while interacting with each of them.
Here you’ll find a general overview of each role’s characteristics, as well as a comparisons made through several key parameters. Like many other things in life, nothing here is ‘black or white,’ but rather an idea of what the respective professional scopes are for an Advisor, Mentor or Coach.
Advisor
An advisor is a person who’s an expert in a specific subject matter. He or she could be, for example, a lawyer who provides you with legal advice, an accountant who gives you financial insights, a business strategy professional who helps you with structuring your business growth, or an engineer that answers your technical questions. Not necessarily belonging to a specific occupation, an advisor could also be someone with considerable knowledge or significant experience in a broader domain, such as building successful companies, or going through several exits throughout their career. An advisor will provide you with information, answers, recommendations or solutions – depending on the reason you turned to them from the first place.
Key words: professional, knowledgeable, relevant, efficient.
Duration: One time or on several occasions, a shorter-term relationship.
Measurable outcome? Yes.
Paid? Yes (or at least should be, according to us).
Does an advisor-client relationship include a personal element? No more than in any other supplier-client relationship.
Mentor
A mentor is a role-model, and someone you wish to emulate somehow, sometime in the future. Whether it be their personality, their business success, their spirituality or wisdom – something within these people make us want to learn from them, listen to what they have to say, or get their opinions on situations we’re facing in life.
A mentor-mentee relationship normally happens spontaneously and is not a structured, formal connection. A mentor doesn’t work as a mentor for her living and is normally busy with her own work, projects and ongoing tasks. Sometimes, a mentor in not even someone you meet, but perhaps a role model you read about, follow online, and gain inspiration from through their acts, writings or ideas. There’s an emotional element to the way mentees perceive their mentors.
Key words: senior, role-model, inspiring, emotional-element.
Duration: longer-term relationship, could be months to years, or more than a decade.
Measurable? Only if you can measure inspiration. Mentors’ impact is recognised throughout the process, but predominately retrospectively.
Paid? no (or at least shouldn’t be, according to us).
Personal element? Absolutely.
Coach
A coach will work with you on improving a given set of skills or reaching a specific goal in your life. Management skills coaches, public speaking coaches, or coaches who work with their clients on achieving specific pre-defined goals are all examples of how coaches might impact entrepreneurs.
Key words: trainer, focus, goals, results.
Duration: Several meetings, preferably on a regular basis, with a defined start and end point.
Measurable? Yes. It’s best if the means of measurement are mutually set in advance.
Paid? Yes.
Personal element? Not necessarily.
Those are the fundamental differences between these three critical roles. We hope this evaluation will help you choose better (if you’re the client), or that it will sharpen your business focus and the services you offer (if you’re a professional within this field). We believe that everybody, at certain points during their career, should get a professional advice, work on improving themselves to reach their goals, or gain inspiration from a role-model figure. These processes help us learn, reflect and evolve.
Our 3P Tip:
Product. The right product (or service, in this case) should be the one which addresses your needs. Make a brief assessment of what you and/or your business need right now, before you decide which function is the best fit for your specific objectives: advisor, mentor or coach.
People. Make sure that both you and your advisor / mentor / coach agree on the nature, purpose and goals of your engagement. Vagueness helps no one; set measurable targets at the beginning of your relationship. Also, keep in mind that a good advisor, mentor or coach will always place you at the centre of the process. Your questions, your problems, your goals. However experienced, successful or knowledgeable he or she might be, once the process has begun, all that matters is how they help you to become more experienced, successful or knowledgeable - depending on the purpose of your engagement.
Playground. Do your market research. A brief investigation will always improve your chances of making the right selection. By reading an individual’s profiles, websites, blogs or other publications, you can get a notion of who they are, ensuring they are a good fit before choosing to work with them.
3P Model is a 21st-century business development tool for startups and small-to-medium-sized companies. It includes The 3P Canvas, the philosophy of Co-Existence of Contradictions, and an interdisciplinary approach.
We provide advisory services to startups, investors, professionals, and educators in the field of business development and 21st-century entrepreneurial skills as well as offering coaching courses to entrepreneurs.
Interested? Contact us for more.
Do you find this post helpful? Share it with your network or write to us back.