This is the third in a series of articles commemorating National Mentoring Month. Each Friday in January, the Daniels Newsroom will share the stories of students, faculty and alumni benefitting from mentorship.
The entrepreneurial journey is filled with trials and tribulations, testing even the most steadfast visionaries. For many, mentorship serves as a key pillar of support, providing answers to some of entrepreneurship’s most mystifying questions.
After three decades in the startup industry, Marc Hanchak knows exactly how challenging it can be to start a business. Hanchak is a co-founder of LINK PBC, a Colorado-based product design company. LINK’s mission is to create good products through responsible development, strengthening its communities, honoring people and planet, and improving accessibility, inclusion, and empowerment. As a seasoned product designer and entrepreneur, Hanchak is using the lessons he’s picked up along the way to mentor the next generation of startup leaders at the Daniels College of Business. He’s an adjunct professor with Entrepreneurship@DU and an active mentor at Daniels, and beyond.
Hanchak spoke with the Daniels Newsroom to share more about what mentorship means to him and how it can be extremely beneficial for budding entrepreneurs.
How did you approach mentorship in your career?
I’ve been fortunate to have many people in my life that I learned from and was inspired by. As I’ve grown and taken various career and personal paths of development, the guidance I’ve received has naturally shifted over time.
What makes a good mentor?
I feel like a good mentor is one that honors the concept of legacy, believes in sharing communal knowledge and respects the preservation of history. In this day and age, technology advances rapidly and attention spans are short, and unfortunately the idea of slowing down, learning from our mistakes and listening to our elders is unpopular. A good mentor is dedicated to passing the torch and educating their mentees with as much communal knowledge as possible.
Conversely, what makes a strong mentee?
Passion and a willingness to learn are key. I love working with mentees who are enthusiastic and believe whole-heartedly in the project they are pursuing.
How crucial is mentorship to budding entrepreneurs? What are the most common questions?
I feel like it’s a balance. One on hand, an entrepreneur needs to have the freedom to explore and learn as they begin to uncover their true path, so only listening to advice only from a mentor may be too constraining in that person’s personal growth. On the other hand, an entrepreneur shouldn’t be afraid to ask for help, and a mentor can help prevent vacillation, which is often discouraging to someone starting out. Most commonly, I have found that young entrepreneurs seek advice on specific business formation, financial or technical issues and miss the more important “why are you doing this?” and “who is this for?” existential questions.
What is the best way to find and approach a potential mentor? And how do you maintain that relationship?
Talk to as many people as you can and don’t be afraid to ask for help. There is a passionate entrepreneurship community here at DU and strong ties with local businesses, so attend as many networking events as possible and share your challenges. When you find people who are willing to help, maintain those relationships by following through with your commitments. A mentor’s time is very valuable so respecting that connection is paramount.
How can mentorship foster innovation and growth in the entrepreneurial community?
Innovation is a lot of trial and error, and mentors can play a large part in nudging people in the right direction when they are struggling, which saves time and resources. Those success stories will encourage others to seek out advice and will attract new mentors to our community.