How to Find a Business Mentor
Knowing how to find a business mentor is important for any entrepreneur, but most of them don’t even know where to begin. There’s no guidebook to tell them how to do it, or a directory that would help them match with willing business mentors. Rather, it’s a matter of fostering new connections, and then developing those connections into mentor-protégé relationships. There’s no guarantee that everyone who’s approached to be a business mentor will want to follow through. That’s why it takes determination and drive for an entrepreneur to find the mentor they’re looking for, even if it takes several attempts before finding the right person.
Benefits of having a business mentor
If there’s one thing a mentor has that their protégé doesn’t, it’s experience. This could be experience that’s industry-specific, experience in dealing with certain challenges, or just experience in navigating the ups and downs of business. It isn’t only up-and-coming entrepreneurs who could benefit from having a mentor, though. It’s also those who have some experience in running a business, but want to expand into new territory.
For example, many small business owners end up considering the pros and cons of the SBA’s Mentor-Protégé program. In this program, mentor businesses provide guidance, training, technical support, and much more to their protégés. Thanks to their assistance, the protégé businesses are (ideally) set up for future growth and success even after leaving the program.
There are many benefits to having a business mentor; mentors can
Provide second opinions on upcoming decisions, or act as a sounding board for ideas that are still in development
Guide their protégés in clarifying their goals
Expand their protégés’ professional network with their own business connections
Offer honest feedback and constructive criticism
Educate their protégés on industry-specific best practices
This list could go on and on; the big picture is that mentors fill key gaps in their protégés’ knowledge or experience. Rather than having to learn from their own mistakes, protégés can learn the same lessons from their mentors, but without setbacks. The positive effects can usually be seen immediately, but mentoring also has crucial long-term benefits as well. According to the SBA Office of Advocacy, the average small business has about a 50% chance of surviving longer than five years. With the guidance of a mentor, that number increased to 70%.
How to find a business mentor
If an entrepreneur or business owner is especially lucky, they’ll already know someone they can talk to about mentoring them. Sometimes it’s a business connection, or it could be someone they met through a family member. In most cases, however, the protégé-to-be has to start from scratch. Figuring out how to find a business mentor will usually take a lot of work, but with the payoff of having a solid mentor, it’s more than worth the effort. When looking for connections that could eventually become mentorships, entrepreneurs can search in several different places.
Networking events
These events are attended by people who are specifically looking to make connections, which makes them a great place to start. Rather than openly asking about mentorship, the goal should be to simply expand your professional network. If you make some promising connections, there will be plenty of time to talk about mentorship later.
LinkedIn, Twitter, or other social media platforms
LinkedIn is definitely the best social media platform through which to foster professional connections, but it isn’t the only one where this is possible. Most of these platforms make it easy to search for potential candidates by industry or location. Once again, start by just making the connection, not by bringing up mentorship.
Industry expos or conferences
Not only will you be able to learn more about your industry at these events; you’ll also get the chance to mingle with more experienced entrepreneurs. Expos and conferences are generally attended by people who are eager to expand their knowledge, which means they’re often more open to in-depth discussions with other professionals. This is a great way to break the ice with potential mentors.
Connections through friends or family
Even if you don’t personally know someone you can approach about mentorship, a member of your social circle might. Ask around to see if someone you know could make an introduction. This gives you an automatic “in” with the potential mentor, which makes it easier to get the ball rolling.
Can entrepreneurs benefit from having more than one mentor?
Most discussions of mentorship assume that the protégé will only have one mentor. However, this isn’t always the best option. There are many different types of mentors, and entrepreneurs or small business owners may benefit from several of them at once. Fortunately, once you’ve discovered how to find a business mentor for the first time, subsequent attempts should be easier. Here are a few examples of the types of mentors you could look for.
Someone who’s a master of their craft could be approached to mentor someone who’s relatively new to the industry. This type of mentor has years of accumulated wisdom and experience, and can provide invaluable guidance to their protégé on almost any topic or issue.
Entrepreneurs sometimes need to hone their skills in a specific niche, and it’s possible to find a mentor for just that purpose. There are specialists in every industry, who can provide more in-depth knowledge on certain topics than most.
Colleagues can also act as mentors. In this type of peer-to-peer mentorship, a valued co-worker could become someone you lean on for advice, feedback, or practical assistance with major projects.
Figuring out how to find a business mentor might seem like the first step, but there’s something that needs to be done before that. The first thing to do is identify your goals. What do you want to learn from them? Will one person be able to teach you those things, or would it be better to find two or more mentors? These goals will keep you focused as you search for your first business mentor, and help you avoid ending up with the wrong person.
Approaching someone to be your business mentor
Asking someone you don’t know that well to mentor you can be an intimidating task. After all, most of the benefits in the relationship are received by the protégé, while most of the value is provided by the mentor. This is why the top mistake to avoid when searching for a mentor is to put them on the spot at the beginning of your business relationship. Instead, you should take steps to set the stage, and eventually discuss a mentor-protégé relationship. Assuming you’ve already identified someone who could be a mentor, here's what that could look like.
Do your homework – learn about their career, achievements, and current projects.
Reach out by introducing yourself, and asking for a meeting. This could take the form of an informational interview, or an opportunity to get their perspective on a specific topic. You could prepare a list of questions about themselves, or ask them about broader topics, such as “how does wisdom help you lead in business?”.
Be clear about what you’re hoping to gain from meeting with them, and why you asked them specifically. This shows that you’re an intentional, motivated person and that you value their experience and knowledge.
After the meeting is over, keep in touch without overdoing it. A follow-up email is usually appropriate; it can be sent two or three weeks after the initial meeting. This is also a good time to set up another meeting.
If they seem willing to continue, you should ask them about making it official. It’s best to do this face-to-face, and you should make sure that they don’t feel pressured at any point during the meeting. For example, you could mention that you’re aware of their busy schedule, making it easier for them to use that as a reason to decline the request.
Look out for ways in which you could return the favor. You could offer to introduce them to colleagues or educate them on new technologies that may be unfamiliar to them.
Mistakes to avoid when looking for a business mentor
Developing a mentor-protégé relationship is a delicate process, with plenty of potential for mistakes. When figuring out how to find a business mentor, make sure to avoid doing the following.
Asking someone to become your mentor before they’ve gotten the chance to know you
Having unclear goals, either for your career or the mentor-protégé relationship
Expecting to find a perfect mentor, who will help you with anything and everything
Excluding younger or less experienced mentors from your search
Choosing a mentor who thinks just like you
Neglecting to reciprocate your mentor’s assistance whenever possible
Knowing how to find a business mentor can help any entrepreneur succeed
Finding a business mentor takes dedication and hard work, but the benefits are absolutely worth the cost. By taking concrete steps to build the right connections, you can go from wondering how to find a business mentor, to reaping the rewards of a mentor-protégé relationship over the span of many years.