A 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!
- Set up specific goals and expectations with your mentor from the start of the relationship.
- Create a realistic implantation plan with specific steps towards achieving these goals.
- Establish regular meetings (even phone meetings) in order to assure the relationship is a priority for both parties involved.
- 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.
Htet Lin Thu, Jason. 2013 Business Outcomes Report. Rep. Micro Mentor, n.d. Web.