How to find the right business mentor

25 Sep 2015

Business mentoring is a relationship between an entrepreneur or business owner and someone with business experience who is willing to act as a guide. The business mentor offers advice, guidance and support to help entrepreneurs operate and ultimately improve their business.

Business mentoring is important for those who may have a gap in their knowledge or experience. A mentor is a person with more experience in business who can help an entrepreneur hone their abilities and advise them on navigating new challenges. A mentor can be advantageous in a broad range of scenarios, whether they provide pointers on business strategy, bolster networking efforts or act as a confidante.

Business mentoring encourages entrepreneurs to think like business people. For example, you may have a great idea for a business but need a bit of guidance to turn it into a successful venture.

Benefits

Mentors can offer the following benefits:

Advice and guidance on developing and improving your business
Help with difficult decisions
Ideas for new products or services, or ways of working
Tips for your business that are gained from practical experience
Access to a network of contacts with other people
An experienced perspective

A business mentor can also help you to develop key business skills, improve your problem solving abilities and build confidence. In a business mentoring relationship, a seasoned business owner meets with a new or potential business owner one-on-one to give advice and boost morale.

Building a relationship with a mentor can have a positive effect on your business, whether you are just starting up or are already established. However, the first thing you need to know when seeking out a mentor is what you're looking for from the arrangement.

Questions to ask yourself are, "What is my vision? What does success look like to me? What is my objective? What can my mentor do for me?"

Determining what type of resource you need is a crucial first step in finding the right mentor. You may want someone who's well connected, for example, or someone with expertise in a specific area.

Where to look

Start with family and friends - When looking for a mentor, start close to home. Sometimes it is easier to confide in relatives or friends - people you know and trust.
Consider those in your extended network - Reach out to your network of contacts.
Consider complete strangers - If none of the people in your network seem like a good fit then start doing some research. Find out as much as you can about your potential mentor and try to schedule a meeting with them.
Over time, if they seem receptive, you can bring up the idea of a more formal mentoring relationship with more specific parameters and goals.
Consider someone in a similar line of business - Not your direct competition, but someone in a similar line of business can make a very effective mentor.
Tap your industry - Look to your suppliers, and even relevant trade publications for recommendations.
Pay for a mentor - Another option is to pay for a consultant to come be your mentor. This is particularly effective if you need quick access to expertise.

Having the right mentor in place can make a huge difference to the overall success and sustainability of a business. If you have the right mentor it can be life changing and extremely valuable to not only your business but also your personal development. Whether your relationship is just for a short period or is ongoing, mentorship can empower you and drastically increase the chance of your business succeeding.