Fast-Track Your Growth With Small Business Mentoring

As a small business owner, you call the shots. But if you’re like most business owners, there will be times when you wish you could talk to someone who’s experienced similar entrepreneurial growing pains to the ones you have. That’s where having a great business mentor can make all the difference.

Of CEOs surveyed in a Vistage study, 86% said their mentors played a critical role in their career accomplishments. That statistic illustrates the importance of finding a small business mentor—and we’ve got some helpful tips you can follow to find the right business mentor.

What Is a Business Mentor?

A business mentor is an experienced entrepreneur who takes a more inexperienced business owner under their wing. The best business mentors are people who have been where you are right now. They’ve faced similar challenges, learned from early mistakes and want to give back by mentoring others who are in the earlier stages of business.

Your business mentor isn’t the same as a business coach. The difference is that you typically hire a business coach and pay a fee for them to counsel you through specific problems and issues. A business mentorship is more like a business friendship. It’s a relationship that develops through time. And it’s usually free, although there are organizations that offer small business mentoring programs for a fee.

A business mentor serves as a sounding board and can offer advice and encouragement. They can also help you expand your network and help you set realistic goals.

Benefits of Small Business Mentorship

Your business mentor has stood in your shoes on the entrepreneurial journey. And this means they can give you access to the business experience you don’t have yet. With a good small business mentor, you can count on:

Emotional Support

As a small business owner, you’re the one making all the big decisions that will determine whether your business succeeds or fails. Some of those decisions, like whether to fire a difficult employee, can be hard to navigate. A business mentor can help you look at situations objectively to arrive at the best possible outcome.

Financial Guidance and Advice

You’re going to face challenges as your business grows, and these challenges often aren’t situations where you can simply Google your way to the right resolution.

But your business mentor has most likely faced similar issues during the growth of their own business. And they can share their experience with you, guide you toward a workable solution and give you the straightforward advice you need.

A Reality Check When You Need It

Entrepreneurs tend to be creative, and this creativity usually means you’re never short on ideas. But it can be difficult to determine the true potential of a business idea when you’re examining its pros and cons within the echo chamber of your own mind.

Your business mentor, however, isn’t as close to your idea as you are, and this gives them the distance to see and point out any potential flaws or impracticalities.

Different Perspectives

When you’re running a business, there are often several potential solutions to a problem. The challenge is to choose the right solution for your circumstances.

Your business mentor will have gone through their own unique journey to get to where they are. And this means they can offer a perspective that’s different from yours. Looking at a situation through a different lens can open you up to insights you might not have reached on your own.

A Larger Network

As your mentoring relationship develops, you’ll also most likely gain access to your mentor’s network. And chances are, because of their years in business, their network will be full of other experienced, senior people in business.

By tapping into your mentor’s network, you’ll be able to connect with the people who can help your business grow into its next stage. Your relationship with your business mentor gives you the organic means to expand your network with the meaningful connections your business needs to succeed.

How To Find a Business Mentor

So, who are these entrepreneur mentors willing to take the time to help others, and how do you go about finding them? Once you start looking, you’ll see that free business mentoring opportunities are everywhere.

Your networks

One of the best places to look for potential mentors is within your own networks. And while your professional network can be a great source of mentors, don’t forget your personal network of family and friends. Remember that it’s not about who you know: It’s all about who the people in your network know.

The U.S. Small Business Administration (SBA)

The SBA offers several small business mentoring programs in conjunction with its resource partners:

• SCORE. SCORE is a nonprofit organization that’s partnered with the Small Business Administration to offer free business mentorship to small business owners. SCORE stands for the Service Corps of Retired Employees, and the SCORE mentor program maintains a large network of experienced business people who volunteer their time to act as business mentors.
• The SBA Mentor-Protege program. This program is for contractors that want to win government contracts. Eligible small businesses are partnered with experienced contractors who help them learn how to prepare successful bids.
• SBDCs. Small Business Development Centers offer guidance and support for new and expanding businesses.
• Veterans Business Outreach Center (VBOC). This program offers business mentoring for veterans and their spouses. The VBOC program includes business skills workshops, training and in-person business guidance.
• Women’s Business Centers. This business mentor program is for women entrepreneurs and offers training and support at WBCs around the country.

Formal mentorship programs

Many organizations, such as universities and business centers, offer free business consulting and mentorship programs. Try a quick Google search using search terms such as “small business mentoring near me” to see what’s available in your local community.

Online mentorship platforms

Online platforms, like the nonprofit Micromentor, allow solo entrepreneurs to find and communicate with volunteer mentors. Just add some information about your business goals and you can begin your mentor search.

Business incubators

Joining a business incubator can help new entrepreneurs get access to business consultants, marketing and sales advice and other valuable resources. Incubators typically require a formal application that includes a business plan, and some incubators focus on specific industries. A directory of business incubators is available on the International Business Innovation Association website.  

Industry conferences

Industry conferences are great places to meet experienced business people within your industry. You can often find these conferences through trade and business associations in your industry.

Local networking events

Attending networking events in your area is another great way to meet your next business mentor. From your local Chamber of Commerce to Meetup groups for entrepreneurs, you’ll find lots of opportunities for in-person meetings through these events.

The Business Mentorship Relationship

What does a good mentorship relationship look like from the inside? While it might be tempting to treat your mentor like a ready-made solution to whatever business issue you’re facing, “relationship” is the key to having a successful business mentorship.

Effective business mentorship is a two-way street. It may not seem like it, but your mentor gets as much out of the relationship as you do. While you benefit from their years of experience and a supportive ear, they benefit from the opportunity to experience new challenges through you and your business and being able to give back.

Characteristics of effective mentors and mentees

An effective mentor has not only relevant industry expertise, but also the desire to share that expertise with you. And good mentors are good listeners who treat the people they’re mentoring with respect.

In return, you want to embody the qualities of a good mentee to help you get the most out of the mentoring relationship. For example, in addition to taking charge of your own learning, you should have realistic expectations about what you’ll get out of the relationship. And since your mentor is most likely volunteering their time to mentor you, it’s important to be respectful of their time.

What good business mentorships look like

When you enter into a business mentorship, your goal is to build a lasting relationship that’s based on mutual trust and respect. It’s not a one-off thing – you and your mentor need to meet and connect on a consistent schedule.

Your mentor is there to guide you and give you business advice, not to tell you what to do. Their goal isn’t to create a “mini-me” that follows in their exact footsteps.

Entrepreneurship is all about learning by doing, and the key is to make your own, unique way forward, supported by your mentor’s guidance and wisdom.

The entrepreneurial road can be a bumpy one filled with numerous wins as well as corresponding risks. With a business mentor by your side, you’ll be able to tap into the support and guidance you need to grow your business to the next level.