A-Z OF STARTING YOUR OWN BUSINESS: MENTORING

In the fourth of our ten part series for start-up businesses, we zoom in on the value of Mentoring. Discover how mentoring can advance the growth of your business.

SCOPE OF MENTORING:

IN THIS COMPLETE GUIDE, WE EXPLORE HOW THE BUSINESS OF MENTORING NOURISHES START UPS IN ACHIEVING SUCCESS.

The history of mentoring dates back to when Homer cast the character, Mentor, in his poem, The Odyssey. Mentors are akin to visionaries who use their knowledge to guide people. In business, mentoring is a firm phenomenon usually with an older member of staff taking a new arrival or team under his or her wing to guide them forward. However, professional mentors, taken on by a business, are becoming more prevalent to the structures of emerging enterprises.

Generally, a mentor is an experienced professional with a wide depth of knowledge about how to effectively manage and grow a business. Mentors are in a position to guide a business in many strategic spheres from marketing, staff development, implementing strong financial systems, to attracting external investment and venture capital for expansion into wider markets.

CREATIVE MIX

CHOOSING THE RIGHT TYPE OF MENTOR IS ELEMENTAL. A MENTOR SHOULD:

Be a good communicator. Have strong courage of conviction to be honest with a business owner. Align with the goals and direction of a business. Have the right gage of skills and expertise relevant to the business.

As an emerging business owner cannot be expected to produce high results and maintain competent in all business locales, the value of mentor is their objectivity and capability in areas relevant to the direction of a start up business. A mentor quickly becomes a valuable interface between the internal activities of a business and its vision and outlook, particularly in the areas of marketing and in taking calculated risk. In assisting businesses to realise their potential and achieve goals, an expert mentor can bring a high level of supportive proficiency.

FINDING THE MATCH

During the stages of its development, a company will require a mentor to work with its diversifying priorities and challenges. Therefore, it is crucial to choose the right type of mentor from the outset. So how does one go about it? In preparation, it's important for an owner to include in their business plan how they envisage the mentor aligning with the organisation. There are many entities who can assist a start up enterprise in choosing the right type of mentor. Sometimes, a business can source a mentor through their involvement with an entity or trade body. When approaching an entity for a mentor, a business owner should select a shortlist of at least three mentors and pick their preference from there.

RELATIONSHIP BUILDING

Most start up businesses will tell you that building up a trusting and open relationship with a mentor is crucial to determining the value mentoring can bring to their business. At the initial meeting, a business owner must clarify to their mentor what they hope to achieve by having their involvement. Once the mentor sees that the owner is committed and knows what they want to achieve, they can then progress to the next stage of the business relationship.

THE PROCESS

What starts off as a formal relationship can develop into an evolving and ongoing affiliation. A business owner who is capable of nurturing a positive rapport with a mentor is in a very strong position to progress their business in the right direction. However, the mentor must also have full conviction in the business and, unless they can envision themselves working in parallel with the goals of a business, will usually not get involved.

STRENGTHENING CORDS

Developing good bonds with a mentor takes time and the more a business owner can meet with their mentor, the better. First of all, a mentor will want to see how the business itself is functioning from the inside and will quickly discern the types of interaction happening within an organisation, particularly between an employer and employee and between employees themselves.

However, a mentor is not a spy but a person who has the advantage of being slightly detached from a business and in an exceptional position to comment on where a business needs to change or redirect its focus.

THE AVENUES

Once a business is established and on track for a while, the owner may decide that a mentor is no longer necessary. In other situations, the mentor may continue to assist in the organic fruition of a business, from accessing new markets to developing future partnerships and in locating venture capital. While an emerging business owner remains the dynamic behind their business, a mentor provides a positive passage to progress. And along the journey, a great mentor can become a valued confidante and supply interactive support to your business.

ACHIEVING DIRECTION

When selecting a mentor, consider the following criteria:

• Write up a mission statement
  This will set the mentoring process in motion and, although liable to chage, will clarify business objectives.
  
  
• Set compelling goals
  Clarify why you need a mentor and make this clear straight away. Allow for mentoring costs in your annual budget projection and determine for what length of time the mentor's services will be necessary.
  
  
• Communication Codes
  Determine how often you and the mentor will meet. Assess whether logistics will allow you to meet with your mentor on a weekly or monthly basis. Frequency of communication is key.
  
  
• Listen and Observe
  Don't expect your mentor to have all the answers. Learn from their approach and glean some of their expert strategies.
  
  
• Focus on Partnerships
  As honesty and trust develops between a mentor and a business owner, the role of a mentor will often evolve. With your mentor, monitor the evolution of you business on a regular basis.
  
  
• Two Way Relationship
  A mentor can also learn from your business as much as you learn from them.
  
  
• Networking Potential
  A mentor will help expand your networking connections, a vital consideration for start-ups.

VITAL CONTACTS: MICROFINANCE & MENTORING

MICROFINANCE

BELOW IS A LIST OF ENTITIES THAT CAN HELP WITH MENTORING

Banks

Contact your bank to determine if they have mentoring programmes or access to such individuals.

Business Innovation Centres (BICS)

City/County Enterprise Boards

Each enterprise board runs mentoring programmes for start ups on a year round basis.
Contact your local County or City Enterprise Board.

OTHER ENTITIES FOR MENTORING:

Enterprise Platform Programmes (EPP)

Each EPP provides an introduction to a support network of mentors.
Contact the following pertaining to your region: