How a Mentor can help you with Growing Your Business

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How a Mentor can help you with Growing Your Business

                                                                                                       Terry H. Hill
                                            Research in both educational settings and in the world of
                                            business indicates that students, employees, and CEOs are
                                            more likely to succeed if they had a mentor. Fortune 500
                                            CEOs were asked what contributed most to their success.
                                            Many listed an effective mentor as one of the key factors. As
                                            a result, more and more entrepreneurs and business owners
                                            are following the lead of their corporate counterparts by
                                            engaging the services of professional business mentors.

Mentoring is most often defined as a professional relationship in which a more experienced person,
referred to as the mentor, assists another person less experienced, referred to as the mentee, in
developing specific skills and knowledge that will enhance the less experienced person’s professional
and personal growth. Successful mentoring programs do not just happen; they are the result of careful
planning and implementation.

Working with your own personal business mentor can have a tremendous positive impact on your
business. Whether you are an established company or just starting up, your business mentor can teach
you how to increase your confidence, develop vital business skills, and implement effective strategies to
transition your business to the next level.

Even if you consider yourself to be an expert in your field, a recognizable knowledge or experience gap
may still exist or be present. You may have a great idea for a new business, but you feel like you need to
verify the feasibility of your new venture or to confirm the strategies that you are considering using.
Seeking the guidance of an experienced business mentor who has had similar experiences is the best
way to get your question answered with valuable professional advice.

What does a professional business mentor do?

Your personal business mentor serves as a trusted counselor, a guide, a source of information, a
provider of perspective, and the voice of experience in addition to performing a number of different
functions:

        • Teaching you about specific business practices and functions.

        • Coaching you on specific business skills.

        • Facilitating your growth by providing resources and contacts.

        • Challenging you to move beyond your comfort zone.

        • Creating a safe learning environment for expanding your horizons.

        • Focusing on your total development, both professional and personal.


         © 2009 -2012 Training for Entrepreneurs.com (http://www.TrainingforEntrepreneurs.com) is a trademark of
                  Legacy Associates, Inc. in Lakewood Ranch, Florida 34202 USA www.legacyai.com
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How a Mentor can help you with Growing Your Business

                                                                                                       Terry H. Hill
What benefits will you realize from working with a professional business mentor?

        • You will gain from your business mentor’s expertise.

        • You will receive critical feedback in key skill and knowledge areas.

        • You will develop a sharper focus on what steps are needed to develop professionally.

        • You will learn specific skills and knowledge that are relevant to your personal goals.

        • You will gain knowledge about business tactics that are critical for success.

        • You will adapt more quickly to changes in the marketplace.

        • You will have a ‘friendly ear’ to share your frustrations, as well as, successes.

Professional business mentors are a valuable asset to any business organization.

When you struggle all alone in your business, it can lead to costly and demoralizing mistakes. Having an
experienced business mentor spares you the trouble of having to crack the business success code on
your own. A seasoned, professional business mentor is the perfect person to offer help and advice,
especially if you are just starting out or facing difficult challenges. An experienced business mentor has
been there and done that! He/she knows what works and what doesn’t work.

By tapping into the wealth of knowledge and experience of a business mentor, you can fast-track your
business success by minimizing the mistakes most entrepreneurs make… Why try to re-invent the
proverbial wheel, when you can engage the services of a seasoned, professional business mentor to help
you navigate the minefields associated with growing your business.

Don’t be trapped into thinking you don’t need a business mentor simply because you think know your
business. Just like sports, running a business is highly competitive. So, if top athletes employ
coaches/mentors, then it makes perfect sense to follow in the footsteps of these top athletes and
employ your very own business mentor!

Just like a good sports coach, the right professional business mentor will not play the game for you.
They will simply assist you in determining the most effectively strategies in order to maximize your
rewards and minimize your risks!

How to find a professional business mentor

Choosing a business mentor is a serious decision. It is important that you select a business mentor who
is competent, experienced, and has both integrity and expertise---an individual that you can trust in this
newly formed fiduciary relationship.



         © 2009 -2012 Training for Entrepreneurs.com (http://www.TrainingforEntrepreneurs.com) is a trademark of
                  Legacy Associates, Inc. in Lakewood Ranch, Florida 34202 USA www.legacyai.com
                                                                                                                    Page: 3


How a Mentor can help you with Growing Your Business

                                                                                                        Terry H. Hill
There are a couple of avenues you can use to find a good professional business mentor… First, you can
reach out to your local sphere of contacts. Talk to your existing advisors -- your CPA, your attorney, your
banker, and your insurance agent. Second, you can use the Internet. Fortunately, with the Internet you
are not just limited to your local geographic area when seeking a business mentor. Many professional
business mentors provide their mentoring services via the telephone or Skype. This is often more
convenient and more flexible than having to personally meet with a business mentor.

When evaluating your business mentor candidates it's important to consider

       Confidentiality: Sensitivity to the importance of confidentiality is critical. Since a business
        mentor will be privy to highly confidential information about you and your business, it is very
        important for you to discuss bonds of confidentiality with him. A signed confidentiality
        agreement is recommended.

       Non-compete: Make sure that the business mentor candidate is willing to sign a non-compete
        agreement and to refrain them from advising/mentoring any of your direct competitors, not
        only during the course of the engagement, but also for a certain period of time thereafter.

       Chemistry: It’s not just for romantic relationships! There has to be certain chemistry with your
        business mentor. This is someone you are going to work closely to grow your business. You
        have to feel a connection and a sense of trust with this person. To gauge your level of comfort
        with your prospective business mentor, arrange to have a couple of pre-engagement discussions
        with him/her.

       Learning: Some experts believe that what you will learn from a particular business mentor is far
        more important than the chemistry you have with that particular business mentor. The critical
        question you must answer is, "exactly what I'm I going to learn from this particular business
        mentor that I can apply to overcoming my current issues and challenges."

       Confidence: Make sure that you have the level of confidence that you need in order to move
        forward, and that the person—the business mentor -- is as passionate about their business as
        you are about your business.


   Terry H. Hill is the Chief Business Mentor at Training for Entrepreneurs.com. His business knowledge
   combined with his 30 plus years of small business experience help individuals to effectively develop
   and efficiently implement strategies to overcome their particular business issues and challenges… To
   explore the various one-to-one mentoring plan options, visit
   http://www.TrainingforEntrepreneurs.com/mentoring-programs/one-to-one



          © 2009 -2012 Training for Entrepreneurs.com (http://www.TrainingforEntrepreneurs.com) is a trademark of
                   Legacy Associates, Inc. in Lakewood Ranch, Florida 34202 USA www.legacyai.com

				
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Description: Working with your own personal business mentor can have a tremendous positive impact on your business. Whether you are an established company or just starting up, your business mentor can teach you how to increase your confidence, develop vital business skills, and implement effective strategies to transition your business to the next level.