Businesses that receive mentoring are 20% more likely to grow than businesses that don’t, according to research from the UPS Store. Business mentors are usually more experienced business owners or industry professionals who can provide advice and guidance.
But how exactly does mentorship work? And how do you know what to expect from a business mentor?
SCORE, a non-profit association focused on business growth and mentorship, offered some insights on the mentorship process in a recent email interview with Small Business Trends.
What Does a Business Mentor Do?
A business mentor’s particular duties can vary greatly based on each business’s individual needs. Some businesses secure mentors at the very beginning and work with them throughout many years, and others just use mentors for short-term or specific issues.
The format of these mentorships is also based on those needs and the availability of both the mentor and the business owner. In the email interview, Ken Yancey, CEO of SCORE explained:
“Some mentors and mentees may set up a standing meeting time and place where they check in on a regular basis. Others may only get in contact when an issue arises that requires their joint effort to tackle.”
How Can Businesses Find Mentors?
SCORE currently has a network of over 11,000 business mentors around the country and online. Interested businesses can visit the website to connect with a mentor, free of charge.
Alternatively, business owners can ask for assistance from personal connections or on social media or professional networking sites. Mentors themselves can even be resources for finding more people who can provide experience and guidance.
Yancey said:
“One great thing to keep in mind is that you also don’t need to have just one mentor. Try to take advantage of each mentor’s different expertise and ask them to recommend others who may be able to fill in with complementary fields of expertise.”
How Do You Know What to Expect From a Good Business Mentor?
Discussing SCORE’s volunteer mentors, Yancey explained:
“Some key traits we look for in our volunteers is that they are open-minded, encouraging, good listeners and have a wealth of experience to bring to the table.”
But aside from those basic traits, a good mentor can be different for each individual business. Some businesses can benefit from a more involved mentor they can constantly bounce ideas off of. Others might want someone who they can seek out when they have specific questions. A good mentor will listen to the business owner’s wants and respond accordingly.
How Should Businesses Interact With Mentors?
DO Set Goals
Because mentorship really depends on what the business owner hopes to gain from the experience, it’s important to decide what that is before starting out.
In the email interview, Yancey wrote:
“Some of us may want someone to hold our hand through each step of the process of starting a business and others may just want a spark of inspiration or a key piece of information that will start them down the right path.”
Figure out what type of mentor relationship you’re looking for and what you’d like to accomplish in your business so that your mentor has clear instructions on how to guide you.
DON’T Do All the Talking
While it’s important for you to let a mentor know what you’re looking for, it’s equally important for you to hear what they have to say.
Yancey explained:
“A mentor may view your business from a completely different perspective than you. Be fully open to their ideas and try to understand their view. This doesn’t always mean taking their advice verbatim but it’s important to be able to see your business from multiple viewpoints.”
DO Stay Organized
Aside from your initial goals, you should constantly update what you hope to accomplish in the short term and track your progress:
“Make sure you organize your thoughts and materials in advance of each meeting and set a goal for what you want to accomplish in that session. Take notes and report back to your mentor to let them know your progress and show them the results of your collaboration on a regular basis.”
DON’T Expect Them to Do Your Work
Yancey explained:
“Think of a mentor as your own personal business guru – someone to inspire and push you in the right direction, but the work is up to you.”
DO Explore All Your Options
Not every business can use just one mentor. And not every mentor can necessarily benefit your business. Assess your goals and your progress, and if you’re not happy with the results, it may be time to move on.
Yancey said:
“The only way to know is to try them out. Try as many mentors as you like until you find one that is a perfect fit.”
Images: SCORE
Aira Bongco
That’s because some business owners tend to get stuck. With a business mentor, a business owner learns that he can still get more from his business. He just needs to some motivation and the first steps to get himself moving.
Anita Campbell
Thank you, Annie, and thank you Ken Yancey of SCORE for sharing your expertise! Very informative.
– Anita
Roberta Budvietas
A mentor brings their experience and networks to add to the mentorees business. If the mentoree is open and honest then their can be magic as two heads looking for opportunities are definitely better than one. A hand up definitely moves everyone forward
Great topic and great post Annie! I wish more people took mentoring seriously. Mentorship is a way to acquire wisdom in a specific area of interest – preventing having to experience the full force of failure. I believe failure is required for success but it doesn’t have to be so severe or repetitive. I believe fellowship is important as well and falls into this category. But it is important to choose carefully whom to surround ourselves with and who mentor us. The person I will be in 5 years is greatly influenced by the people I surround myself with and the books I read – and the books that I read are heavily influenced by the people I surround myself with.
Bill Smith
Great article, and it’s good to know I can try different mentors before choosing one to work with. I have been in the SCORE system waiting to be “mentored” for almost 2 months now without ANY RESPONSE from the guy I was assigned to. I have waited weeks for this “first SCORE mentor” to return my calls and emails and he just does not seem to care. To be quite honest, my initial impressions of the SCORE organization, due to the mentor they assigned me to, are not very favorable. I need help in my business and it’s pretty clear that the person I was assigned to (and will have to change now that I know I can) just is not equipped with a sense of purpose and integrity as someone in this position should be. Hopefully, I can find a mentor who will do what the organization promises without the extreme and unnecessary delays.
My husband and I want to start a business and wanted to know what type of schooling we might need! I didn’t know businesses are 20% more likely to grow than other businesses if they receive mentoring advice. That’s a competitive edge that my husband and I could use, so I’ll look into a business mentorship program that would fit us and our budget!