Business Mentoring Programs For The Small Business Owner

Business mentoring programs are one of the keys to running a successful business. These programs connect a less-experienced business owner with more experienced groups or individuals. For promising small business owners, getting involved in mentoring programs can do nothing but wonders.

Having a mentor can accelerate the learning process through the mentor’s imparting of personal experiences, learning, and insights on business endeavors. Moreover, mentors can also give valuable advice, provide feedback, give learning and development.

What is a business mentor?

A business mentor is a more experienced, and unusually a more senior, colleague. These hardy veterans are what most of us would refer to as “been-there-done-that” type of people. And it is true – most mentors are successful in their careers and in their fields. They have fought through business hardships and have succeeded.

These vets have been through both good times and bad in the industry. But most importantly, whatever business situation calls – no matter how tough, they’ve gone through it and lived to tell the story.

What does a mentor do in a business?

The primary role of a mentor in business is that they give guidance to their less-experienced colleagues. Some of the most important contributions that a business mentor can provide are that they can offer valuable feedback and reassurance. Moreover, a mentor can also provide priceless help to the mentee by providing the latter access to his or her extensive networks and resources. Business mentoring programs can surely give an employee the much-needed help and experience in order to succeed in the company and progress in their career.

10 Business Mentoring Programs

There are several contenders for the “most important” factor to a business’s success, including the strength of the idea, the timing of the company and the cohesive force of your employees. But my money’s on experience — the industry experience of the team.

The trouble is, all entrepreneurs are inexperienced the first time they launch a business. And there’s only one way to overcome this inexperience quickly: by engaging in a mentorship or advisor program, thereby drawing on someone else’s experience. if you’re sufficiently insightful and humble, you’ll recognize the importance of asking for help and being open to external feedback. Mentors are the way to achieve this. But, how do you find mentors? There are dozens of ways, but these 10 have my highest recommendation:

1. Networking events

Networking events are designed to put people in contact with one another, making these events perfect opportunities to expand your professional network. Try to talk to as many people as you can, and don’t be too forward with your goals; wait for a potential partnership to make itself evident to you.

2. Entrepreneur ‘hot spots’

If you live in a city with a thriving startup scene, there are probably several entrepreneurial “hot spots” in the area — I use that ambiguous term because they vary so wildly. For example, there might be a startup incubator with an open workspace where you can get some work done and still meet some new people in the industry, or else a weekly brainstorming meeting among creative minds at the downtown library. Keep your eyes peeled, and attend whatever you can.

3. LinkedIn and Twitter

I’m tempted to put “social media” here, but Twitter and LinkedIn are the big players for connecting with professionals. Find potential candidates based on your industry and/or demographic area, and be sure to introduce yourself casually and unassumingly before asking for a more significant engagement.

4. Small Business Development Centers

Small Business Development Centers (SBDCs) are independent organizations that provide resources, expertise, and advice to emerging entrepreneurs in major cities across the country. Drawing Small Business Administration federal funds, state and local government funds and resources form the private sector, you should be able to find free consultation at an SBDC near you.

5. Score

SCORE is an organization dedicated to helping individuals start, run and grow their own businesses. There are currently more than 11.000 volunteers in the program, with 320 chapters around the country; you can check here for a chapter near you. Through SCORE, you can request a free face-to-face meeting with a mentor to discuss your business idea — and you may be able to form a more lasting partnership.

Related: support groups for small business owners

6. Industry

Are there any industry expos coming up in your surrounding area? Conferences or speaking events regarding your industry? If so, these are perfect places to find someone more experienced than you — and you can learn more about your industry during the search.

7. Indirect competitors

Obviously, your direct competitors will be reluctant to give you practical advice on how to succeed. Instead, seek out your indirect competitors, such as companies in the same industry targeting a different segment of the market, or companies across the country with no bearing on your local relationships. If these companies have been in business longer than you have, their leadership will have the considerable wisdom to dispense.

8. Volunteering

Volunteering is a surprisingly good way to make new connections. You’ll meet all kinds of people, from college students to retirees, all of whom will be able to teach you something new. Plus, you’ll be given back the community in the meantime and possibly improve the reputation of your business in the process.

9. Friends and family

Have you asked around your circle of friends and family? Someone in your contact list might know a cousin or former roommate who went on to become a successful entrepreneur. These types of connections are usually the easiest to build once discovered.

10. Anywhere else

The truth is, if you’re open to new experiences and new contacts, you could potentially meet a mentor anywhere. Talk to strangers. Get to know your acquaintances better. You never know who will lend you the next major insight or give you the next landmark introduction in your life.

There’s no “secret” when it comes to finding mentors: Look in the places you would be if you were a mentor; remain patient and open to new contacts, and eventually, you’ll meet someone who can help you take your business off the ground. Once you are in a mentorship, remain respectful of your mentor’s time and stay actively engaged: The more invested you are in the partnership, the more you stand to gain from it.

About the Author:

Ronan Leonard is a Mastermind facilitator and Mastermind teacher. Connecting entrepreneurs and small business owners together to create the perfect Mastermind groups or teaching self-employed professionals how to run their own groups. Small business owners are often overwhelmed with to-do lists and need impartial advice to get the right support to help them achieve their goals.