Find the right mentor for your Small Business

• Aug 14, 2022
• |
• BestBizFinder

What is a business mentor?

Business mentors are experienced professionals who like to share their knowledge with someone who can learn from them.

They will have extensive experience in business or entrepreneurship and it is their job to be a good listener and a positive role model.

Mentors usually give away their time for free. This time commitment is often open-ended but must be organized on a regular basis to build trust and consistency.

Difference between the business mentor and the business coach

Before you start looking for a small business coach or mentor, it's important that you understand the difference. While both aim to help entrepreneurs and business owners develop their skills and confidence, there are some key differences.

·       Business Coach - Uses coaching skills to provide guidance and advice based on discussions. This is usually a professional role that you will pay for as a service. For example, you can hire a small business marketing coach to help you articulate your advertising strategy.

·       Business Mentor - Shares experience and knowledge to inspire and support someone with their goals and directions. This is usually unpaid and can focus on the both personal development and business growth.

Both directing and mentoring relationships must have clear boundaries, expectations and objectives.

5 reasons to work with the business mentor

Working with the business mentor should help you feel supported, challenged and inspired.

Here are some of the benefits of working with a business mentor.

1. Determine your skills

You probably have a good idea of ​​your strengths and weaknesses (if not, try doing a SWOT analysis). Working with a business mentor can take this a step further by helping you hone specific skills that will transform your business. For example, if you are experiencing late bill payments, a mentor may be able to offer advice to manage difficult clients or help boost your confidence.

2. Get motivated

Self-employment can be lonely, especially if you are a sole trader. A business mentor can help you the stay motivated and the focused. They will help you by holding you accountable for the things you say you will do and by celebrating your successes as you grow.

3. Make better decisions

If you and your business are alone, making decisions can be difficult. Maybe you're running a side business and can't decide if it's the right time to take the leap and run your business for the full time. A mentor is someone who can offer the listening ear and help you explore your options.

4. Discuss your ideas

A good mentor is someone you can bounce ideas off of your business. Perhaps you are thinking of developing a new product or service and don't know where to start. Or maybe you want to try the different marketing approach. Working with a mentor on a journey similar to yours (just a few steps away) can be beneficial as they can share their successes and setbacks.

5. Grow your network

A business mentor can also help by introducing you to people in their network who might be related to a particular challenge you are facing. Knowing where to go and who to talk to about business challenges can help build confidence in yourself, your knowledge, and your community.

Five steps to finding your mentor

Do your research

Find someone who can really add value to your business, rather than a more impressive name. You will get long-term value from a relationship with someone who understands your challenges.

Don't ask to be instructed

Let it grow organically. Set up a meeting with a potential mentor but do not make a formal request to receive mentoring. Seems like too much commitment.

Respect their time

If you are asking for time from a businessman, remember that it will be limited. Come to meetings prepared and get on your elevator for two minutes or less. If someone agrees to meet you for 30 minutes, don't keep them for 45 minutes.

Be open

You will only get value from the relationship if you are willing to talk about every part of your job transparently. Don't keep bones in the cupboard.

Evaluation

Not every relationship works. If the mentor does not feel that he is giving valuable advice, he should let you know. Likewise, if you feel like you're not getting what you need, don't be afraid to walk away.

Once you find your mentor, you should be ready to apply sound advice. Trust your instinct, and don't blindly follow the advice of your teacher or colleagues but remember that a good idea can easily be missed. It often takes courage to do something that doesn't fit with your original plan.