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How You Can Benefit By Mentoring New Business Owners

The vast majority of small business owners learn as they go. This trial and error method is time consuming and very expensive often resulting in the failure of the business. Just like brick and mortar businesses online businesses experience the same problems. Even though you are a master coder and web developer you might not have a clue when it comes to the intricacies of running a business.

 

 

If you are an experienced business person mentoring can help a new startup avoid the many hurdles that slowed down your growth. These relationships are mutually beneficial giving both participants access to new way of thinking.

E-Mentoring

If you want to mentor but don’t have the time or you prefer an informal mentoring arrangement you can choose e-mentoring. This approach is especially beneficial to businesses in remote geographical areas where the talent may be limited or not available. As a business person you can be introduced to opportunities you are not aware of by mentoring someone in a different part of the city or the world. Participants in this type of mentoring end up meeting anyway even if the locations are separated by long distances.

 

Formal And Informal Mentoring

When you form the mentor mentee relationship hammer out all the details so you know what is expected from both of you. There is a big difference between formal and informal mentoring requiring more investment of time and other resources by the participants. The beginning stages of mentoring are very enlightening for mentors. They see it as a refresher course in business 101 which have many valuable applications even for a seasoned executive. You will be able to see solutions to big problems with simple answers most experienced business people overlook.

Cost Effective

For a small business owner mentoring is one of the best ways to get true and tried lessons without having to take time consuming and expensive courses. If your company is a technology based business a mentor in your field becomes even more valuable. The field is saturated with schools, courses, certifications and outings promising the world but delivering outdated information you can find online for free. If you are a mentor in the tech industry helping a young entrepreneur can be a source of new and creative way of thinking for new ideas.

 

The Importance Of Mentoring

The most important aspect of mentoring is guidance. Even if your internet company is a great idea turning it into a growing and successful business takes experience. A mentor can help you in developing your business in the early stages with complex problems concerning products, services and incorporating new technology. The lessons you learn will develop business skill and give you confidence to deal with problems because you have learned from practical experiences from your mentor. You will also gain access to different resources previously unavailable to you.

 

There is a great deal of joy in passing your knowledge to someone that is willing to learn. While the mentee is very appreciative and grateful the sentiment is also holds true for the mentor and sometimes there is more appreciation and gratitude.

 

Photo Credits

Renjith Krishnan / FreeDigitalPhotos.net

Phanlop88 / FreeDigitalPhotos.net

Author : Frank Griffin

Frank has been a soldier, a social worker and an insurance agent. Currently he spends his time volunteering and working for NGOs in third world countries, specifically Ethiopia. Writing lets his brain exercise and he loves tackling any subject. Frank enjoys visiting indigenous groups around the world and his goal is to visit as many of them as possible before they end up being tourist attractions.

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