Article Contributed by Jenna White
There are so many places to find sources of information for your new business. Friends and family can be a wealth of advice, and online articles and other sites can give you a lot of information. However, having a mentor could mean that you will have the opportunity to receive wisdom frequently and for a long period of time from an experienced professional in your field.
What should a mentor do?
As you start your business, you may find the process confusing. You may also have a lot of questions specific to your business, but the answers are hard or impossible to find on your own. If you try facing this process on your own, you will be more likely to fail, so finding someone who can steer you in the right direction is very important.
Your mentor should be someone with more experience in entrepreneurial business than you. They are there to provide trusted advice over an extended period of time, and they usually provide this service at no expense to the mentee. This is because many business professionals who offer to be mentors want to give back to their community while developing their skills as a teacher, manager, or consultant. Through the process of mentoring, they should be able to learn just as much from you as you learn from them.
Benefits of having a mentor
There is a very long list of benefits that may come about while working with a mentor. Here are just a few:
• Someone to turn to – You are now the boss of your own business, so there isn’t a manager or anyone else more important to turn to when you have a question or are in need of critical advice. At this important time in your life, and in the life of your business, you don’t have to be alone. Sometimes, a second opinion and emotional support can be just as important as the money you make.
• Learn from experience – You can learn from the mistakes and successes of your mentor. From there, you will be able to use their strategies as a guideline for your business.
• Free service – Most of the time, mentors will offer to be a guide for your business with no expense to you, while other consultants may come at a price. This can be a great option if you are on a tight budget.
• Networking – Your mentor could also help you expand your social network with the contacts they have added to their social network over the years. These contacts with other business professionals could help you gain access to important people who could help your business grow.
• Build a relationship – A paid consultant usually has one thing on his or her mind: money. A true mentor has no ulterior motive, and should want to help you in any way they can. This creates a foundation of trust and friendship that will grow stronger during the years you will work together.
Important factors in a mentor relationship
When you are looking for a mentor, it is important to remember the following traits a decent mentor relationship should have.
• Teaching and advising – The mentor is only there to advise you in a time of need. They should not try to interfere with decisions made by you or anyone else in your company. You should feel comfortable seeking advice, but just as comfortable when you decide not to accept that advice.
• Confidentiality – Both the mentor and the mentee should be confident that all discussions between them will remain completely confidential.
• Know the limits – There should be a boundary set from the beginning as to what lines can and cannot be crossed.
• Communication – Know from the start of your mentor relationship exactly how you will communicate. Whether it’s through scheduled, face to face meetings, telephone conversations, or through email, you should make your preference known.
• Time limits and commitments – Find out how long the mentor plans to be available for you, and how much time they are willing to give you each week, month, or year until that time is up. Setting a schedule could help avoid misunderstandings later.
• Openness and respect – Both parties in this mentoring relationship should be completely honest with one another, yet respectful at the same time. Withholding important information could be very damaging to either party, and even the most devastating information should be reviled with courtesy and received with an open mind.
• Professional – The mentor relationship should always remain professional and not personal.
Jenna White is an author who works for a company promoting educational services for personal finance. They specifically want to help small business owners learn about credit cards.