03/ 13/ 2008
Entrepreneurship isn't as easy -- or as entertaining -- as it might seem. Despite the glamour of making your own schedule, being your own boss and owning your own business, numerous startups have trouble staying in the black during the first few months of business. That's why many new entrepreneurs turn to seasoned business owners to learn the ropes of their industry before putting a business plan in place. Not sure if you have what it takes to be a good mentor? Follow these tips and you'll be ready in no time.
Find a good match. To be a successful mentor, you have to create a strong relationship with your mentee. Make your first few sessions short and use them to help a new entrepreneur set business goals and deadlines. Besides offering advice and brainstorming ideas, make sure to set aside time to get to know each other on a more personal level. If your relationship is all "shop talk," planning mentor meetings will feel more like a dreaded obligation than a fun time to help a new business owner get his or her feet on the ground.
Have confidence. You might not run a Fortune 500 company, but that doesn't mean you don't have good advice for someone starting out in your industry. No matter how large your company is or how much revenue you generate each year, you have one thing your mentee lacks: experience. In order for your relationship to work, you must have enough confidence to share your past experiences and offer sage advice -- and know it will help.
Get committed. If you don't have time to completely dedicate yourself to helping an entrepreneur launch a startup in your industry, leave the job for someone else. A strong mentoring connection requires ample communication and flexible availability. You can plan times to meet, but small business owners inevitably find themselves faced with unexpected crises that could require emergency meetings or phone sessions -- even late at night or in the wee hours of morning.
Make meetings frequent. Without regular meetings to track progress and address the questions and concerns of your entrepreneur, a mentorship won't work. Schedule 15-minute meetings or conference calls once a week, and prepare for longer planning and Q&A sessions once a month. By making yourself available, your mentee will feel more comfortable asking you for advice or sharing their ideas.
Now that you know the tricks of the trade, you need to find someone to mentor. Check out professional trade organizations to find a new business owner who needs your experience to stay afloat, or think of people in your community who could use some business advice. No matter whom you choose to advise, you're sure to find that mentoring is a rewarding way to give back to the community -- and you might learn a few ways to improve your business, too.
If you'd like to help mentor a new small business owner but simply don't have the time or resources for a long-term commitment, consider getting involved with the NFIB Young Entrepreneur Foundation's Entrepreneur-in-the-Classroom program. Designed to bring entrepreneurial experience into high-school classrooms, the program is gives students a peek at the risks and rewards of entrepreneurship. To learn more about the program, visit www.NFIB.com/yef.
