Long White Beards are not Mandatory

Mentor: noun. An experienced and trusted adviser. A person who gives a younger and less experienced colleague help and advice over a period of time, especially at work or school.
First used in the modern sense in the 18th Century, the word comes from Homer’s Odyssey: when Odysseus left for the Trojan War he left his old, trusted friend Mentor in charge of his palace and his son, Telemachus.

I wrote recently about the entrepreneur’s journey mirroring the classic ‘hero’s journey’ in fiction. That’s certainly true of the mentor: there are any number of examples in popular culture. Star Wars offers us Obi-Wan Kenobi. Also mentor this Jedi is… The Lion King has Rafiki, Buffy the Vampire Slayer relies on Giles and, of course, Harry Potter has Dumbledore.

These mentors tick all the archetypal boxes: older, wiser, there when they are needed and – in plenty of cases – a long, white beard.


The idea of the mentor also runs through business and – as an entrepreneur – you’re going to learn one thing very quickly. You will need someone to talk to. Your accountant, solicitor and bank manager will all no doubt be splendid people: however, they are not running a business like yours and your priorities are not their priorities. Your partner’s priorities aren’t your priorities either. The only person who understands is another entrepreneur: for better or worse, you have joined a special club.
I just wonder if mentoring in British business is working as well as it could…

Without wishing to sound old – but policemen definitely do look younger, don’t they? -many of today’s new entrepreneurs are younger. And I think that creates a problem in the traditional UK model of the business mentor, too many of whom – as I’m writing this on International Women’s Day – have been male, pale and stale.

That is not to criticise organisations like Business Link, or to denigrate the work that solicitors/accountants/bank managers do. It is simply to recognise that young entrepreneurs are swimming in a different pond: there must be a gulf between someone who’s just discovered Google docs and thinks its pretty nifty and someone who communicates, banks and shops via WeChat. (Sorry, it’s China’s answer to Facebook, except that it is much more than FB, its owner Tencent is worth more than FB and will shortly be making inroads in the West.)
So let’s dispense with the idea that the metaphorical long white beard is a requirement: I see no reason why a successful entrepreneur of 28 shouldn’t mentor a 24 year old with a start-up.
Interestingly, several of my TAB colleagues do unpaid mentoring work. Speaking to them there is a common thread that runs through the relationships: they like/believe in the person they are mentoring – and they like/believe in the business as well. They’re 50% giving something back and 50% nurturing a business that they believe could become a significant client.

Perhaps it is up to organisations like TAB to take a lead? It’s the Chancellor’s Spring Statement on Tuesday and I would love Philip Hammond to recognise the difference coaching and mentoring within the business community could make to the country’s future. But as one of his colleagues famously dismissed entrepreneurs as “fat, lazy and off to play golf” I won’t hold my breath…
But this really is another area why we need to start asking ‘why not?’ Thinking out loud – and hoping my colleagues will respond positively – why shouldn’t TAB have an event specifically for entrepreneurs under 30?

Let me now return to the hero’s/entrepreneur’s journey.
So our hero has pushed his breakfast round his plate, decided there has to be a better way, resisted the siren call of corporate security, explained the risks to his partner and taken the plunge.

Five, 10, 15 years down the line it is all very different. The problems are not those of a start-up, they’re the problems of success. He now employs people; the retired guy who did his books two days a week has given way to a finance director; most importantly, his family is beginning to see the benefits of the gamble he took. But he still needs support, guidance and someone who truly understands.

This, of course, is where TAB plays such a key role for so many entrepreneurs. No longer one mentor, but seven – and still not a long white beard in sight… Not only that, you learn as much from mentoring your colleagues as you do from them mentoring and supporting you.

I’m a passionate advocate of peer-to-peer coaching and the mentoring that goes with it. I think it has the potential to make a significant difference to our economy. And as I’ll outline in a fortnight’s time, I don’t see any limits to its applications – even for the biggest businesses.


A Brave New World – At Least for TAB Members

Clearly I am going mad. That’s the only possible explanation for a world in which people phone the police because their local KFC has run out of chicken. It’s enough to turn a man into Disgusted of South Milford and make him write to the Telegraph…

Assuming the nation survives being rocked to its foundations by the bargain bucket turning into the empty bucket there are rather more serious issues to deal with. Theresa May has just announced a ‘far reaching review’ of the student loan system. As our two boys get older it’s a subject I increasingly read about – and as far as I can see the current student loan system is broken. It must be the only loan where you can make your contractual payments and still see your debt increasing. Shylock would have been green with envy.

Meanwhile the Government is selling student loan debt for 50p in the pound, having already written off around £7bn – a sum equivalent to the capital budget of the NHS. The current system appears to work for neither borrower nor lender.

So some fairly shabby decision making in both big business and Government. Thank goodness artificial intelligence is marching to the rescue. Decision to make in your own business? Sit back, leave it to machine learning and the algorithms and know you’ll have the right decision in the time it previously took to sharpen your pencil.

When you first contemplate robotics, machine learning & Artificial Intelligence the headlines are nothing but doom and gloom. Robots are coming for financial services jobs first. AI to cut a swathe through middle management.

And, most chillingly of all, the report from management consultants McKinsey that AI and robotics will take 800m jobs worldwide by 2030. AI and robotics undoubtedly will take plenty of jobs. A robot arm can dispense your fries perfectly well – clearly not your chicken though. It doesn’t get sick, doesn’t need a holiday and most certainly doesn’t need including in the company pension scheme.

But let’s dig a little deeper: do technological changes necessarily lead to unemployment and – just as importantly – what do these changes mean for those of us running a business? At the beginning of the 19th Century the Luddites began smashing up weaving machinery, fearing that the traditional skills would be lost and – closer to home – that they’d lose their jobs. Mill owners took to shooting the protesters and the movement was only ultimately supressed with military force. There have been plenty of periods of unemployment in the ensuing 200 years – and all too often the first reaction has been to blame the machines.

There is plenty of evidence though, that technology creates as many jobs as it destroys. There is not a finite amount of labour: it does not follow that because technology removes one job, someone is irreversibly unemployed. The same technology may well create another job. In fact, a recent report on Silicon Valley concluded that for every job lost to automation and AI, four were created.

So where should you work if you don’t want a robot to steal your job? The answer – according to an article in City AM and sitting nicely with Silicon Valley – is in the creative sector, which is forecast to create 1,000 ‘robot-proof’ jobs a week right up to 2030. The creative sector has grown twice as fast as other sectors in this decade, and London now has 90,000 creative businesses. Clearly plenty of those are going to be one-man businesses but that is still a significant number and an increasingly important contribution to UK plc.

But it’s not just the creative sector that offers protection against the march of robots and AI. There’s also the small matter of starting your own business: never say never, but it is hard to see a time when a machine will replicate the drive, desire, enthusiasm – and potential to create wealth – of the entrepreneur, especially those sitting round TAB tables up and down the UK.

As a few of you know, I have just been away for a week’s skiing. A holiday always gives you time to think – and not always about why your sons are going downhill far faster than you are. Change is undoubtedly coming and change will be – to use the current buzzword – ‘disruptive.’ Some companies will be disrupted right out of business. But I am absolutely convinced that no group of entrepreneurs is better equipped to meet, and benefit from, change that those in TAB UK. Yes, they’re awash with drive, desire and enthusiasm – but also with a willingness to question and accept new ways of doing things. As Robert Kennedy famously said, “To see things as they could be and ask, ‘Why not?’”

Which sadly, brings me back to government and education. At the weekend, I was watching this short video featuring a clip from Jack Ma, co-founder and CEO of Alibaba. His message was short and simple: manufacturing no longer equals jobs. As he put it, “It’s not made in China, it’s made on the internet.” In the same way that we urgently need to reform student loans, so we urgently need to reform education. It depresses me to see that so much of the work Dan and Rory do is the same work that I did.

We need our leaders to act like TAB members: accept the change that is coming and prepare for it. To not only ask ‘Why not?’ but also to ask, ‘What can we do to be ready for it?’