Business mentors lever their knowledge and experience by providing advice, counsel, network contacts and political and cultural know-how, together with ongoing personal support and encouragement to CEOs and Executive Management teams.
Having a mentor; someone who has trodden the same path before you is of immense value to an entrepreneur because the advice that they give will be borne out of a similar experience to your own journey. However expect your mentor to tell you what you need to hear which may not be what you want to hear. A business coach is focused on helping you with generic skills, whereas a mentor’s aim is to teach you based on specific situations.
“There is plenty of evidence that the fastest way to business success is by piggybacking on the counsel of men and women who have already spent years learning how to make businesses succeed” Brian Tracy, How to Earn What You’re Worth.
The UK Department for Business Innovation and Skills says “70 per cent of small businesses that receive mentoring survive for five years or more – double the rate compared with non-mentored entrepreneurs”.
Working with a mentor can kick-start or re-invigorate your plans, giving you immediate access to impartial advice, relevant experience, and a great network of contacts. Mentors can helps shape and impact on everything from funding rounds to strategic partnerships, product strategy, sales, marketing, recruiting and adding overall brand value to the company.