Business mentoring-also commonly known as mentor acting-is training or coaching for an established business leader or senior executive to guide an aspiring or soon to be an entrepreneur that operates as part of a small or mid-sized business or professional practice. It could be a formal business mentor program or one being established by a group of individuals. Mentoring is often valuable as a guide to guide an aspiring business owner or professional to make decisions that may require critical thinking such as keeping an eye out for the best opportunities or opportunities to improve a business’s or a professional’s performance. The advantages include accelerating business careers and providing effective training and guidance to an aspiring or future business leader.
In large African countries, new entrepreneurs often consider the US as the model of business. This is due to the ease with which aspiring entrepreneurs can obtain financing and support here, as well as mentoring being available for new business owners. In other countries, aspiring and new business owners may have a difficult time finding mentors to teach them how to perform their relevant duties and responsibilities.
For new franchise owners or business owners to obtain the best possible guidance and advice for performing their respective duties, one option often taken is to engage a business mentor or guide. When searching for the right business mentor, consideration needs to be taken into whether life as an entrepreneur with the company he or she operates is being planned in the right way.
The good and the bad points of a business mentor are as follows.
The good points are:
- They provide a safe and open framework for a business owner or aspiring entrepreneur to focus on and test concepts, methods, and processes for the intent of testing, refining, and trying out or creating a new business.
- Business mentors provide insight, knowledge, experience, and perspective over things learned from their own experience and the experiences of others to enable him or her to gain the needed skills to perform as an entrepreneur.
- Having someone who can help guide you to make effective decisions regarding decisions regarding autonomy, accountability, and ownership.
- A mentor can be a person you trust and has different experiences from your career or business journey that can provide useful input and insight into the challenging aspects and ways of your business success.
- A growing business is bound to be somewhat of an exhilarating adventure. Having someone alongside you can act as a sounding board to be a sounding board for you to review, take things in, and act objectively.
With all of its positive points and purposes, it is important to ensure that you have chosen the right business mentor to guide your business.
Simple guidelines while choosing a business mentor
- Does the mentor own his or her own business? If you are just paying for mentoring, for example, you should choose someone whose experience is your business. If a business mentor does not own his or her own business, this is not necessarily a bad thing, since the mentor will have their interests to consider and the drive, motivation, and experience to draw upon. The focus of this part of your professional or entrepreneurial team is on the mentor. It can also be more intimidating if your mentor does not have his or her own business. If that is the case, the emphasis will be on his or her skills, experiences, and perspective.
- Commit and have set a specific time to find out about their business, their life, and their perspective.
- From the research, you will get some things that may be obvious but will certainly be worth exploring further. For example, you may be able to give your mentor better and quicker customer feedback. If this is not obvious, perhaps you can take it into your own hands to give the customer some feedback yourself. By doing this you can also gain a better understanding of both your mentor’s and your business goals.
- Ask for references from any of their personnel or clients or business partners. You can also get some of their contacts, people they do business with or have their businesses. Try to quantify this by asking them questions like: ‘How are you (personally or organizationally) in this market?’ Or, ‘How long have you been in your particular business?’
- Research your prospective mentor well and keep your decision until everything is set.
- Set up a one-on-one or group session that takes into account the business objectives or objectives of the mentor as the person being the mentor, what motivational factors they provide, how you work together, and what outcomes will be anticipated.
- Make sure that the right business mentor will match your particular personality, personality, and business needs.
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