Demystifying Entrepreneurship With The Help Of Business Mentorship. Know How?

Business transformation
Published on
August 11, 2019

Being an entrepreneur is an exciting experience. At the same time, it is a great responsibility towards your team members, customers, investors, and most importantly, your family. How to attract the top talent and guide them to achieve great things for the company? What is the suitable business model that maximizes adoption and revenue?  

Also, how can a small business expand with limited resources? How much equity to give to various contributors? How do you know that you are not committing any mistake? These are all critical questions in your entrepreneurial saga that need the dynamic presence of a vested mentor to find real-life answers. A vested mentor is someone who has not only been there done that but has an interest in your success.

A good business mentor is someone with more entrepreneurial business experience than you and one who serves as your trusted confidante over an extended period. While you as an entrepreneur can benefit tremendously from a mentoring relationship, the benefit a business mentor expects from this relation is accountability and acknowledging their help for your venture. A good mentoring relationship always works in both directions - it can be a Win-Win partnership. A trusted business mentor can provide a clear vision for your business, connect you with potential clients, unbiasedly point out flaws/holes in your business plan, and brainstorm new ideas with you.

Business mentoring can be defined as a process that dramatically enhances the entrepreneur's skills in their current role and grooms the entrepreneur to be a mentor in the future. It empowers you to make decisions that define you, your influence, and your efficiency.  

Keeping the following considerations in mind will help you get the most out of your business mentorship.

Defining a clear goal –  

Identify the pain points you want to get advice from an external expert, and then zero in on the right mentor for the same. A person who can successfully lead you on cost-effectiveness and budget constraints may not be able to enlighten you on the best marketing strategy to adopt. So give shape to your needs, or else you will land up with an evil mentor.

Analyze and work on guidance provided-  

Mentors appreciate mentees who are eager to understand and act on their recommendations quickly. However, you should know the difference between blind acceptance and reflective practice. Comprehend the cream of the direction and thoroughly implement action items.

Understand your responsibility-  

Remember, the best mentors are busy people, and wasting a lot of their time is something they wouldn't entertain. The best way to reach out to them is by doing thorough homework, getting a clear perspective of the issue at hand, and taking small chunks of their time to talk about it. This way, you could even make the best out of the ten minutes you might get with your mentor in private.

Understand the distinction between a mentor, a coach, and a friend –  

If you expect a mentor to tell you what you want to hear, you would probably get disappointed. Remember the difference between a friend and a mentor. While a mentor won't beat around the bush and directly address the specific situation you are in, a business coach will be focused on helping you with generic skills. The same person can't be all of these.

Keep your mentor updated-  

Making it clear that you are following through makes a potential mentor more open to assisting you as it is positive feedback on your association.

Reach out to a business mentor who is inspirational, impressive, and expert in their niche segment. Mentor Cloud has a connected network of hundreds of mentors who find immense satisfaction in contributing what they gained from the industry. They are more than happy to add value to someone else, and in the process, learn about themselves and their leadership style and influence.  

Having hassles operating inside a start-up? Need suggestions for perfecting your tasks inside the organization? We are at your service!

If this post resonated with you, check with your organization to see whether you are part of the MentorCloud network. If not, sign up for a demo here! Our vision is to create a mentoring planet in which true equality is achieved, and hard work is rewarded, but it's only possible with your participation.

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