Ex Goldman Sachs Wealth Manager, Jonathan Pfahl, is founder and Managing Director of the Rockstar Mentoring Group which offers entrepreneur mentoring and business funding.
What is ‘REAL‘ Mentoring? And how can it be part of an entrepreneur’s quest for investment when funds are particularly tight?
REAL Mentoring is when you are seeking guidance from an entrepreneur who has GENUINELY been there and done it. REAL mentors can be used to help you get your business funded or purely through helping one achieve financial goals in their business. The average Rockstar Mentor has started, grown and sold at least one company for £18m! In nearly every sector in the UK. Having one of those mentors, from your sector as part of your team in the business plan and then having them sit next to you helping you do the pitch is why the Rockstar Funding Model works so well.
What makes a mentor?
The word “mentor” comes from the Latin word “Mentore” which means “to emulate” or “to be like”. Therefore what makes a very successful businessman or woman that other business people want to learn from to help them achieve the same level of success.
How did the experience of setting up your own business help to shape or inform the service you provide? Was it the inspiration?
Yes it was. Setting up my own successful business was done through the assistance of having a REAL mentor show me how to do it. I then, in my spare time, began mentoring other businesses years later, enjoyed it and thus created Rockstar to scale up what I was doing and give more people the opportunity to be mentored.
What was the biggest hurdle to overcome in setting up?
Getting the brand and reputation out to the number of people we needed for it to work. Unlike a lot of startups, we had a large marketing spend but learnt very quickly that even that will not work if you are not investing in the right measurable marketing strategies for the right type of audience. What we do now to market ourselves is almost completely opposite to what we used to do… This has come from trial and error with a big budget and, in hindsight, I would have done things differently in relation to our marketing than when we started 5 years ago… But hindsight is a wonderful thing! – as they say.
Do you have one tip for people looking to fund their business idea?
YES – prove you have a market! That does not include Googling surveys and statistics online. Go out there and speak to your potential customers, explain what you would like to offer them and ask them if they would buy it from you. Better still, actually make some sales before pitching. If you have not at least sold what you do to a good number of people and can prove that you have people who are willing to buy your product, then focus everything on making that happen first before asking someone else to take all the risk!
And finally, is this Generation Startup?
YES. One of the key positives that the recession caused was to drive up the number of people who are now serious and motivated to start their own business. In the 5 years we’ve been mentoring businesses in the UK, it is clear that a lot more people are wanting to become entrepreneurs.