Whether you’re starting your own business or managing a successful one, finding a business mentor is always a good idea. With a business mentor, you have the opportunity to learn from someone who has been through similar challenges to you.
The mentor / mentee relationship
Typically, the mentor has more experience in a given area than the mentee, and can offer insights from their experiences. The mentor benefits by giving back to their business community, and the mentee (the person who receives the mentoring) benefits by receiving wisdom and lessons learned to apply in their business. Depending on the relationship, the mentor and mentee may meet once a month or every 6 months.
We think it’s a great idea for business owners to have a mentor. Here are 5 reasons why you might consider when choosing a business mentor.
1. Learn from an expert
Imagine what someone with 20 years’ experience in your industry knows. If you face a challenge, you can be almost certain someone with that much experience would have great advice on what to do.
2. Make industry connections
A good mentor will know hundreds of people in your industry, and can make warm introductions for you. Whether you are starting out, or have a few years into the business, an introduction from someone with an existing relationship can make all the difference.
3. Gain confidence in your decisions
Your mentor should have your best interests at heart, and give you the confidence you need to take that extra step and go outside your comfort zone. You can run new ideas by your mentor as a sounding board, and flesh out concepts until you feel ready to share them with others.
4. Identify your growth areas
When someone knows you well, and they have a lot of experience, they can tell you what is easy and a stretch for you. They may suggest exploring other personal or business growth areas to ensure you have a solid foundation of experience for the future.
5. Pitch to perfection
If you go up for funding or put forward an innovation to an investor, you can run your pitch by your mentor and ensure you’re on the money. They can give you constructive feedback on how you can improve your communication skills, body language and presentation content.
How to find your business mentor
There are a couple of ways you might find your business mentor. These include:
- Networking events and workshops
- Existing industry contacts
- Professional networking sites, such as LinkedIn
- A mentoring service.
Be confident and clear when you approach your desired mentor. This will make a great start to the relationship.
Things you should know
This information does not take into account your personal circumstances and is general. It is an overview only and should not be considered a comprehensive statement on any matter or relied upon. Consider obtaining personalised advice from a professional financial adviser and your accountant before making any financial decisions in relation to the matters discussed in this article, including when considering the finance options for your business.