Dan Martell - November 24, 2014


The Difference Between Advisors, Mentors, and Coaches


Episode Stats

Length

4 minutes

Words per Minute

201.85242

Word Count

879

Sentence Count

57


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Transcript

Transcript generated with Whisper (turbo).
00:00:00.520 What's up everybody, it's Dan here and today I'm going to talk to you about the difference between an advisor, a mentor, and a coach.
00:00:08.520 I believe that everybody should have somebody in their business that they can turn to and get advice from and have them hold you accountable.
00:00:16.340 It's really lonely being an entrepreneur and a lot of people don't kind of set up this support group around them.
00:00:21.820 And I'm always debating that, you know, when people talk about I need an advisor and then I ask them what kind of role they want to have with that person.
00:00:28.540 And it sounds more like they need a mentor or even a business coach.
00:00:32.480 So I want to quickly take a few minutes and share my thoughts on the difference, the frequency, and even maybe the cost of how to find these people and recruit them into your business.
00:00:42.720 So let's start off with an advisor.
00:00:44.780 An advisor is somebody that has experience in an area that you're not strong at.
00:00:49.840 So maybe you're an amazing marketer, but you're not so good on the finance side.
00:00:53.680 So you would find advisors or an advisor that can help you on the financial aspects of your business.
00:00:59.560 Typically, that person has industry knowledge because you'd want them to come with really strong experience and context.
00:01:06.740 And you would compensate them potentially either just as taking them out and having them involved in your business to see it grow.
00:01:14.820 But you could also give them equity in your business.
00:01:16.980 This happens very often for technology companies.
00:01:19.500 And the frequency is maybe, you know, if you're working on a project that requires their review, maybe once or twice a month.
00:01:26.760 And really, they're just somebody that you can also use in your investment deck or your business plan to kind of show other people that you have some really great advisors supporting and believing in your vision to build the business.
00:01:39.800 Mentors are what I like to call the people you turn to instead of your parents.
00:01:43.720 These are typically folks that have built really great businesses or achieve things in life that inspire you that you hope to someday achieve.
00:01:52.520 And you want to have them as people that you would turn to when you're going to make those really big life decisions.
00:01:57.640 That could be where to go to school.
00:01:59.620 Should I start a company?
00:02:01.320 Should I raise money?
00:02:03.120 Should I hire this person?
00:02:04.720 Those are the kind of questions that you would spend with a mentor.
00:02:08.140 Now here's the truth is you never ask a mentor to be a mentor.
00:02:12.660 I have many mentors in my life.
00:02:14.440 Guys that have built huge businesses and I've never, never, ever said to them they were my mentor.
00:02:19.820 I've never asked them to be my mentor.
00:02:21.420 I just understand the relationship we have and know when to turn to them for that kind of advice.
00:02:27.060 Typically, you don't pay for a mentor.
00:02:29.020 I never have.
00:02:30.080 Again, I've never asked them.
00:02:31.260 So why would they ask me to pay?
00:02:33.560 I only turn to them maybe two or three times a year when I've got these really big critical decisions to make in my business.
00:02:41.260 And then the third is a coach.
00:02:43.420 And recently I climbed Mount Rainier in Washington.
00:02:46.740 And as we were climbing, we had these guides.
00:02:48.400 We hired guides to guide our group.
00:02:50.540 And I was thinking to myself, I would never climb this mountain, 14,000 feet.
00:02:55.580 Never, ever in a million years think to just summit this mountain without having somebody to guide us up this.
00:03:01.160 Yet, people do this in business all the time, right?
00:03:04.820 They start a business, they want to grow, they want to get up that mountain, but they don't have anybody to guide them.
00:03:10.580 And I've always had a coach. I hire coaches for fitness. I hire coaches for anything I want to learn.
00:03:17.040 I mean, Clarity, my business, is essentially paying people to get advice on the thing you want to learn.
00:03:22.100 So having a business coach, having a personal coach is a really, really important strategic decision.
00:03:27.880 You can pay them anywhere from $150 an hour up to $5,000 an hour.
00:03:32.940 We have coaches on Clarity. But these are people in high demand.
00:03:36.540 and you meet with them maybe once a week,
00:03:39.480 every other two weeks,
00:03:41.080 it really all depends on your needs.
00:03:43.680 But anyways, those to me are the three things.
00:03:45.560 I think people confuse advisors and coaches.
00:03:48.540 You know, they're two different things.
00:03:50.120 Mentors, again, you never ask them to be a mentor.
00:03:52.680 And that's really my framework of thinking
00:03:54.380 of the three major pillars of groups of people
00:03:56.980 that I put around me
00:03:58.720 so that I can build the biggest and best business I can.
00:04:01.500 So I'm sure I will see you next Monday.
00:04:04.320 I release these every Monday.
00:04:05.420 and I would love if you'd leave a comment below.
00:04:08.600 Let me know what was the biggest takeaway from this video.
00:04:11.360 What did you learn?
00:04:12.640 Share it below so that I can kind of learn that
00:04:15.080 and other people watching this video
00:04:16.400 might learn those lessons as well.
00:04:18.880 So have an amazing day and I'll see you next Monday.