What to Look for in a Business Mentor

Going into business is already scary in itself, so why risk failure? A busines start-up is at its most vulnerable during its first few years. This is the time when you, the business owner, needs the best sources of guidance, support and advice from a professional who has the experience and understanding of the industry you’re in. This is the time when you’ll need a mentor. But how do you find one? Here are tips in looking for a business mentor you can rely on:

Understand your industry
Business mentors in general have specializations. You need to know what type of help you need exactly and for what industry so you can zero in on a mentor who has the specific expertise in the field. Some mentors, for example, are experts at human resources and labor management while others have specializations in business planning and startups.

Most mentors are also at their best if they are tapped for guidance in specific industries they have better experience in. Some mentors may be better at IT and Internet marketing while others may be experts in retail and distribution.

Know your goals
When looking for a business mentor, it’s a good idea to have a clear understanding about what you want out of the deal. What is it about your business that you want to improve or change? What are your goals and expectations? What type of resources do you have? Skills? Training? Experience? Do not approach a potential mentor without first understanding what you need. If you do not know what you want out of the partnership, neither can your mentor.

Look for respected members of your network
When looking for a business mentor, you might want to tap someone who has a solid experience in your industry or locality. It could be an experienced business owner or former employer or even colleague who might have valuable skills and training they could share.

Look for someone who has the time, patience and inclination to help. Remember that mentoring requires commitment from you both and you need to have a mutual agreement about this type of arrangement. Knowing what to expect from each other will help you focus on your goals and avoid any misunderstandings in the future.

Turn to the government for help
As surprising as it may be, there are actually professionals who offer their services through specific government agencies. Many of them have been organized specifically to work with small to medium-sized businesses, whether these are brick-and-mortar establishments or Internet-based. These agencies have business coaches who can be reached through online counseling or in person. Plus, many of these mentors offer their services for free or for a minimal fee. If you’re still starting out and don’t have a lot of startup funds, this is a good option to consider.