Business Mentoring 101: What It Is and How It Can Help You Grow Your Business

In this article we discuss the importance of having a business mentor, the value it can add, the difference between business mentoring and coaching, and how you can find a business mentor.

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We're guessing you're reading this because you Googled 'Business Mentoring' or 'Why do I need a business mentor?'. Well, you're not alone, many people find themselves looking for business mentors and don't know exactly where to start.

When it comes to business mentoring, it's completely unique to each individual and the business they operate, but, we're here to give you a rundown of business mentoring as a whole.

Throughout this article, we will be defining business mentoring, its purpose, the benefits for both parties involved, the difference between business mentors and coaches and how you can easily find a business mentor.

What Is a Business Mentor?

We often get asked, “What is a business mentor?”. Simply put, a business mentor is an individual who works with their mentees to develop and improve their business ideas and strategies. Business mentors are usually accomplished and successful people, who provide their mentees with the advice and guidance they need to run and operate a successful business.

A business mentor is someone the mentee can trust and turn to when they need to make decisions, offering constructive feedback, to keep you moving forward on your journey to business success.

We believe that business mentoring is a key for entrepreneurs if they wish to grow their business. As a business owner, not only are you responsible for the day-to-day operations, but also the key part in helping grow and develop the business to its full potential.

Business Mentoring VS Business Coaching

Business mentors and business coaches are a buzzword we’ve seen a lot recently. Whilst business mentors and business coaches are both there to help you improve your business, there are some key differences between the two. But how do you know which one is right for you?

Whilst business mentoring and business coaching are similar in nature, they are not the same thing. What sets them apart? We believe it's the level of expertise they can provide, and how it can be used to support and add value to your business.

Mentoring is extremely valuable as it uses a peer-to-peer approach to tackling challenges you face. Mentors have been there, had the t-shirt, and know exactly what you should be doing and what you should avoid, based on their previous experiences. Mentors can guide you in the right direction to help you avoid any mistakes you may face on your journey. This will help you achieve more in a shorter amount of time than if you were to try to combat your challenges alone.

Business coaches are often business consultants, who have training or certificates in business coaching, which means they often don't have the direct experience you may require and offer advice based on theories. However, business coaches are also beneficial because they have experience working with entrepreneurs and have helped other coaches come up with solutions in the past.

The Benefits of Business Mentoring for Mentor and Mentees

You'll be surprised to know that mentoring isn't just beneficial for the mentee, but also incredibly valuable for the mentor. Mentors can learn and gain valuable insight from their mentees. Whilst mentors may be experts in their field, this doesn't mean they know everything. By working with a mentee, mentors can gain new perspectives, learn new technologies and improve their communication and leadership skills. Business mentors also gain the satisfaction of helping and guiding their mentees on their path to self-growth and success.

For mentees, there are many obvious benefits of having a business mentor, including growing and sustaining a successful, thriving business. Some key benefits of business mentoring for a mentee include increased job satisfaction, improved knowledge of their business/industry, improved ability to handle challenging situations, it helps get the business started, and the mentee is able to gain valuable knowledge and wisdom from someone who has been in the same position as themselves. Having a business mentor also provides you with the chance to expand your network, which is extremely valuable in business and can open up new opportunities for future ventures.

Where to Find a Business Mentor and Types of Business Mentors

As discussed, business mentors are invaluable, offering moral support, guidance, and encouragement on your journey. However, when it comes to business mentors, there are different types and various ways you can find them.

For some people, they are looking for a business mentor who has vast knowledge and experience in the same industry and field they operate in. For example, a retail business owner may seek someone who runs a thriving boutique, to become their mentor as they have the experience and wisdom specific to their niche.

For others, they may reach out to someone who is more successful and influential but operates in a completely different industry. This can be due to the mentor having a great reputation or willingness to share their ideas and advice with the mentee. Whilst they may not have the background knowledge you require, they have the skills and personality to help a business grow.

When it comes to finding a mentor, there are many ways a mentee can go about it. The first way to find a potential business mentor is to ask friends and family members if they know anyone willing to be your mentor. After all, your family and friends know you better than anyone else and know who you'd form a great connection with. You'll be surprised at whom they know!

The next way is to use social media platforms such as LinkedIn to reach out to potential mentors. LinkedIn and other social platforms allow individuals to showcase their professional achievements, and thus, are a great place to reach out to others.

Lastly, you can use online mentoring platforms such as PushFar to connect with business mentors across the globe. With a smart algorithm and search functionality, you'll be able to connect with business mentors from the same industry you operate in or broaden your horizon to learn new skills that could be valuable. Did we mention, it's completely free?

Final Thoughts

We hope this article was able to showcase the importance of business mentoring and the value it can bring to the table. Finding a business mentor at first may seem like a daunting task, however, you need to remember that there are many extremely important benefits that could potentially change your life, forever.

Growing and running a business is hard work, sometimes it's necessary to take a step back and realise that you can't do everything by yourself. Seeking out an experienced professional is the first step to truly developing your business, incorporating new ideas and advice to help it truly flourish.

PushFar: The World-Leading Mentoring Platform
At PushFar, we run the world's leading mentoring platform, offering free mentoring for more than 50,000 professionals, students and entrepreneurs. We also licence our mentoring software into hundreds of organisations, globally, to support internal mentoring programs. So, whether you're looking to become a mentor, find a mentor or run a mentoring program, PushFar are here to help.
 
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