Former fund manager Mark Lyttleton supports the owners of early-stage businesses, providing angel investment and mentoring services. This article will explore the advantages of business mentorship from an entrepreneur’s perspective, while the embedded PDF explores the benefits from the point of view of the mentor themselves.
Whether an entrepreneur is fresh out of college or an established CEO, business mentorship is incredibly valuable. A business mentor is someone who is an expert in their field, typically bringing with them decades of in-depths insights and experiences that their mentees can benefit from.
Rather than relying on advice from well-meaning friends and family members or generic internet content, mentees can benefit from advice grounded in real-life experiences. A UPS survey of customers revealed that 88% of business owners who had received mentoring found the experience invaluable. The embedded infographic reveals more statistics about business mentoring in the UK.
The mentor’s ability to provide unique and very specific advice is one of the biggest advantages of mentoring from the mentee’s perspective. In addition, the mentor will motivate them through actionable resources and guidance. For example, a mentee might need help with their financial statements. A good business mentor will not only provide the benefit of their experiences but may also provide templates and referrals to other professionals such as accountants.
For inexperienced business owners seeking to take their venture to the next level, a business mentor can help in five key ways:
- The mentor providing the benefit of their own experience gained through their own successes and mistakes, helping mentees to avoid the pitfalls and recognise opportunities.
- Managing cash flow, guiding mentees in the right direction and helping them to rein in unnecessary spending.
- Providing mentees with the benefit of the mentor’s extensive network of contacts, potentially opening doors to help them grow their business.
- Helping founders to create an action plan, identifying the opportunities, threats, strengths and weaknesses of their market, with mentor and mentee collaborating closely to create a solid plan of action to achieve business objectives.
- Challenging the mentee to do things beyond their comfort zone to help them build confidence and experience while still benefitting from having a mentor fighting their corner, providing their wisdom, guidance and support.
Research shows that, in the UK, 70% of small business owners receiving mentoring survive for at least five years, almost double the rate of non-mentored start-ups. The embedded video provides information about potential routes for entrepreneurs to find the right mentor for their business.