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I recently watched a clip from a Masterclass by the South African entrepreneur and speaker, Vusi Thembekwayo, and it struck a chord. Vusi emphasized the three important relationships for entrepreneurs: Coaches, Mentors, and Sponsors, or CMS. He stressed the importance of these relationships and that understanding them can be the difference between struggling and thriving as an entrepreneur. In this article, I will share more about these roles, explaining who they are, what they do, and why they are crucial for your success as an entrepreneur.
Coaches
Think of a coach as the person who helps you sharpen your skills, hold you accountable, and push you. As an entrepreneur, you’re constantly evolving, and having a coach means you have someone dedicated to refining your abilities. Just as a football coach helps a footballer refine their skills, develop strategies, and stay motivated, a business coach does the same for you. They can offer expert advice, help you set achievable goals, and push you to reach your full potential. The business environment can be unpredictable, a coach helps you navigate these uncertainties. Imagine you’re in the early stages of your business, struggling with your business operations and wondering how to make everything work. You approach a coach who analyzes your current routines and helps you develop and structure your business operations. Such guidance as these can significantly accelerate your progress and ensure you’re always moving in the right direction.Mentors
A mentor is different from a coach. While a coach focuses on your skills, a mentor provides you with wisdom and experience. Mentors have walked your path, and they understand the unique challenges and opportunities of entrepreneurship in Nigeria. They’ve been there, done that, and have the scars to prove it. A mentor is invaluable in your entrepreneurial journey because they offer guidance beyond textbooks and theories. They share their real-world experiences, successes, and failures, giving you a blueprint. For instance, as an entrepreneur trying to break into the tech industry, having a mentor who has successfully launched a tech startup can be significantly beneficial. They can introduce you to the right networks, advise you on how to pitch to investors, and help you navigate the regulatory environment in Nigeria.Sign up for the Connect Nigeria daily newsletter
The relationship with a mentor is often more personal than that of a coach; mentors invest in you because they believe in your potential. They’re not just there for business advice—they help you grow as a person and a leader. They offer a long-term perspective, helping you make beneficial decisions now and in the future.
Sponsors
Sponsors are perhaps the most underrated but equally crucial relationship in your entrepreneurial journey. Unlike coaches and mentors, sponsors have the influence and power to open doors for you, especially in rooms you might not have access to. They are advisors and advocates who actively promote you and your business, helping you gain opportunities otherwise out of reach. Sponsors are often senior leaders or influential figures who have the power to open doors and create opportunities for you. Think of a sponsor as someone in the boardroom when you’re not there, advocating for your inclusion in high-stakes deals or pushing your business to get that lucrative contract. In business, who you know can often be as important as what you know. So, having a sponsor can be a game-changer. A sponsor can be helpful to your business by endorsing you to key stakeholders, recommending you for high-profile projects, or even facilitating partnerships that can take your business to the next level. Sponsors see your potential and are invested in your success.Register to attend the CN Business Mixer
Concluding Thoughts
As you build and grow your business, the relationships you cultivate will play a critical role in your success. Coaches, mentors, and sponsors – the CMS of entrepreneurship, as Vusi Thembekwayo aptly puts it – are the three pillars that can support you through the highs and lows of your journey. Take the time to identify and cultivate these relationships. Seek a coach who will push you to be your best, find a mentor who resonates with your vision, and connect with a sponsor who believes in your potential.Featured Image Source: Inc.Magazine
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