Why is mentoring important in business

Before founding Media Mentions, Eugenio has consulted with several mediums to large businesses on how to position their brand and attract the right audience. She helps brands and startup companies to create PR strategies that reach to the right audience. An Bui. Nigel Green. David Walter. Albert Santalo. Scott Bartnick.

Steve Taplin. Skip to content Profile Avatar. Subscribe to Entrepreneur. Magazine Subscriptions. By Sheila Eugenio August 17, Opinions expressed by Entrepreneur contributors are their own. More About Mentors.

Growth Strategies. An Bui Sep 28, Your Digital Growth Plan. Hopefully, you now have a better idea of why a mentor is so important for anyone seeking to build a business. One of the things that I focus on in my mentorship is training. In these sessions, we discuss a lot of important parts of running a business. For example, I share tips on the way that CEOs think.

This will give you the foundational skills you need to run a successful business. I love to provide interviews with successful female CEOs. This is a chance to pick their brains and find out how they were able to overcome the odds and build powerful businesses.

This will give you plenty of ideas that you can incorporate into your own life. But I also like it because of how inspiring it is. Behind their impressive titles, these are ordinary women who have put in hard work to master their craft and achieve success. Setting goals for your business is important. But it can be hard to follow through on these plans. This is where accountability coaching comes in.

Having someone to talk about your plans with is valuable. Our coaches will be able to help you stay on track. This will ensure that you end up achieving your goals. Live coaching is one of the most effective ways to help people overcome their problems. This is a chance to get more direct insight into your issues. A key part of mentoring is forming a group of people who can support and encourage you through your journey. The world of business can be tough. A good online community should be a place for you to turn when you are feeling down.

They will be able to pick you back up, giving you the strength you need to move forward. They also provide the ideal place to talk about any issues with your business. You can get advice on your business strategy. This will let you think through the ideas you had and give you more clarity about how to proceed. They can also turn to case studies.

This is a great way to learn more about how some of the most well-known people in the industry achieved their success. These people have overcome plenty of obstacles to achieve their place of prominence. It can also be a good way to get inspired about the future, giving you the strength you need to overcome any obstacles that you might face.

Hopefully, you now have a better understanding of why business mentoring is so important and how it can benefit you. Remember, they have put in the time and effort to attain their success. How much you will need to pay will depend on the mentor. For example, you might be able to connect with a local business owner if you agree to buy them lunch. On the other hand, a more structured mentorship program will be more expensive.

The best way to do this is by looking at what is included. For example, I try to offer as much benefit to my clients as possible. Because of this, we get access to globally recognized CEOs and industry leaders. Without a mentorship program, you might not get the opportunity to learn from these women. There is another reason why paying for a mentorship might be a good option.

When we pay for something, we value it more highly. If you are prepared to invest your money, you will listen more closely. This will ensure that you will put the lessons into practice rather than leaving the advice in the realm of theory. By doing this, you will be getting the maximum benefit out of the mentoring sessions. There are dozens of mentorship programs out there. But there is a huge difference in the quality of each one. You need to find someone who will be dedicated to teaching you things that will help you build your business, rather than meaningless filler.

If there are multiple services, check that you will be able to use them. You need to look for someone who knows what they are talking about. My book, The Joy of Missing Out, became an international bestseller. In addition, my podcast is ranked in the top 10 business podcasts on iTunes. Because of this, I was able to create a multi-million dollar company helping women around the globe build their businesses.

One of the most significant benefits of business mentorship is the chance to collaborate throughout the course of careers. Fostering a long-lasting relationship with mentors can give new business professionals access to consistent guidance and resources.

Sometimes all it takes to make important business decisions is confidence. Mentors are perfectly positioned to provide guidance and reinforce the business skills their mentees have, making them more self-assured in all of their business interactions. Forbes contributor Ken Perlman is a passionate supporter of mentorship because of its effects on leadership in the business world.

He stresses that good mentors can help new professionals learn skills that go beyond the classroom, such as management principles and leadership practices. Perlman has seen firsthand the benefits that the mentor-mentee relationship can have for both parties. More often than not, they attribute their leadership skill-building to one or more influential individuals — strong mentors — who helped show them how to lead.

Paul, you have access to meaningful mentorship from an experienced business professional. All MBA students have a designated faculty mentor to support and guide them through graduate school. Your faculty mentor will act as a personal business coach and help you develop networking strategies, polish interpersonal skills and enhance your resume. Learn more about the Mentor and MAP program today to get started.

How It Works Modern mentorship has flexibility that was not possible in the past. Mentorship relationships can be built through networking, personal connections or formal mentorship programs. The following list represents demonstrates the importance of having a mentor:. Mentors encourage and enable another person's professional or personal development. A mentor can help focus their efforts by setting goals and giving feedback. As a result, companies that want to build employees' skills often create mentoring programs.

The mentors' knowledge can help train and create a high-quality and productive workforce. Employees appreciate workplaces that encourage development, as it can demonstrate that their employer values them and wants to see them grow.

Mentors can provide specific insights and information that enable the mentee's success. For example, they offer instructions on how to perform particular tasks or develop useful skills. Individuals starting their career can benefit from such guidance, as it helps them feel comfortable in the role more quickly. For example, a mentor can help a person starting a business learn how to develop their initial business plan and budgets.

A mentor can help their mentee set personal or professional development goals. For effective goal-setting, they can create SMART goals—specific, achievable, relevant and time-based. These goals can help focus the mentee's efforts and make it easier for the mentor to track and assess progress. They may identify smaller tasks in pursuit of a larger objective to develop specific skills or meet particular priorities. A mentor helps hold their mentee accountable for their goals.

By tracking progress, the mentor helps the mentee stay focused and on track towards completing them. It can also ensure that the mentee does not forget about the goals they have set. Knowing that someone else is watching can serve as motivation, as the mentee likely does not want to let the mentor down by failing to meet goals. When the mentee finds themselves struggling to perform their job or reach a goal, they can turn to their mentor for support. This encouragement can motivate them to keep moving forward despite challenges.

A mentor can also identify and express their mentee's strengths to instill confidence in them. Having a strong sense of confidence can make the mentee less likely to give up on their goals. A mentor can help build their mentee's professional network. When the mentee identifies professional or personal goals, the mentor can connect them to potential opportunities or individuals who can help them.

As the mentor typically has more industry experience or a higher-level career, these connections can be valuable for career advancement. When an individual has ideas, they can use a mentor as a resource to discuss or try them. The mentor can provide unbiased advice or opinions using their relevant knowledge and experience. With these insights, the mentee can better understand what steps to take and whether to pursue the idea or walk away.

Similarly, a mentor can also listen and advise them on daily concerns, such as workplace conflicts. Trust represents a core element of mentoring relationships. The mentee must trust that the mentor has their best interests in mind and will provide accurate and honest guidance. The business world can also be competitive, so they need to rely on one another to keep confidential information private when necessary.

Communicating regularly and following through on their promises demonstrate two methods of establishing trust in these relationships. Related: 14 Ways to Build Trust in the Workplace. A trusting mentorship relationship enables honest feedback.