December 18th, 2014
New entrepreneurs are always full of enthusiasm and energy – and you’ll need plenty of both to get a budding business off the ground. However, to ensure your start-up succeeds and grows, you also need access to the right support and help. Increasingly, there is a recognition that business mentoring has a valuable role in helping a new company to establish itself in its marketplace.
However, finding the right mentors is not always easy. It is important to find someone you can build a good relationship with and trust, and who has the time available to offer support. It is also not always a case of having just one mentor, since sometimes you might need advice from experts in different fields, or to change your mentor as your business develops.
The Department of Business, Innovation and Skills says 90% of small companies working with mentors have reported a positive effect. But a shortage of suitable mentors is hindering the success of many other SMEs. One recent piece of research even suggested that businesses caught in the “mentoring gap” can face double the risk of failing during their first five years, compared to those with support in place. So what are the benefits of mentoring, and how can you find mentors who will help your business?
Benefits of Working with Mentors
Drawing on Experience: As a new business owner, it is likely you have identified a gap in the market you want to fill, and you will doubtless have your own ideas about how to do things in an innovative way. But it is still highly beneficial to have advice from someone who has experience of running a business, and who will have come across the same sorts of challenges you are facing. Being able to discuss your business operations with an experienced counterpart can help in drawing up workable business plans and looking ahead over the next few years.
Fresh Pair of Eyes: When you are caught up in planning a business development, it is sometimes hard to step back and take a dispassionate look at the whole picture. You want your new ideas to succeed so much that it is easy to convince yourself that prospective customers will share your enthusiasm, even when this may not be the case.
In this situation, mentors can bring a valuable second opinion because they are outside your business. This enables them to take a fresh look at your products or plans and ask questions which might not have occurred to you. This role involves acting as a sounding board. You are still the boss and the one taking the decisions, but having someone who will challenge your assumptions helps to make sure those decisions have been fully thought through.
Building Skills: While it is obviously beneficial to have a mentor with knowledge of the field you are working in, it is also helpful if they have different skills from those you already have, and can help you to expand your own skill set. For instance, you might be an expert in building websites or creating apps for mobile phones, but need advice and pointers on “back room” aspects of running your new digital business, such as organising finances or HR functions.
Building Contacts and Networking: Another major benefit of working with mentors is that they already have a whole network of contacts, so they can help you to build valuable links for the future. Eventually this could well prove to be a two-way street, as you build your own business relationships and can help your mentor in return.
Where to Find Mentors
Often, if you are applying for financial support from one of the schemes which have been set up to back new businesses, you will find that the grant or loan comes with mentorship as part of the package. This applies to Start Up Loans, the New Enterprise Allowance and the Prince’s Trust Enterprise programme.
There are also Government-backed portals which have been set up specifically for putting businesses in touch with mentors. One of these is the MentorsMe portal, supported by a group of major British banks. Another is Growth Accelerator, now coming under the umbrella of the Business Growth Service, which helps businesses to identify expert coaches who can help them to build for the future. In addition to these national schemes, there are often local sources of help and information in finding mentors, such as your town’s Chamber of Commerce.
Basepoint’s MiBase Business Support Service is another valuable source of free mentorship, available round the clock for Basepoint licensees. Members are able to gain advice from experienced business professionals via Skype, Messenger and live chat, so they can get help right away when it is needed. The MiBase service also includes the ability to exchange information with other entrepreneurs and unlimited business fact sheets.
While mentorship is especially valuable for start-ups, they are not the only types of company which can benefit. Increasingly, more established businesses are continuing with this type of arrangement to help them grow. Mentoring can be especially important when you are moving into a new marketplace or expanding into a different area, and need advice on the challenges ahead.
