12 October 2022 |
S3 Ep6: Why US Latino Fintech Businesses Will Create The Next Big Unicorns
When one in four startups are founded by US Latinos, it’s no wonder they’ve attracted the attention of big investment. Laura Moreno Lucas explains why.
Laura is a partner at L’attitude Ventures, an early-stage institutional fund that invests in technology and technology-enabled businesses led and owned by US Latinos.
Nicole and Laura get into the importance of networks, how education is rebuilding trust in financial institutions, and how underrepresented communities are succeeding, despite the challenges.
And if you love listening to Humans of Fintech, please leave me a 5-star review on Rate My Podcast: https://ratethispodcast.com/humansoffintech
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And if you’ve enjoyed Humans of Fintech why not try: Chicks of FinTwit, Tech Unlocked, Breaking Banks or Fintech Insider
How to Find a Business Mentor
You don’t need to be a new business owner in order to benefit from the advice of an experienced one. In fact, reaching out to another company operator and asking them to mentor you might seem counterintuitive.
After all, isn’t it their time that they could be spending on their own enterprise? Letting someone use their expertise as your personal advisor may feel like you’re asking for help instead of being independent.
However, working with a business mentor can be one of the most valuable experiences you can have as an entrepreneur, not only because it helps reduce risk and increase chances of success but also because these mentors have already been where you are right now and can save you from repeating their same mistakes.
A business mentor is someone who can give you impartial advice about your business plan or specific aspects of your company. Find out if there are any existing mentoring programs in your area or network with other entrepreneurs online. Here are some tips on how to find a business mentor if none of those options apply to you:
Find a business mentor from an existing program
There may be a mentoring program in your area. If you’re not sure where to start looking, check your local Chamber of Commerce or Small Business Development Center. If there are none in your area, you may be able to find mentors online.
Some of the best options for finding a business mentor online are
: – Entrepreneur Mentor Match – Entrepreneur Mentor Match is a free mentoring and coaching platform. The website pairs entrepreneurs with mentors who share their experience and advice on a variety of topics, including early-stage and growth-stage businesses, marketing and sales, how to achieve work-life balance, and much more.
– Entrepreneurial Mentoring Program (EMMP) – EMMP is a virtual mentoring program that pairs entrepreneurs with mentors from all over the world. Entrepreneurs can select their mentors’ areas of expertise, and mentors can choose to mentor entrepreneurs based on their own areas of expertise.
You can also find mentors on Facebook or LinkedIn groups. Some of the best places to look are:
– Business Owner Forums – There are many business owner forums where you can find various types of business mentors. For example, on Investing.com you can find mentoring and investment forums for small business owners.
Network with other entrepreneurs online
If you can’t find a business mentor in person, online mentorship may be easier. There are several online communities for entrepreneurs, including: – Entrepreneurial Forum – This forum offers entrepreneurs a wide range of topics to choose from, including business, marketing, finance, and technology. There are specific subforums for topics like small business, entrepreneurship, and fundraising.
– Business.org – This is a general business forum, which means you’ll find a wide range of topics and ways to network with other entrepreneurs.
– Small Business Big Business – This website is a blog and a podcast hosted by a small business owner who interviews other entrepreneurs.
Ask current or former employees
If you’re starting a new enterprise or recently purchased an existing company, reach out to some of your key employees and ask them to become mentors. People who have a vested interest in the company’s success are often the best people to look to for advice.
They know the business inside and out and can give you advice on how to take it to the next level. This isn’t just about hiring the right people for the job. It’s also about promoting from within. By helping key employees progress in their career, you are also promoting team growth and engagement. Finding mentors in your field can be difficult, especially if you work in a specialized field that doesn’t have many other practitioners.
In these cases, you may want to consider reaching out to people in related industries for advice. While you won’t benefit from the specific knowledge about your profession that you would from an industry insider, you can learn how other companies have succeeded and how they managed to overcome similar challenges to your own company.
Ask your clients
Many companies make products or provide services that are used by other companies or industries, and they may have a lot of experience in industries other than their own.
For example, accountants who work with small businesses may have a lot of advice to share with startup owners. Lawyers who specialize in intellectual property law may be able to give advice on how to best protect your ideas. You can also ask your clients for advice even before you’ve signed a contract with them.
At the beginning of your sales process, when you only have an idea and a plan for how to bring the idea to fruition, it can be helpful to talk to your potential clients about what you’re doing. They may be able to offer valuable insights about your plan that will help you improve it before you finish it and start pitching.
Ask fellow entrepreneurs and stakeholders
Not only is it a good idea to learn from other entrepreneurs who have been where you are, but it’s also good to ask them for advice. You can find out who the experts are in your industry by attending events, and then reaching out to the best speakers or panelists to ask them to be your mentors.
You can also participate in online forums, like Reddit, where you can converse with other entrepreneurs in your field and ask them for their advice. Another good place to find mentors is in your own company. Many CEOs use their mentors program to find industry experts and people who are at the same stage of growth as their company.
Finding and working with a business mentor can be a great way to get advice and learn from other entrepreneurs. With so many different ways to find a business mentor, there’s no reason not to take advantage of this resource when you need help growing your company or launching a new product. Having a mentor can help you avoid costly mistakes and can help you achieve your goals more quickly.