Category Archives: Business Mentoring

Business Mentoring is a Business Builder

mentoringA mentoring relationship can take form in many different stages of your career.  Recently it has become one of the most important relationships a young entrepreneur can establish.  The unconditional knowledge and advice a trusted and established entrepreneur can offer is invaluable.  Many successful business owners will credit a large portion of their success to a few key individuals who helped mold them into the business owners they are today.

It has been proven that new business owners see concrete results in their companies when they enter into a mentoring relationship.  New entrepreneurs who received mentoring increased their revenue by an average of $47,300 or 106% ( Htet).  It has also been shown that businesses who received mentoring created 4.75 jobs on average (2.5 jobs more than those that did not receive mentoring) (Htet).

Stephanie Hickman, owner of Trice Construction Company, found her mentor through the Clinton Foundation and strongly believes that finding the right mentor is extremely important..  She explains, “the mentoring relationship is one of the most personal relationships of your life, so there must be a level of chemistry and like-minded alignment that comes naturally between both individuals.”  Hickman cites trust as a necessary component for the relationship to be truly beneficial and valuable.

Now the question becomes how do you have a successful mentoring relationship?  Here are four tips to make your mentoring experience most successful!

  1. Set up specific goals and expectations with your mentor from the start of the relationship.
  2. Create a realistic implantation plan with specific steps towards achieving these goals.
  3. Establish regular meetings (even phone meetings) in order to assure the relationship is a priority for both parties involved. 
  4. Track and evaluate the progress throughout the duration of the relationship.

The Women’s Business Development Center offers a mentoring program through an online portal supplemented by programming including webinars and in person meet-ups to strengthen  the relationships between mentors and mentees.

Mentoring

Works Cited

Htet Lin Thu, Jason. 2013 Business Outcomes Report. Rep. Micro Mentor, n.d. Web.

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Filed under Business Mentoring, Uncategorized, Women Business Owner

Encore Business Owners Share Business Tips

(L-R) Judith Roussel, IL District Director; SBA, Merrie Dee, AARP Illinois President; Hedy Ratner, WBDC co-founder & co-president; and Marianne O’Brien Markowitz Regional Administrator
U.S. Small Business Administration, Midwest Region

The speakers and audience may have been 50-plus, but their age wasn’t the issue. Starting a business was.

Nearly 50 mature women and men gathered at the WBDC on Tuesday evening, October 2, during the Small Business Administration’s (SBA) “National Encore Entrepreneur Mentor Day.” Marianne Markowitz, SBA regional administrator, and Judith Roussel, SBA Illinois district director, welcomed the group, then turned the program over to the celebrated speaker and media pioneer Merri Dee, now a business owner in her own right as well as president of the executive council of Illinois-AARP. Dee led a lively panel discussion featuring “encore” entrepreneurs on the rewards of starting a business after age 50.

The speakers were Donna Smith Bellinger, owner of Group Endeavors; Ben Hollis, former host of WTTW’s “Wild Chicago” and now an independent video producer who started Ben Hollis Worldwide; Joanne Cleaver, a former business journalist who launched a public affairs company Wilson-Taylor Associates; and Alan Jacobs, a former entrepreneur-of-sorts who volunteers at SCORE.

Their life experiences were as varied and diverse as they were, which is what made their words of wisdom all the more salient.

Merri Dee

“All you need are three things: passion, purpose – and a paycheck!”

Donna Bellinger

“The resource that helped me the most was my database of contacts. I started my business without a dime, but I had my database.”

Alan Jacobs

“I was a serial entrepreneur – a manufacturer’s rep who never had a regular job or paycheck. I understand exactly what it takes to succeed as a business owner. In my opinion, entrepreneurs who fail weren’t prepared.”

Ben Hollis

“I encourage people to embrace and live the wild life. Harness your passion, your wildness….I used to undervalue everything I did. I was just a funny guy. The limitations we place on ourselves get in the way. By listening to other people, I was able to reassess my own value. Pay attention to the things you do best. It’s what other people appreciate in you.”

Joanne Cleaver

“I restarted my career several times. I decided to base my latest transition on my skills. As a certified media trainer and coach, I now apply my skills to a different set of clients. I’ve transitioned from being self-employed to being a job-creator with a contract staff of specialists. My biggest challenge? In realizing my value. The biggest obstacle? Myself.”

With part of the evening’s focus on celebrating mentorship, the speakers shared advice on how to be a good mentor and mentee. Cleaver, for example, said joining professional organizations helped her develop peer mentors who mentored each other. Bellinger suggested looking for mentors who are honest and direct and who “have achieved what you struggled to achieve.” Don’t overlook the younger generation, she advised. You can learn from each other.

The WBDC will survey seminar attendees to determine whether a special affinity group for women business owners age 50-plus, and regular networking and educational sessions, are of interest.

Contributed by guest blogger Chris Ruys of Chris Ruys Communications.

For more pictures from the event, please click here.

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Lisa Price – An Inspiring Guide to Entrepreneurial Success

Below is an article from Saundra Underwood, founder of Lady Alexandra Skincare Systems.  Ms. Underwood writes from a personal perspective of what Lisa Price, keynote speaker at the 26th Annual Entrepreneurial Woman’s Conference Hall of Fame Luncheon, has meant to her.  Not only has Ms. Price served as an inspiration, but also as a guide to entrepreneurial success.

I love reading autobiographies and biographies to learn about the history of famous and not so famous people.  Reading them gives me more than just the details of their lives.  I get a glimpse into their minds, the times they lived in and the places they visited.  They also give me hope and inspiration especially when they begin their books with very little and end with all of their dreams realized.

I read Lisa Price’s book, Success Never Smelled So Sweet, as soon as it came off the presses.  Though I had been following her story for years by reading articles in Essence and Black Enterprise Magazine little did I know that I’d one day be writing a blog about her and Carol’s Daughter, her company.  The book is rich in details and very introspective.  She shared and bared her soul.  I remember her speaking frankly about the frustrations of going from job to job and not truly fitting in at some places of employment.  I understand more about myself and my quest to do what is best for me.  I too  am a maker and creator of natural skincare products.  I’ve gone from one job to another not quite feeling comfortable in many positions; feeling as if something is not quite right.  What’s not quite right for most entrepreneurs is the feeling of neglecting the entrepreneurial spirit.

That entrepreneurial spirit can never be denied, pushed aside or crushed.  It will rise up when you least expect it.  It will come again and again until it is nurtured and given enough attention to be a force to be reckoned with.  Many have put into words exactly what it is but the best way to define it is by action.

In her book Ms. Price became alive and active when she was making and creating magic with scents, flowers and potions. She became alive with the research of the effects of scent on the mood and mindset.  The feedback from customers drove her forward.    Something that struck me from Lisa’s book was that her family members worked for and with her for years without drawing a salary.  I remember thinking what an amazing family.

While reading Success Never Smelled So Sweet I would often compare my story to Lisa’s.  I figured if my actions lined up with hers then one day I’d become the owner of a multimillion dollar enterprise.  I have passions and dreams, the drive to create and customers who love my products just as she does..   The one thing I didn’t have was family support only because I live three states away from my family.  But what I did have was a network of friends who have come to my aid whenever I needed their expertise or just support.  I still plug along but know that with time and effort the entrepreneurial spirit will guide me.

– Saundra Underwood

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Filed under Business Mentoring, Business Start-up, Entrepreneur, Special Events, Uncategorized, WBDC, Women Business Owner, Women in Business

Building a Better Business with Mentoring

The WBDC has been counseling, educating and assisting potential business owners and established business owners since 1986. Now we are expanding our services to include a mentoring program.  “Women helping women” is a common theme here at the WBDC.  Not only is “Women” part of our name (Women’s Business Development Center), but our staff is 96% female.

Let’s take a look at some facts about women entrepreneurs:

  • According to the U.S. Bureau of Labor and Statistics, “male entrepreneurs in the United States outnumber their female counterparts 3.5 to 1.”
  • 2010 Global Entrepreneurship Monitor Study that showed that “less than half the women surveyed (47.7%) believe they are capable of starting and running a business (compared to 62.1% of men.)”

These statistics are the reason women’s business centers continue to be relevant and necessary, and why the WBDC is launching a business mentoring service.  If we can close that gap by even a tenth of a percent by directing potential entrepreneurs/start-ups, and even established business owners, towards competent, qualified mentors, then we have successfully brought businesses into fruition and spurred economic development.

Need more reasons to get involved in a business mentoring relationship?

From a recent Forbes article:

Here are some of the key reasons to become a mentor, from the viewpoints of several different female mentors:

  • Better understand the business: “My mentee helped me see issues in the company that I didn’t know existed.”
  • Better understand how people perceive you: “I was able to see the perception others held of me, through the eyes of my mentee.”
  • Create a larger network: “By helping others I’ve also created a network of allies I can rely upon when I need help.”
  • Help solve issues: “I’ve been able to step out of my own shoes and help my mentees see things from other perspectives. This, in turn, has helped me in resolving issues within my own department.”
  • Personal satisfaction: “I have been able to watch and actively help younger women succeed in our industry – and it’s such a wonderful feeling to help another person succeed!”

Learn more at the WBDC’s mentee and mentor webinars on September 7th and September 11th, respectively.

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Filed under Business, Business Mentoring, Business Start-up, Entrepreneur, Established Business, Small Business, Uncategorized, WBDC, WBDC News, Webinar, Women Business Owner, Women in Business