For many new business owners, it can be tricky to navigate the world of business. Those who have been working in their industry for many years typically find it much easier than those who are just starting out. Of course, for those who are new to this kind of role, there are experts who can act as mentors and help with guiding entrepreneurs through the process. Below, we are going to look at the concept of business mentorship in more detail. Read on to find out more.
What Is Business Mentorship?
If you are unfamiliar with the concept of business mentorship, you’ll find that it is actually straightforward. Essentially, it is a relationship between someone with business experience and an entrepreneur. Usually, the person with experience will act as a guide and will offer advice on any topics that an entrepreneur is struggling with.
What Makes A Good Mentor?
Not everyone is capable of becoming a business mentor as it requires a special set of skills. Mentors should not only be able to provide expert advice on certain areas, but they should also be able to help manage issues. A mentor’s business might not be the same as the business that they are mentoring but if they are able to adapt their thinking, they can really make a difference. In Rebuilding You: The Philanthropy Handbook by Tej Kohli, you can learn more about business mentorship and what makes a good mentor.
Formal or Informal?
It is important to note that there are two main types of business mentors – informal and formal. An informal mentorship will involve occasional calls and meetings perhaps on a monthly basis. A formal mentorship is much more structured and will involve setting business objectives and meeting agendas. Usually, the type of mentorship that is chosen depends on the style of business and the time that each party has to spare to make it work. For those just starting out, a more formal set-up might be best to get the ball rolling quickly.
Mentoring in 2020
In 2020, there are a number of reasons why an entrepreneur might require a business mentor. The current financial climate around the world isn’t looking great and this is resulting in many businesses falling to the wayside. While the pandemic has been a brand new experience for all, some business owners might have experienced extreme scenarios that have required them to adapt and improve. This kind of knowledge could really help those who are struggling.
Business mentors in 2020 can also help entrepreneurs break into new industries and really put their stamp on the market. Without this kind of mentorship, some businesses would not be where they are today.
Final Verdict
Business mentorship is something that happens much more regularly than you might think. Business owners are often asking others for their advice and this helps them to get on the right track. In 2020, this kind of advice is extremely valuable.