A Business Mentor Is Key for Every Entrepreneur! Here’s Why.

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When starting out in business and even as time passes by, advice and vital learnings will go a long way. There is a whole lot of steady information readily available from a number of sources when it comes to business. 

The information can range from the likes of:

  • Business news
  • Industry developments
  • Industry opportunities

The sources can be amongst the likes of:

  • Casual acquaintances
  • Consultants
  • Employees
  • Family
  • Friends
  • Good networking contacts
  • Industry analysts
  • Online gurus
  • Publication

These sources can also offer expert knowledge when it comes to certain needs or situations. Business mentors are the best source, on an ongoing basis, of vital advice on topics beyond your areas of expertise. These conversations can have a direct and lasting impact on the growth of your business. 

Business Mentorship Will Go A Long Way

A business mentor is someone who gives you advice and support to help you run and improve your business. The mentor might be in the same room as you or talking with you online, depending on what works best for the two of you. This person can offer ideas, insights, and concrete solutions and can point out potential problems that you might otherwise not see. 

Mentoring: Formal and Informal Sessions

The nature of a relationship may vary from fairly casual to fairly formal. For instance, you might only talk to each other on the phone or visit each other once a month. Alternatively, you might decide to set meeting agendas and discuss business objectives.

Your mentor may stay in touch with you through in-person meetings at your facility or during business or networking functions. Sometimes your mentor will just call you, or sometimes you’ll meet for lunch. Sometimes mentors stay in touch with you by emailing you links to interesting articles or possible business prospects. Some mentors may even be in close enough contact that you can talk to them about personal issues or consult them for advice on a variety of topics.

Key Benefits

  • “Been there done that” – Your mentor doesn’t need to be up-to-date on the latest technologies, but they can still help you learn. The role of your mentor is to share their knowledge with you so that you can use that information to succeed.
  • Great source of advice – Once you launch your business, you need people to review your webinars so you can make improvements and keep them effective. You also need a second opinion about which steps are critical for your online business to succeed. And, sometimes you simply need emotional support when the going gets tough (and it will).
  • It’s (mostly) free – Good coaches and consultants may be able to offer some things that mentors cannot, but you often have to pay several hundred dollars per month, if not more. Mentors, on the other hand, are readily available through a number of organizations, such as SCORE (Service Corps of Retired Executives).

Conclusion

Business owners go a long way when they have advice and vital learnings at hand. Mentorship plays a major role here. It can be done either informally or formally, and offers entrepreneurs the ideal “been there done that” situation alongside being mostly free and a great source of advice.

Trying to find a black-owned business portal where you can make meaningful connections? Check out Black Business Global today! We support small businesses and entrepreneurs in Canada through mentorship, leadership development and education.