- What's up everybody?
It's Dan here, and today I'm gonna talk to you about
the difference between an advisor,
a mentor, and a coach.
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.
It's really lonely being an entrepreneur.
And a lot of people don't kind of set up
this support group around them.
And I'm always debating that,
when people talk about, "I need an advisor."
And then I ask them what kind of role
they want to have with that person.
It sounds more like they need a mentor
or even a business coach.
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.
So, let's start off with an advisor.
An advisor is somebody that has experience in an area
that you're not strong at.
So, maybe you're an amazing marketer
but you're not so good on the finance side.
So, would find advisors or an advisor
that can help you on the financial aspects of your business.
Typically, that person has industry knowledge
because you'd want them to come with
really strong experience and context.
And you would compensate them potentially
either just as taking them out
and having them involved in your business to see it grow.
But you could also give them equity in your business.
This happens very often for technology companies.
And the frequency is maybe,
if you're working on a project that requires their review
maybe once or twice a month.
And really, their 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.
Mentors are what I like to call
the people you turn to instead of your parents.
These are typically folks that have built
really great businesses
or achieved things in life that inspire you
that you hope to someday achieve.
And you want to have them as people that you would turn to
when you've got to make those really big life decisions.
That could be where to go to school.
Should I start a company?
Should I raise money?
Should I hire this person?
Those are the kind of questions
that you would spend with a mentor.
Now, here's the truth
you never ask a mentor to be a mentor.
I have many mentors in my life,
guys that have built huge businesses
and I never, never, ever said to them they were my mentors.
I've never asked them to be my mentor.
I just understand the relationship we have
and know when to turn to them for that kind of advice.
Typically, you don't pay for a mentor.
I never have.
Again, I've never asked them
so why would they ask me to pay?
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.
And then the third is a coach.
And recently, I climbed Mount Rainier in Washington,
and as we were climbing we had these guides.
We hired guides to guide our group.
And I was thinking to myself,
I would never climb this mountain,
14,000 feet.
Never, ever in a million years
think to just summit this mountain
without having somebody to guide us up there.
Yet people do this in business all the time.
Right? They start a business,
they want to grow,
they want to get up that mountain
but they don't have anybody to guide them.
And I've always had a coach,
I hire coaches for fitness.
I hire coaches for anything I want to learn.
I mean Clarity, in my business, is essentially
paying people to get advice on the thing you want to learn.
So, having a business coach, having a personal coach
is a really, really important strategic decision.
You can pay them anywhere from $150 an hour
up to $5,000 an hour.
We have coaches on Clarity.
But these are people in high demand.
And you meet with them maybe once a week,
every other two weeks.
It really all depends on your needs.
But anyways, those to me are the three things,
I think people confuse advisors and coaches.
They're two different things.
Mentors, again, you never ask them to be a mentor.
And that's really my framework of thinking
of the three major pillars of groups of people
that I put around me
so that I could build the biggest and best business I can.
So, I'm sure I will see you next Monday.
I release these every Monday.
And I would love if you'd leave a comment below.
Let me know what was the biggest take away
from this video.
What did you learn?
Share it below so that I can kind of learn
and other people watching this video
might take and learn those lessons as well.
So, have an amazing day
and I'll see you next Monday.