Anyone starting in business needs committed advice from someone who has been there, done that. The advice should be ongoing and not simply a short-term helping hand. One way of getting this is to establish a relationship with a mentor.
A business mentor must be someone you respect. This respect may come from their success in business or they may simply be someone you admire for their honesty and integrity. Most importantly, when selecting a business mentor you need to choose someone you can take criticism from.
The mentor’s role is to be a rock-steady shoulder to lean on, someone to call on when times are bad and also (very importantly) when times are good. Perhaps the mentor you have chosen is in a similar industry and acts like a board member to your business, finding opportunities and high level referrals. Maybe the mentor is in a different business and can investigate where complementary benefits might be created and cost savings delivered.
When choosing a business mentor, think about the following:

• Why do I need a mentor?
• Why would this person want to be involved with me?
• How can I reward this person for helping me out?
• Does this mentor have a mutually beneficial network of contacts we can share?
• Does my mentor have a particular skill that I lack?
• Can I respect the constructive criticism this person gives me?

Big business board members command astronomical fees for advising companies on strategies and tactics. A mentor gives their time and expertise for free in the expectation that they can help you become a success.
Some consulting organizations will offer to mentor you for free at the early stage of a start-up. In return, they expect to be given a small percentage of the business in the future when things come good. This is commonly known as sweat equity. They provide work for free in return for a part of your organization in the expectation that they will receive a pay-out as the business grows. The sweat equity keeps them interested in the growth of your business and enables you to exploit their network and business knowledge.

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