Role of Mentoring in Entrepreneurship

In our digital world, there are more options than ever before for those looking to launch a new company, from crowdfunding sites to affordable marketing and design tools. For that reason, entrepreneurship is becoming more and more popular. However, being an entrepreneur involves more than just being self-employed or having brilliant business ideas. 

With all the inspiring TV series where recent graduates and newly-baked entrepreneurs fast-track their careers and build business empires from scratch, many corporate employees choose to quit their jobs and become successful business owners. However, entrepreneurship is one rocky road. Mentorship can be a key to success.

A mentor is a crucial component of the career jigsaw, whether you're a recent graduate seeking to start a new endeavor or you've been in your chosen industry and profession for a few years and want to keep learning and moving up the corporate ladder.

Mentoring: What Is It All About?

You can be a reckless daredevil living on the edge and breaking all the rules while creating your own business empire. However, even daredevils need a compass to navigate unexpected pitfalls. That’s where a mentor comes in.

A mentor is a person who guides a less experienced person, also referred to as their mentee. People usually look for mentors in their preferred field or a similar one. The mentor assists the protégé in advancing and maturing professionally, frequently providing guidance grounded in their broader expertise or experience. Formal mentorship programs, personal contacts, and networking can all be used to establish mentoring relationships.

Benefits of Having a Savvy Mentor

Having a leadership mentor by your side while you climb the professional ladder may ease the overwhelming feeling of having to make all the important decisions you will inevitably face. With an efficient mentor, you are never left in the dark and are constantly pushed to move forward. We will share some more pros of having a mentor in the sections below.

Nuggets of Wisdom

Knowledge is the most valuable resource for any entrepreneur. By obtaining this costly asset with the guidance of a leadership mentor, entrepreneurs can push their businesses to unprecedented heights. If the mentors hadn't shared their business skills, learning everything from scratch and putting it into practice would take a long time. Specific knowledge and insights from mentors can help mentees succeed. Mentoring can benefit those just beginning their careers since it facilitates a quicker transition into the role. A mentor could teach a newly-baked entrepreneur, for instance, how to create their first budget and business plan.

Skillbox

One of the many advantages of mentoring is that it provides a whole new set of abilities and a brand-new toolbox. Learning from a mentor will get you further than walking this path alone because they can teach you what skills you actually need to develop. Over time, this saves you both money and time. Mentors are also available to offer fresh insights into how you manage your company. Their experiences will help address any issues that may arise.

Encouragement and Motivation

The mentee might seek support from their mentor when they have difficulty carrying out their duties or accomplishing a goal. They may be inspired to keep going forward despite all the obstacles. A mentor can also highlight their talents to inspire confidence in their mentee. 

Rock-Solid Support

Trust is the cornerstone of mentoring partnerships. The mentee needs to have faith that the mentor will offer them accurate and truthful advice and that they will act in their best interests. Because the entrepreneurial sector can be competitive, they must rely on one another to protect sensitive information when needed.

Ultimate Networking

Your mentor might not have solutions to all your entrepreneurial challenges. They do, however, provide access to growing your professional network. A mentor can put you in touch with members of their personal network who can benefit your enterprise in other ways, such as attracting clients, contractors, and investors. Mentors can also invite you to key-note networking events or conferences you may not know about.

Mentor-Mentee Relationship: Insights

It's not always easy to find a proper mentor. You must be at ease revealing some of your most private worries in the relationship, which calls for the same chemistry and trust found in close friendships.

Bear in mind that your mentor will not necessarily share your personal beliefs. In fact, some of the best mentors come from entirely different backgrounds and experiences. Seeking out people who can offer you a new perspective on problem-solving is crucial for your development as an individual and as an entrepreneur. If mentors give you advice that differs from your POV, don't be insulted or disappointed. Try this new strategy out! 

Chasing Your Perfect Mentor: It’s a Match!

Finding your ideal mentor is quite a challenge. It could take a while, but keep the flag flying. Let’s see where you can stumble upon your mentoring match.

Social Networks

Social networking platforms have helped many entrepreneurs find leadership mentors in the business world. Twitter can be a helpful resource for connecting with well-known entrepreneurs that you may find inspiring. Continue to be persistent and slide into their direct messages. In the worst-case scenario, they will say no. In fact, keep going until you hear back from someone if you're that serious in working with them.

Mentoring Platforms

A carefully designed mentoring platform helps mentees find their perfect mentor. Most of these platforms use a profile system to enhance communication between mentors and mentees. Mentors publish their backgrounds and skills, much like a dating profile, and mentees list their goals and profiles. The software then recommends mentors or mentees who would be a good fit based on an algorithm. The mentoring schedule depends on your needs: you can choose to have just one meeting with your mentor or enroll in a series of meetings.

Role Models

Finding a role model is the usual path that most entrepreneurs follow. It's okay to introduce oneself, regardless of whether you've met them in person or online for professional purposes. Inform them of your admiration for their work, your aspirations for your business, and whether they would be interested in serving as a mentor. 

One Perfect Mentee

Being a mentee is not a passive role. In essence, mentees accept to be students, but they should also be in charge of steering their own entrepreneurial ship. Mentees must, therefore, seize any chance to learn. A successful mentee is the one who takes in information from mentor-mentee exchanges and applies it to practical situations. Below are the tips on how to be an efficient mentee and get the most of the relationship with your entrepreneurial mentor.

It’s a Date!

Actually, one meeting with your mentor may satisfy your needs in full. However, if you choose to book several meetings, it makes sense to establish a regular schedule for the number of mentorship meetings you wish to have, the length of the meetings, and the mode of communication. An effective way to start getting to know each other better is through a video conference. Once you're comfortable, gradually move on to making phone calls. Decide whether you and your leadership mentor wish to send out calendar invites to preserve the time you have scheduled to meet. 

Relationship Goals

Provide an agenda to your mentor before every meeting. It might include a document you would want to go over with them, a recent project you worked on and would like their input on, or it could even clue at a potential promotion or pay boost. Follow up with a thank-you email that same week after your meeting. Mention a few key points from the discussion you had with your mentor and indicate that you would like to catch up in a few weeks in your message.

Open Your Mind

It can be difficult at times to accept a compliment or to take a step back and evaluate your own work. Likewise, be ready to receive slashing feedback from mentors. Sound criticism is part of the deal.

Your Mentor is Not Your Shrink

Always set and maintain boundaries. Mentors are not therapists. Since we are all human, it is common for personal matters to come up in your mentoring sessions, particularly if you are discussing work-life balance or have an established relationship. Feel free to vent. However, take care not to overwhelm your mentoring conversation with personal matters.

Conclusion

Entrepreneurship programs and business mentorship can point you in the direction of long-term success if you handle them properly. Mentorship helps sharing professional knowledge between individuals. A mentor develops a personalized strategy to enhance your growth on both a personal and professional level. Boost your mentoring experience with Miranna – a woman-to-woman mentorship platform.