Young Business Network

What Is A Mentor?

The term ‘mentor’ has been much bandied about over the last several years. It is given any number of meanings. In the context of entrepreneurship and people who have embarked on new business ventures, the term is normally associated with a person, who has a particular set of skills and experiences and who is available to support an entrepreneur with advice and perhaps even as a channel to business contacts.
The mentor-mentoree relationship, typically has a number of features that are, more or less, essential:

What Would I Be Looking For In A Mentor?

First up you will be looking for someone that is successful in the field that you or your business is in. The mentor is an experienced person with a strong knowledge of entrepreneurship (perhaps has started and sold businesses) in an industry which is related to the entrepreneur’s business idea or start-up.
The mentor and mentoree enter into an arrangement (could be fee for service) which establishes regular meetings and/or conversations.
A mentor will often be available to be “at call”.

How Or Can A Mentor Help Me?

A mentor will often determine the scope of his or her mentoring. This mentor-mentoree relationship is seldom about “my biggest customer is not paying his bills, what should I do?”. It is usually more strategic but with mentor support for technical issues such as understanding the obligations of an employer and understanding how to best present the business to a bank or investor.
Most mentors will be honest and forthright in their views, so be prepared to take criticism. Most mentors will have a very busy schedule as many are still in business and under-taking mentoring as a “service”.
Most young entrepreneurs in particular will have natural mentors within their circle of family and friends. There is almost always an uncle or a cousin who has been in or still is in business that could act in a mentoring capacity perhaps in a less formal role than outlined earlier but none the less, potentially value. Most people are only to be pleased to act as a mentor to a young entrepreneur.
An entrepreneur who is willing to learn can save a good deal of time and money and reduce use the amount of ‘headache’ involved in starting a business by being prepared to listen with both ears to a mentor’s input.

What Does A Mentor Cost?

As mentioned earlier the fee question is an open question. Many smart entrepreneurs create a website with forums and blogs which, in a fashion can attract mentors. Sometimes mentors can be like-minded (and like-aged) individuals who are at a similar stage of their business development but who have had experiences that can be shared with another entrepreneur.
In today’s wired world where social networks are the buzz, it would an opportunity foregone if an entrepreneur did not “wire” themselves in to as many networks as possible and make sure they tell the people what they are doing (short of giving away commercial secrets!).

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