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Business mentor: five steps to find the right one

A business mentor is someone with real experience who gives you advice, feedback and a wider view of your work. You can find the right one in five steps. This guide shows you how to choose, how to ask, and how to use each meeting well.

Why a business mentor is worth the effort

Running a company is hard, and most owners learn by making mistakes. A mentor has already made many of them. That saves you time and money.

The U.S. Small Business Administration noted in February 2019 that only about half of small businesses survive more than five years. It cited a UPS Store survey: 70 percent of mentored small businesses lasted longer than five years. That is double the rate of firms without a mentor. In the same survey, 88 percent of owners with a mentor called the help invaluable. A survey shows a link, not proof, but the pattern is clear enough to take seriously.

Source: U.S. Small Business Administration, "Mentoring: the missing link to small business growth and survival," February 4, 2019 (sba.gov/blog/mentoring-missing-link-small-business-growth-survival).

Step 1: Name what you need help with

Start with your own goals. Ask yourself where you want the business to be in two years. Then list the skills you lack to get there. It may be pricing, hiring, selling to new markets, or reading your accounts.

Write down one or two clear topics. A vague wish for "advice" gives a mentor nothing to work with. A clear topic lets you find a person who has done that exact thing.

Source: Harvard Business Review, "Don't Settle for Having One Mentor," May 2017 (hbr.org/tip/2017/05/dont-settle-for-having-one-mentor).

Step 2: Build a short list of people

Write the names of people you know and respect who have those skills. Think wide. A peer may know your market better than a senior leader. A former boss, a supplier, or an owner in another city can all help.

Harvard Business Review's May 2017 advice is not to rely on one person. It suggests a small "board of directors" of mentors, each strong in a different area. One person rarely knows everything you need.

If you do not know anyone suitable, use free programs. SCORE is a nationwide network of volunteer business executives who give advice at no cost, in person, by email or by video chat. Small Business Development Centers offer free one-on-one counseling and low-cost training on topics such as marketing, regulatory compliance and international trade. The SBA also lists Women's Business Centers and Veterans Business Outreach Centers.

Sources: Harvard Business Review, "Don't Settle for Having One Mentor," May 2017 (hbr.org/tip/2017/05/dont-settle-for-having-one-mentor). U.S. Small Business Administration, "Mentoring: the missing link to small business growth and survival," February 4, 2019 (sba.gov/blog/mentoring-missing-link-small-business-growth-survival).

Step 3: Ask for a small first step

Do not ask a busy person to "be my mentor" in your first message. Ask for one short call or one coffee. Keep your message brief. Say who you are, what you are working on, and why you picked them.

Offer a specific time and a time limit, such as thirty minutes. This makes a yes easy. After a meeting or two, you will both know if it is a good fit. If it is not, say thanks and move on. No harm is done.

Step 4: Run each meeting well

Come prepared. Send your topic a day ahead. Bring numbers, drafts or a real decision you face. Here are questions that work well on a first call:

  • What was the hardest year in your business, and what did you learn?
  • What would you do differently if you started again?
  • What mistakes do you see people like me make?
  • Who else should I speak with?
  • How often would you like to meet, and how should I reach you?

Take notes. Then follow up within a few days and tell your mentor what you did with the advice. Mentors stay interested when they see results.

Step 5: Keep it going and give back

Set a rhythm. Harvard Business Review suggests ideas such as a monthly lunch or a regular check-in call. Regular contact beats a rare, long talk.

Make it work both ways. Share a useful article, make an introduction, or give your own view on something your mentor is curious about. Good mentoring works best when both sides benefit.

Be honest about progress, too. If a plan failed, say so. Your mentor can only help with what they know about.

Source: Harvard Business Review, "Don't Settle for Having One Mentor," May 2017 (hbr.org/tip/2017/05/dont-settle-for-having-one-mentor).

Sources

  • Harvard Business Review, "Don't Settle for Having One Mentor," May 2017: hbr.org/tip/2017/05/dont-settle-for-having-one-mentor
  • U.S. Small Business Administration, "Mentoring: the missing link to small business growth and survival," February 4, 2019: sba.gov/blog/mentoring-missing-link-small-business-growth-survival