Sydney Morning Herald:
Mentoring another entrepreneur can give you new outlook on your own business. It gives you the opportunity to view another business from a fresh perspective. Apart from helping another entrepreneur to achieve their goals, it’s also a chance for you to network with a new group of people, get exposure to how other industries work and, of course, perhaps learn a thing or two from your mentoree.
I’ve been mentoring other small business entrepreneurs for years but, last year, I participated in a formal program as a mentor with the Department of State and Regional Development’s Women in Business mentor program. Whether you decide to mentor others in a formal or informal arrangement, it can be a rewarding process. So how can you make the most out of your mentoring experience?
1. Ensure your mentoree is in another industry
For obvious reasons, it’s probably best to mentor someone who is not going to be a direct competitor. You may wonder what you’re going to bring to the table if your mentoree is in an industry you’re not familiar with. The reality is that the principles of small business apply no matter what industry you’re in. And the help that you’re going to provide in problem-solving and strategic thinking will cross a variety of businesses. After all, you’re mentoring - not teaching or hand-holding.
2. Don’t be tempted to run the business for them
As a mentor, you act as a sounding board, someone for them to bounce ideas off and to guide them in the right direction. But be careful not to get too involved. If you have a tendency to micro-manage - and if you can see big potential in their business - you might risk getting too close to your mentoree’s business. Worse, your mentoree may begin to rely on you for more than just words of wisdom and may expect you to implement actions they should be doing.
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