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Mentoring

November 22, 2002

"Few things help an individual more than to place responsibility upon him, and to let him know you trust him." --Booker T. Washington

Being an entrepreneur or a small business owner is a very lonely profession. You cannot talk to your employees for fear they might spread rumors or misinterpret your words. Family members normally do not understand the business well enough to give valuable insight. Yet small firm owners need advice and a chance to vent their problems. Without a guide, it is very difficult for an entrepreneur to advance his business to the next level. Working with a mentor is one superb way to solve this problem.

With mentoring you have the opportunity to get advice from a very successful entrepreneur who only wants to help you become more successful. For most mentors there is no fee involved, the mentor just enjoys the chance to help another entrepreneur. Tom Stemberg founder and CEO of Staples, a $5.2 billion chain of office supplies consults with his mentor. Katharine Graham (d. 2001), former Chairman of the Board of the Washington Post, had engaged Warren Buffet, a very successful businessman, to be her mentor for many years.

Some of the typical problems that mentors can help solve include:

1. Employee problems and employee benefits.
2. Types of funding needed (from banks or small investors) and recommended sources for this funding.
3. Developing and refining marketing channels.
4. Alternative sources of supplies for needed raw materials.

One way to find a mentor is to pay attention to people whom you admire and respect, and ask them to be your mentor. Your list of possible mentors might include successful entrepreneurs, bankers, and accountants (but not your own as this would create a conflict). Most people feel very honored to be asked to be a mentor.

First and foremost a mentor should be a good listener. If someone is not going to listen to you, then they will not really hear the entire problem you are trying to explain to them. Secondly, a mentor should have some experience in your type of industry and should have fought the same types of battles. Finally, they should be someone whom you feel very secure about telling whatever is on your mind.

We normally recommend that mentors meet with their entrepreneurs for at least one hour every two weeks. When you meet with a mentor you should have 3 to 4 very specific questions for that meeting and stick to the agenda. Send a list of questions to your mentor before the meeting. That way your entrepreneur can prepare for the meeting and this will make your time together more productive. If you meet during mealtime, it is also a good idea for you to pay for your mentor's meal as you are getting free advice.

While there are many benefits from being mentored, the mentor always receives many perks as well. First of all, the mentor is giving assistance to others, which is a wonderful experience. Secondly, by seeing another business, frequently mentors pick up ideas of how to help their own business. Finally, it is a chance for you to get away from only being concerned with your business, which is welcome respite.

Mentoring is a way for an entrepreneur or small firm owner to gain additional insight on running their business. This is a very low cost way to improve the operation and profitability of your business. Additionally, mentors will benefit as well from helping other entrepreneurs.