Having a mentor is the best thing a new business owner can have. Entrepreneur mentorship is an opportunity to put the statistics back on your side by having someone who’s ‘been there done that’ give you insight into the ups and downs of starting, managing, and growing your business. Mentors provide valuable answers to questions, offer guidance on specific challenges you’re facing, and connect you to local and national resources. They also can suggest workshops and events to help you fill in knowledge gaps you might have.
Entrepreneurship mentoring can be informal and free through friends, family, and personal networks or formalized through business mentorship programs. One-on-one entrepreneurship mentorship pairs an experienced business person with a new entrpreneur and schedules regular sessions. Group entrepreneurship mentoring involves multiple mentors and a group of mentees. Mentors meet to review and discuss a mentee’s business goals and challenges. Mentees are encouraged to challenge the mentor’s ideas & suggestions and provide feedback on their business.
While mentorship and coaching both offer support to entrepreneurs, they have different focuses, approaches, and costs. Mentors offer a more flexible and long-term relationship, while coaches are more structured and typically have a set fee for their services. If you know an entrepreneur who’s been successful, or have met them at a business event, reach out to them and let them know that you admire their work and would be interested in learning from their experience. If you’re lucky enough to find a mentor, it’s always great to show your appreciation by treating them to coffee or a meal when possible.