Ruqayyah Snyder
A business mentor is an experienced professional who provides guidance, advice, and support to help business owners develop and grow their businesses. They can help mentees avoid common mistakes, solve problems, secure funding, and realise their full potential. Business owners who use mentors are 20% more likely to experience growth in their business than those who don't. In Australia, there are several ways to find a business mentor, including through government-supported mentoring services, online communities and forums, professional networking events, and social media platforms such as LinkedIn. When choosing a mentor, it is important to consider their expertise, mutual trust, shared values, and the level of comfort and openness in the relationship.
| Characteristics | Values |
|---|---|
| Mentoring programs | Business owners who use mentors are 20% more likely to experience growth |
| Mentoring services | SBMS, HerBusiness, Business Mentoring Service, Victorian Business Line, Young Entrepreneur Stepping Up Program, Business Skills Mentors, SA Young Entrepreneur Scheme, Business Point, Small Business Development Corporation |
| Online mentoring | Available during COVID, with face-to-face available where possible |
| Mentor qualities | Experienced, trustworthy, knowledgeable about the industry, understanding of challenges and pitfalls |
| Mentee qualities | Open, honest, passionate, willing to learn |
| Sources of mentors | LinkedIn, Reddit, Facebook, professional networking events, industry associations, family and friends |
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What You'll Learn
Benefits of mentorship
Mentorship can be beneficial for both the mentor and the mentee. Here are some advantages of mentorship:
Benefits for the mentee
- Gaining practical knowledge and insight from a seasoned employee, allowing for professional growth and development.
- Increased self-confidence, which can help mentees come out of their shell in social contexts and improve their communication skills.
- Valuable goal-setting skills, which can be applied to various areas of life, such as finances and personal development.
- A supportive environment, where mentees can seek guidance and receive constructive feedback, fostering a growth mindset and resilience in the face of setbacks.
- A mentor can help mentees map out their career paths, set realistic short and long-term goals, and provide strategies to achieve them.
- Mentorship can help mentees develop a closer relationship with customers and showcase their expertise in their field.
Benefits for the mentor
- Mentors can expand their professional knowledge and skills, gain fresh insights, and develop their leadership abilities.
- Increased self-confidence, as the success of their mentees reaffirms their abilities.
- Mentors can practice their management and leadership skills, preparing them for senior roles and complementing their leadership development.
- The relationship provides a forum for mentors to develop their own careers and reinvigorate their leadership skills.
Overall, mentorship has the power to positively impact everyone involved, including the organization, by increasing employee retention and productivity.
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Finding the right mentor
A good business mentor can help you avoid common mistakes, solve problems, connect with the right people, and secure funding. They can also help you realise your full potential by sharing valuable insights based on their own experiences.
The right mentor will understand your industry, your challenges, and the pitfalls of running a small business. They will be able to guide you through these challenges and bring objectivity to the table, which can be invaluable.
To find the right mentor, you should first understand why you want one. Are you looking for support and reassurance, or do you need specific assistance in a key area? Once you are clear about your reasons for seeking a mentor, you can identify who might be able to help.
You can start by using the mentoring services available through the state governments. For example, in Victoria, you can use the Business Mentoring Service or contact the Victorian Business Line on 13 22 15. These services will match you with experienced mentors in areas such as accountancy, franchising, and industries like manufacturing, retail, and tourism.
You can also look for mentors at professional networking events in your city, which you can find on sites like Meetup or Eventbrite. Online communities and forums, such as Reddit's r/entrepreneur or r/smallbusiness, are also good places to seek out mentors directly. However, be wary of offers you find through online forums, as some may be consultants offering paid services, and others may not be as experienced as they appear.
With over one billion members worldwide, LinkedIn is another great platform to find potential business mentors. You can search for specific business skills or experience that you are looking for in a mentor and reach out to them directly.
When considering a potential mentor, it is important to look beyond demographics such as age or gender. Instead, focus on their expertise in the areas where you seek guidance and their experience growing businesses. Mutual trust and shared values are also imperative for a successful mentoring relationship.
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Online communities and forums
Reddit, for example, has numerous subreddits dedicated to entrepreneurship and small businesses, such as r/entrepreneur and r/smallbusiness. These subreddits provide opportunities to engage with like-minded individuals and potential mentors.
Another platform to consider is Clarity, which offers on-demand consultant calls with experienced professionals and entrepreneurs. While it is not a free mentorship platform, Clarity provides focused phone calls at affordable rates, ranging from $1 to $10 per minute. Additionally, Clarity has a feature similar to Quora, where you can post your questions and receive answers from knowledgeable entrepreneurs.
Social media platforms, such as LinkedIn, can also be leveraged to connect with potential mentors. Craft personalised messages that showcase your personality and explain your interest in connecting with them. Avoid sending generic greetings, as these may be less effective in capturing the attention of potential mentors.
Joining community groups on social media platforms like Facebook can also be beneficial. These groups provide opportunities to network with other business owners and entrepreneurs, allowing you to gain insights into their mentoring experiences and recommendations. For instance, the Facebook group "The Business Evolution" is specifically mentioned as a great place to start.
By actively participating in these online communities and forums, you can increase your chances of finding a suitable business mentor in Australia.
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Government-funded mentorship programs
The Australian government offers advice and provides links to several mentoring services and programs that can help you find the right mentor. These include:
- The Small Business Mentoring Service (SBMS) - offers online mentoring Australia-wide, allowing you to choose a local mentor in your state.
- The Australian Government's Digital Solutions program - works with small businesses to make the most of digital tools and offers broader advice specific to business needs.
- The Southern Business Mentoring Program (SBMP) - designed to help business owners connect and share insights for success, responding to current issues faced by business owners.
- The Polaris Business Development Centre - provides access to experienced mentors who offer tailored and personalised guidance and support to help grow your business.
In addition to these national programs, individual states in Australia also offer their own government-funded mentorship programs. For example, Business Victoria offers free 45-minute sessions with business advisors and workshops to improve skills, network with others, and obtain advice from experts or mentors. The South Australian Government has also partnered with the Australian Cyber Collaboration Centre to provide accessible and affordable cybersecurity education and support.
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Building a relationship with your mentor
Select the Right Mentor
Finding the right mentor is essential to building a meaningful relationship. Seek a mentor who aligns with your values, can advise you on your specific career path, and will encourage and challenge you to expand your thinking. Taking the time to be selective will pay off in the long run.
Respect Their Time
Be respectful of your mentor's time and make the most of it. Understand that your mentor is investing their valuable time in you, and show your appreciation by being punctual, prepared, and focused during your interactions.
Apply Their Advice
If you appreciate the advice your mentor gives you, show it by applying it. Let them know how you implemented their suggestions and what outcomes resulted. This demonstrates that you value their input and holds you accountable for taking action.
Share Your Story
As a mentor, sharing your own experiences, including the ups and downs, can be powerful. It helps to build trust and vulnerability in the relationship and shows that you understand the challenges your mentee may be facing.
Drive the Relationship
As a mentee, remember that you are responsible for driving the relationship. Be proactive in seeking guidance, asking questions, and taking ownership of your development. Clarify your expectations and goals at the outset, and regularly check in to ensure you're on the right track.
Keep Them Updated
Keep your mentor informed about your progress and any significant developments. This shows that you value their ongoing support and guidance. It also provides them with an opportunity to offer further advice or celebrate your achievements.
Building a strong relationship with your mentor takes time, effort, and mutual respect. By following these steps, you can maximise the benefits of mentorship and create a rewarding connection that supports your professional growth.
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Frequently asked questions
Business owners who use mentors are 20% more likely to experience growth in their business than those who don’t. A good business mentor can help you avoid common mistakes, solve problems, secure funding, and realise your full potential.
The right mentor will understand your industry, your challenges, and the pitfalls of running a small business. They will guide you through these challenges and bring objectivity to the table. Look for someone with expertise in the areas you seek guidance, rather than someone with 50 years in the business. Mutual trust and shared values are also imperative for a successful mentorship.
You can find a business mentor through state government mentoring services, such as the Small Business Mentoring Service (SBMS) or Business Mentoring Service in Victoria. You can also try networking at industry events or on LinkedIn, Reddit, or Facebook groups.
First, understand why you want a mentor. Are you looking for growth opportunities, or do you need support and reassurance? Once you are clear about your objectives, you can identify who might help. Then, reach out to them directly and complete a questionnaire to get matched with a suitable mentor.
Yes, the Small Business Mentoring Service (SBMS) provides low-cost mentoring to businesses across Australia with around 200 mentors from diverse industries and skill areas.
