Business mentoring is a relationship between you - as an entrepreneur and someone with business experience who is willing to act as a guide. The business mentor offers guidance and support to help you run, improve and grow your business.
It's likely that your mentor will stay in regular contact with you through meetings, telephone calls and emails. The nature of the relationship may vary from being fairly casual – for example, a monthly telephone call or informal visit - to being more formal and structured - such as setting meeting agendas and business objectives.
Why business mentoring is important
If you have a gap in your knowledge or experience, then mentoring could work very well for you. For example, you may have a great idea for a business but need a bit of guidance to turn it into a successful venture.
A mentor can provide you with a number of benefits, such as:
- guidance on developing and improving your business
- help with difficult decisions
- ideas for new products or services, or ways of working
- tips for your business that are gained from practical experience
- access to a network of contacts with other people
A business mentor can also help you to:
- develop key business skills
- improve your problem solving abilities
- build confidence
- work on your personal development
However, a business mentor won't sort out all your problems for you, tell you what to do or offer business advice. They don't act as consultants or take the place of any existing professional advisers.