[Music] welcome back dear viewers and in the segment of our program we will talk about the role of entrepreneurs in the success of businesses and we are joined today by mr abdul magdee he is an entrepreneurship expert good morning good morning mr abdullah always a pleasure to have you with us sir to start with the role of mentoring here how important is the role of a mentor for the entrepreneur and the owners of the small businesses yeah definitely i think mentors play a major role in the success of businesses i think if you look at any successful business especially started by someone who’s like young and entrepreneurial and have the energy and the time and most likely lacking the experience there are definitely some mentors who do have the experience and the maturity who actually have an informal relationship with that entrepreneur to help them excel further so like wherever we look at any company or any industry we can find like a succession of those successful people who who build big companies and big successes and then they mentor the next generation of entrepreneurs so and also it’s not just about business in our lives we’re gonna usually see that there are like we lean towards talking to certain people like while taking certain type of life decisions so definitely mentors like come in different aspects of life but business is has a very crucial importance so so what are the good examples of mentorship our audience can relate to i think that there are plenty of those i mean if you look at the industry that you’re at i think like any viewer can actually extract three examples from all these different industries yes i think if you look at the construction industry uh we have like some of the companies that’s existing right now without mentioning their names they’re actually a succession of the founder who mentored those who are from their families and also in egypt we have a lot of family businesses so we see that usually the suns are trained and mentors during that period of time by the parents who started the business so whatever sector that we look at we can look at this succession of expertise and maturity like being passed on with a new generation yes mr after what actually could go wrong in a mentorship relation yeah i think to answer that we have to first understand that the dynamics of the mentorship relationship so it’s an informal relationship usually there’s no transactions taking place so you’re not like hiring them as coaches or consultants so it’s highly informal and also it’s between someone who like wants something or like needs a certain type of support from someone else and so begin a lot is going to depend on the mentor themselves and what extent are they ready and mature enough to provide that so there’s always a challenge of having like people who are very self-centered who do not listen who like use it as a way like to kind of showcase their expertise and their connections other than providing valuable advice some of that comes in the shape of very generic advice like focus you just need to focus which actually works like on a like on a generic theatrical stage but when it comes to business you have to be very detailed in terms of what to focus on when and why so like avoiding the the the ego testicle types who might not have the competence and also have the characters to deliver that expertise yep so how are mentors they’re different than coaches and consultants yeah if we look at coaches and consultants it’s usually there is that transactions going on there so you hire coaches like to increase your performance and also you hire consultants to develop certain types of materials in terms of like mentorship it’s usually a non non-paid relationship relationships like someone that you you like and aspire to be like at a certain area and then you’re kind of you arrange to meet with them uh frequently or in frequency to discuss like matters with your business and also that is part of that not only dependence on the business but depends on you so if you’re an entrepreneur who’s a mentor and you started like free companies they could actually be mentoring you throughout these different companies so there’s usually chemistry between the entrepreneur and the mentor which makes it tricky that you have to like make sure that this chemistry exists in order for you to proceed with a mentorship relationship mr abdul how i can compensate or reward my mentor yeah i think i think that the biggest compensation reward for a mentor because if we have that if we have it in mind that they are people who are like older and more mature is to actually succeed and especially yes like execute with the the they tell you so i think thank you message yeah i mean like thank you messages come second to that but when they look they haven’t had a meeting with you three months ago and you went ahead and you have done that and you were not kind of um updating them but rather you found out i think they’re going to be really happy next time they meet with you when you tell them that oh i might excuse you advice by the way and that ended up happening so for them to see that you’re really appreciating what they are sharing with you by executing it and making it happen in the market that’s the biggest reward i think there are different setups in terms of someone really commits to an organization so if you’re on a one-on-one relationship and you’re starting an organization like some of the models in which that you bring them in as an advisor so they get some highly minority equity in the company so in exchange for these like sessions you can get like something like in the us for example it’s point five to two percent equity in the company so you can bring them in to take that shares in the company like as a symbolic share and uh like some good examples of mentors and also these states were fun so um like like we look forward to you flying us on um on a private jets to when you have your company kind of expanding that you’re going to be rewarding them like whether formally or informally and they’re going to be celebrating your success so mentioning their names is something that they also appreciate to keep their light legacy within the industry is that how does my relationship with my mentor change over time yeah i think i think lots of that is going to depend on the entrepreneur themselves because like when we look at a mentorship relationship there is a lot of activities that’s happening by the entrepreneur because the mentor usually they could be spending an hour or two hours a month with you but by the end of the day you’re working on your business all like all that time so like who is the active player here it’s the entrepreneur the one who’s executing the business so with executing the business you control lots of the dynamics of how this relationship evolve i think like if you tend to dislike that the the the advice that you’re getting from the mentor i think by then the relationship was informally dissolved as well so there will no mutual interest in like contin continuing this relationship though if you’re executing on that and that advice but then things could be moving forward you could be starting a company could be inviting them to join like the board for the company so um like like you’re gonna see that by focusing on executing what you’re working on with the company and making it a success and by then you can keep the mentorship going on yeah so what do i need to take into consideration if and when i start mentoring others yeah i think i think that’s that’s a very tricky question because you know like if you’re it also depends on two things this actually depends on your personality type so lots of this depends on the type of person like there are like people who are naturally lean to be more empathetic so the they could relate to people and they could listen to them and also in terms of availability of time and space because like if you’re young and if you’re like moving ahead who’s executing companies like and running businesses it’s gonna be difficult for you to allocate the time space and also the thinking and the focus to do that so you have to be like honest with yourself whether you actually have the right intentions you have the time and also you’re gonna pay the focus and the concentration and the listening with that individuals that you’re going to be mentoring and i think like the a good indicator is that to come out of intuition so you feel like yeah that seems like i have been there 10 years ago so i can probably mentor someone at this like at this stage because i know how it feels so usually it comes in terms of like with a lot of intuition is that i can relate to that individual so if you get that spark is that i can relate to that individual maybe it’s a good indicator for you to proceed with mentoring them indeed so one last question sir can everyone be a mentor or there is a certain personality type i think personality type plays a major role but i think by then everyone is going to find a personality that matches them that basically that that they could be mentoring with so definitely finding the chemistry is is vital so once you find the chemistry i think that’s going to be a good match indeed mr abdul maldi our entrepreneur expert thank you very much uh for being our guest for today thanks for having me thank thank you thank you mr abdul and by the viewers we come to the end of today’s edition of the breakfast show [Music]
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