Ever wondered what exactly business mentorship is? Interested to know if a business mentor can help you?
In this blog, we’re going to cover the why, what, where and how of business mentorship, by answering the 18 questions we most commonly receive at MentorConnex, so that in a few minutes’ time, you’re going to know:
- exactly what business mentorship is,
- whether or not it's right for you,
- and if it is, how to find your perfect mentor.
#1: What is the definition of business mentorship?
The Cambridge English Dictionary defines a mentor as “a person who gives a less experienced person advice and guidance over a period of time”.
At MentorConnex, we use an adaptation of this (we add the word “business”), as follows:
“A business mentor is an experienced businessperson who gives a less experienced businessperson advice and guidance over a period of time”.
#2. What can a business mentor help me with?
The right mentor can provide advice and guidance on almost any aspect of your business.
Typically, because of the nature of mentoring relationships, they focus more on strategic challenges (e.g. how do I create a marketing strategy) than tactical ones (e.g., how to create a Facebook ad campaign).
The following are some common reasons our members seek mentorship;
- Creating and executing a strategic business plan
- Finding new revenue opportunities
- Getting more leads and sales
- Making customer service exceptional
- Learning how to be a great leader
- Knowing who to hire and when to hire them
- Finding cash flow, or raising capital
- Creating a scalable business model
- Freeing up time to focus on growth, or life
- How to move from working 'in' the business to working 'on' it
- Exiting or selling the business
There are also more personal challenges a mentor can help you with.
In 2019, we ran a survey of 45 entrepreneurs and business owners to better understand their needs. One question related to their perceptions of the value of mentors. Participants were given a list to choose from and were able to pick as many options as they liked. Their responses are summarised as follows:
#3. What can't a business mentor help me with?
It is less about the knowledge or expertise you are looking to access, and more about the type of relationship you are seeking. Mentoring is driven by advice and guidance as and when you need it – someone to turn to when you otherwise wouldn’t know where to turn.
If you are looking to learn a new skill, you would be better with a business coach. If you are looking for someone to execute work for you, that’s more a consulting, contractor, or employee role.
Lastly, if you are looking for one off advice on a very specific part of your business (such as “how do I create a paid ads campaign), mentorship is not the best option.
#4. How long does a business mentorship relationship last?
A business mentorship relationship should only last as long as it gives you value, and you want it to continue. That is, it depends on you.
Of course, there are other circumstances when it may end, such as if the mentor’s situation changes and they are no longer available, but you are the primary driver.
#5. How often do I meet my business mentor?
It will be driven by you and your mentor, and we recommend discussing this with them at the outset of your mentorship.
However, we have found that a mentorship session once or twice a month is optimal, as a lot of ideas come out of a session that then need time to be put into action before the next one.
#6. How long do sessions last?
As with the frequency, the length of sessions is driven by you and your mentor, but most sessions tend to last between 30 and 60 minutes.
We find the most common patterns are:
- Meet once a week for 30 minutes
- Meet once a fortnight for 60 minutes
However, there are exceptions. If, for example, you have a project that requires more intense advice, you may be speaking to your mentor for longer, and more frequently. Or, if you need just a quick chat on a hot topic, it could be a quick 15-minute call.
#7. How do I get the most from my business mentorship relationship(s)?
Firstly, it’s about connecting with the right mentor for you (later in this blog, we share 5 key points to help you do this), but assuming you have done that, here are 5 top tips to set yourself up for success:
- Agree how you will engage. Setting expectations up front helps both parties.
- Set some goals to clarify what you are trying to achieve together.
- Focus on 1-2 topics per session - resist the temptation to pack to much in.
- Set consistent meeting times to build momentum, and stay ahead of the curve.
- Don’t be afraid to change at the right time (see below).
#8. What if I want to end the relationship?
Because business mentoring arrangements are often open-ended, they can sometimes meander past their ‘use by’ date.
Sometimes things don’t work out. Other times, your mentoring relationship will draw to a natural conclusion, such as when you have achieved your goals and are moving on to new challenges.
But if you are ready to end your mentoring relationship, simply be honest. Say thank you everything and explain your reasons.
At MentorConnex, we will take care of this for you (should you prefer not to do it yourself) to help you avoid that awkward discussion. And we only welcome mentors into the community that understand that mentoring relationships do not need to last forever!
#9. Where do I meet my business mentor?
A beauty of modern technology is that need no longer travel to face-to-face meetings but can connect with your business mentor anywhere, anytime – from your home office, favourite café or an island in the Bahamas.
And with platforms like MentorConnex with inbuilt video call technology, the communication is also secure and confidential.
This has the added advantage of meaning you are not limited by geography, so you can focus purely on finding the right mentor, instead of seeing who is within your geographic reach.
Plus, you save valuable travel time that can be put to better use elsewhere. Especially if you really are on an island in the Bahamas!
#10. What is expected of me?
High-calibre business mentors have zero expectations in terms of your knowledge, your business or your achievements – they are there to help, and they’ve been in your shoes.
What they do expect is your commitment, as demonstrated by actions such as:
- Turning up when you say you will.
- Being open to advice and feedback.
- Challenging them and being honest about how you feel.
- Doing the work you agree to do!
#11. What can you expect from your mentor?
Like your mentor, you are also a high-calibre businessperson whose time is valuable, so you have every right to expect a level of commitment from your mentor – especially in a commercial relationship, which we’ll cover in a minute.
At MentorConnex, every new mentor in the community must agree to a code of conduct that includes commitments to their mentees, such as:
- Represent yourself, your experience and knowledge accurately.
- Act in the mentee’s best interests.
- Hold mentees accountable to their commitments in the pursuit of their goals.
- Take notes of critical discussion/action points and share them via the MentorConnex platform.
- Share your knowledge and experience.
- Answer questions openly and honestly and be truthful when you don’t know an answer.
- Be always respectful of your mentees.
- Keep all communications with your mentees confidential.
- Respond to mentee communications including booking requests or instant messages within 24 hours.
- Be punctual for all agreed sessions booked through the MentorConnex platform.
- Cancel/rearrange sessions with a minimum of 48 hours' notice.
#12. What’s the secret to a successful business mentorship session?
As a busy person, your time is of the essence, and it makes sense to maximise the return on investment of your time with your mentor. To get the most out of your sessions, we recommend;
- Take 10 minutes to think about what you want to achieve ahead of your session.
- Share this with your mentor (so they can prepare).
- Stay on topic until you have the advice/answers you need.
- Don’t try to do too much in one session. Focus on 1-2 big issues max.
- Take notes of critical discussion points.
- Store them somewhere safe.
- Agree actions to be completed before the next session.
- Follow through and do them!
#13. What separates a good mentor from a great one?
A great mentor for me might be a good mentor for you, and vice versa.
Any ‘good’ mentor should have relevant experience of the goals you are trying to achieve or challenges you are trying to overcome.
It really comes down to finding the right fit for you – that mentor that really gets you and can provide the knowledge, guidance and advice you need right now.
#14. Where do I find a business mentor?
Thankfully, the days of relying on family and friend referrals or networking events are over, because online mentor matching platforms like MentorConnex make it easy for anyone to access business mentorship, quickly and easily.
Look for a service that finds mentors for you, has a rigorous vetting process, and – if you find reaching our cold a bit awkward, or prefer not to have to search and select for yourself – will even do the matching for you.
#15. What is the difference between a business mentor and a business coach?
It’s important to understand how they compare and differ when you are considering who will be right for you. Here’s a quick summary that will help:
The fundamental difference to be aware of is that a business coach “teaches”, whereas a business mentor provides advice based on experience.
So, as a rule, connect with a coach if you are looking to learn something new, and connect with a mentor if you are looking for ongoing support.
To give a real-world example, imagine you want to learn the fundamentals of how to lead a team.
You might connect with a leadership coach to learn how it’s done, then with a mentor for ongoing support and someone to turn to when you hit challenges or need inspiration along the way.
It’s important to remember, that experts can fill both rolls and move between the two depending on what sort of relationship you are seeking. And, it’s not black and white – often the lines are blurred, and the most important thing is to get the right fit for you.
Read more about the differences between a business mentor and a business coach here.
#16. Should you pay a business mentor?
Yes and no.
If your business mentorship has come through a family or friends’ connection, it’s most likely not expected.
Equally, if it’s a two-way mentoring relationship where both parties are receiving equal value, it doesn’t make sense.
So when should you consider paying a mentor?
When you want access.
The quality of a business mentor’s advice should not change when it is paid or unpaid. However, by being prepared to pay, you are gaining access to:
- Business mentors beyond your network.
- The best business minds – people who value their time and will respect you for valuing it, too, and they like to see you are committed and invested in yourself.
- Quick connection – get connected in minutes and hours instead of spending weeks and months networking and vetting business mentors for yourself.
- Someone who will be there when you need them - in a commercial relationship you can set clear expectations about availability.
- Flexibility – just as you can get access fast, you can easily end the relationship when it’s time.
Read more on the 8 top reasons to pay (and 4 not to) here.
#17. How do I know if business mentorship is right for me?
If you ask any successful business person, they will always have had a great mentor at some point along the road" - Sir Richard Branson
A 2014 study by the UPS Store found that 70% of small business owners with mentors survived past five years, double the rate of those who did not receive mentoring. Or, in other words, business mentorship doubles your chances of success. And having the right mentor will increase your chances even more.
But that doesn’t mean it’s right for everyone.
If you are looking for a quick fix, if you struggle to receive feedback, don’t like taking advice, or aren’t ready to invest time and effort in yourself and your business, then business mentorship won’t be right for you.
Equally, if you are looking for someone to come in and do the work for you, someone to coach you, or help you solve short-term tactical issues, there are better options out there.
But if you are looking for someone to turn to when you get stuck, someone who has been in your shoes and understands what you are going through, who can help you avoid pitfalls, quit procrastinating, make better decisions faster, be a sounding board, open your eyes to new possibilities and ideas and overall, just take some of that overwhelming mental load off you, then a business mentor could be exactly what you need to take your business to the next level and beyond.
So what's next?
In this post, we have covered the 18 questions we most commonly receive about business mentorship.
I hope that through doing so, we have given you clarity over;
- exactly what business mentorship is,
- whether or not it's right for you,
- and if it is, how to find your perfect mentor.
If you still have questions about business mentorship and whether it is right for you or if you are interested to find out how we can make meeting your ideal mentor easier than ever, then book a time to chat with us here, and we’ll answer any questions you have.
