ntrepreneurs are generally viewed as go-it-alone type workaholics who assume an enormous amount of risk and then optimistically hurl themselves into the market in search of profits and success. But no one can really do it alone. Everyone needs someone with whom to share problems and from whom to receive advice and support.

The payments industry was built by many such individuals. They have launched, grown and sold successful ventures only to have another great idea and start anew. And they likely received some help along the way. We asked members of The Green Sheet Advisory Board the following questions about their business experiences with seeking and providing advice:

• Have you ever served as someone's mentor or mentoree?
• How did you come across each other?
• What was unique about your experience?
• What did you learn from the relationship?
• What did you gain - personally or professionally- from it?
• Did you find the relationship beneficial?

Because we received very thoughtful answers, we've divided this story into two parts. Following is the first set of GS Advisory Board responses, in alphabetical order:

"I came from an entrepreneurial background, having successfully grown a payment software company for six years. During that period, I was fortunate to have a great, hard-working team of individuals who contributed to the success and growth of the company.

"[It] was very profitable and ultimately purchased by a large terminal hardware manufacturer.

"During that time, I had occasion to work with a number of fledgling companies who were looking for guidance on how to be successful in our industry. On many occasions, these small companies would have a great idea, but needed help in how to price, position and market their products.

"They would show up to partner or sell the product or service to me, and I would often express certain objections that I would see.

"Rather than just turn them away, I would often try to help the company understand how they could reverse the objection by making changes in product, pricing or even approach.

"It is incredibly rewarding to see some of the companies or individuals make adjustments and become successful in our industry."

"I do believe mentoring is very important. I like to serve as a mentor, and I have also been mentored by a few different managers throughout my career. Here are a few things that come to mind when I think about mentoring, that I have either learned from mentors or have used myself:

"There are no stupid questions. A person must ask questions if they are to learn new things. Never make someone feel slighted if they ask a question.

"Empower people to make decisions and believe in themselves, and understand that they will make mistakes. Ask your team and staff for feedback when you have an idea, or offer feedback when they have a new idea.

"Hard work and persistence pay off. This is a given, especially in a sales environment."

"Inevitably, in the course of advising clients on legal aspects of merchant acquiring agreements, I am asked to weigh in on strategy, business and management issues. ... I am not a businessperson, and I am therefore cautious in dispensing advice on any topics other than those for which I have comfort and competence.

"In relation to advising on strategy, I find that deep down most agents know the answers to their own questions. They just need someone with whom they can talk through all the pros and cons of a given decision.

"Colleagues and spouses sometimes lack the objectivity or experience necessary to help an agent talk through important strategic decisions. That's where someone else with experience in the industry can be very helpful. ...

"As is the case with many lawyers, I sometimes feel like I take confession from all kinds of people in our industry. My perspective is unique because I learn the opinions of hundreds of agents who each have a unique experience and point of view.

"Fortunately, good and bad experiences in this industry repeat themselves, so the cumulative experience of one group of clients ends up helping all my clients.

"My experience is also unique because I have, and I deeply appreciate, a position of trust with my clients, which is at the heart of my practice.

"I have learned, perhaps naively, that the vast majority of people are honest and well-meaning. That honesty and good faith permit our industry to flourish despite the risks and occasional incidents of dishonesty. ... If you do not extend trust to others, you will hamper your ability to grow as an entrepreneur. Too much trust is, however, foolish.

"I have gained tremendous respect for agents in the merchant acquiring business who are out in the field generating new accounts.

"Agents in the field are the lifeblood of our industry on which we all depend at the end of the day.

"Aside from earning a salary, the principal benefit from advising agents is learning the countless stories of dreams, achievements, betrayals, defeats and successes that are their day-to-day experiences.

"Without getting too philosophical, these experiences are educational for me as to the character of people and specifically the professionals who inhabit our market."

"On any venture I have been involved in, I usually have had a business partner. ... In most of these cases, my partner and I became both mentor and mentoree to each other.

"In all cases, these people actually were working for me or I was a manager of sort over them. They had vast [industry] experience ..., or they had a strong history in general business itself.

"The main thing I learned being in business was to continue to work hard, save money and learn from my peers by watching and listening to them.

"My parents were also a strong influence as they were financially successful. And that success was due to their hard work over the years. My dad actually retired at age 50.

"To succeed in a partner relationship is a lot like marriage. You have to have real underlying trust for the partnership to thrive. You have to believe in your partner no matter what someone else says or thinks.

"Part of the belief is reinforced with strong communications and, most importantly, trust that the other partner has your best interest in mind along with the company's.

"What usually kills a good relationship is money. If one partner is responsible for the money, you have to be extra careful about full disclosure of where, what and when funds are disbursed. The other partner has to be provided with actual financials and payment details whenever you want to see them.

"This is all part of true trust. If I have any one thing to advise those persons in a partnership environment: Review the financial information and checking account balances on a daily basis or at least have the ability to.

"The other partner who is responsible for producing those items should welcome your interest and review. If he or she does not want to provide that detail, or discuss the detail, then something stinks.

"If your partner does not have a strong ... ethical and moral sense, you have trouble. Get involved in any discrepancy early or you are going to get taken advantage of. No matter what it costs, an outside audit of the financial status of your company will confirm the strength of your relationship.

"In some cases, the relationship was definitely beneficial; in others it was utterly disappointing. Success is trust, general happiness and ... financial security."

"It is interesting to me that you ask this question, because I have thought about it a lot. While I have never had a true mentor myself, I have looked for and wanted one. That having been said, I have learned many important lessons from many different people along the way.

"My own definition of a mentor is a sort of go-to person who gives unselfishly of their time and wisdom without too much of their own agenda or expecting too much in return.

"I have tried to mentor my executive team, and while that might not be a pure mentor relationship since they work for me, our relationships go beyond the X's and O's.

"Learning what it means to be a professional, [as well as] dedication, integrity, creativity, discipline, problem solving, risk taking and leadership are always the major themes and goals surrounding any problem. I have come to value the counsel of our team and their advice as much as I hope they value mine.

"When I have problems our team cannot solve, I draw upon a network - mostly of friends who own their own businesses. I try to draw upon their experience and advice. Even though they don't work in our industry, the problems usually translate to all fields.

"Problems with personnel, finance and marketing are universal. It is often more important to go outside our team and industry to get a fresh perspective. I have found my personal network of friends invaluable on many occasions.

"As for mentoring our team, I have a vested interest in helping our executives develop to the best of their abilities. I find it hugely gratifying to see them grow.

"I have been with many of them over 10 years, and to chart their progress in that time is remarkable. And to have played a small hand in that is very rewarding.

"I can't say anything was unique, but the problems are often those that keep you up at night. They are sometimes complex, and each problem brings a slightly different set of circumstances and therefore different approaches.

"I have learned only in the last few years not to use hard and fast rules for each situation. Rigidity is a result of laziness or lack of creativity.

"I would recommend to those looking for a mentor or to mentor someone to always be open to learning something from those you interact with. Be open to not having all the answers.

"Be a good, compassionate listener yet firm in your convictions. Our executive team is just as smart as I am, but may not have all the same experiences or temperament for risk or being subject to criticism.

"Building a successful business is about making money, but the relationships you build are the extra credit."

"I would like to think I have played some minor mentoring roles to many of our ISO partners across the country.

"While we have over a thousand ISO partners, I believe I have probably taken a bigger role in helping our MSPs [merchant service providers] who have gone down or are going down the road of registration with Visa U.S.A. and MasterCard Worldwide.

"I know they are going to experience many of the same challenges and obstacles that I went through as they build their organization.

"As for being mentored myself, I was fortunate to have two influential figures around me as I grew up in this business: Mario Parisi from Merchant Services Inc., and my father, Donald Isaacman.

"These two represent extreme opposites of each other. My father is a phenomenal salesman, marketer and diplomat. Mario, on the other hand, has a more aggressive approach to business.

"He is very cost conscious, focusing on profitability. He's basically a wizard with managing money. I would like to think having both these important people in my life helped shape me as a professional in this industry. I appreciate everything they have done for me."

We thank the GS Advisory Board members who responded to our questions. Look for Part II of this story in the next issue of The Green Sheet.