Think about the old boy’s network, with its web of connections and an army of wise men paving the way for their young cohorts.
Now think about mentoring as the new girl’s network.
Being mentored is a way for you to connect with other women business owners who have years of experience running their own companies. Mentoring gives you the opportunity to tap an expansive knowledge base, to learn from those who have “been there, done that.”
Mentoring – in all of its forms – can provide the boost your micro-business needs. Here’s what you need to know about mentoring … and about finding a mentor of your own.
The Importance Of Mentoring
For women who own micro-businesses, mentoring can fill the knowledge gaps.
Maybe you know where you want your business to be in five years, but you aren’t exactly sure how to get there. A mentor can sometimes show you a proven roadmap.
Or perhaps your micro-business is struggling in an industry dominated by men. A woman mentor in your industry can often show you successful ways of handling the challenges.
The bottom line: Mentoring helps women build stronger micro-businesses.
Take Women’s Business Centers for example. A program of the U.S. Small Business Administration, Women’s Business Centers are a national network of more than 80 educational centers across the country. They’re designed to assist women who want to start and grow small businesses. Mentoring is part of the program. And it’s proven to be a successful way of helping women succeed.
In 2004, the Center for Women’s Business Research released the findings of a three-year study on the services offered by Women’s Business Centers. The study showed that training and mentoring had positive effects on women-owned business startups.
“Mentoring and training can provide important tools for women engaged in launching new ventures or nurturing high-growth businesses,” said Myra M. Hart, a professor at Harvard Business School and chair of the Center for Women’s Business Research. “One can learn to be an entrepreneur.”
The study found that having a mentor contributed to the success of business center clients. Women business owners with mentors were more likely than those without to say that their businesses experienced growth.
“This study demonstrates that mentoring and training around key business skills are key factors in helping women-owned startups get off the ground and grow,” said Catherine Foucher, vice president of OPEN from American Express, which helped underwrite the study.
If your micro-business begs for a boost, a mentor might be just what you need to give you a leg up.
How Mentoring Can Help You
A mentor is someone with more experience than you, a trustworthy confidante who understands the complex challenges facing your micro-business.
Mentors can point out potential pitfalls because they’ve experienced them. They can also steer you toward success, because they’ve seen what works.
The mentor’s job is to help you reach your business goals. As a protégé, your job is to listen to suggestions and put them into action.
Mentors act as advisors and teachers. They serve as a sounding board to help you discover new ways of approaching challenges that your business encounters.
Mentoring differs from coaching. In most instances, you pay business coaches for their time. Not so with mentors. Most offer their expertise and time for free.
Mentoring also differs from networking. Networking traditionally puts you in touch with sales leads and potential customers. With mentoring, the mentor/protégé relationship isn’t about selling. It’s about sharing knowledge.
Mentors can help you learn about real-world solutions for every aspect your micro-business:
No matter what you’re trying to accomplish in your micro-business, a mentor can offer insights, ideas and guidance.
Types Of Mentoring
Mentoring happens in a variety of ways.
You can participate in formal mentoring programs that match mentors with protégés. These programs typically provide a structure and a timeframe for the mentoring process.
You can also nurture an informal mentoring relationship on your own by seeking out women who have the expertise you need.
Sometimes a one-shot meeting with a mentor fills the bill. For instance, lunch with a woman bank executive might give you all the information you need to prepare for getting a loan.
At other times, an ongoing mentor/protégé relationship develops. For example, a woman who runs her own marketing company could mentor you through developing and launching a new service.
Some women prefer to find local mentors for face-to-face meetings. Others are perfectly satisfied with communications via e-mail and telephone.
Many women who own micro-businesses want mentors who can offer industry-specific mentoring. For example, if your business specializes in technology, you might find a like-minded mentor through Women In Technology International (www.witi.com).
Other women entrepreneurs look for mentors who can provide more general business advice. If you’re launching a new micro-business, you could benefit from mentors who know the secrets of surviving those first few hectic years.
The truth is, all of these different mentoring situations work. Each offers pros and cons. Your objective should be to find the method or methods that work best for you and your mentor.
Finding A Mentor On Your Own
Chances are a mentor is within your reach. Here are some of the first places you should look:
Professional organizations Industry and trade associations Local business groups, such as the chamber of commerce Local chapters of national women’s business groups
If you’re an escapee from the corporate world, former bosses sometimes make effective mentors. If you’re fresh out of college, a former professor might fill the mentor role.
Look for someone who has hands-on experience with the issues your business is facing. For instance, if you’re thinking of relocating your business, a woman who successfully moved her business could provide firsthand advice.
And you may need more than one mentor.
A mentor who can guide you through marketing issues may not be able to provide input about growth or technology issues.
A mentor in your trade or industry may have the knowledge to help you navigate thorny issues about your specific industry. A different mentor might be more adept at helping you develop sales skills.
But to know which mentor is right, you must first know what you need.
Know What You Need
Workshops, Web sites and books can teach you the basics of running a micro-business. But when you face specific roadblocks, turn to a mentor.
For example, you can take a seminar to learn the basics of profit margins. But a mentor might help you actually develop pricing strategies that increase your profits.
Or perhaps you want to expand your micro-business into new markets. A mentor might offer guidance to help you identify new niches or even new prospects.
You’ll benefit most from mentoring if you can name what you need.
So make a list. Be specific. For example, your list might include some of these needs:
How to reach more top-tier decision makers How to identify new, complementary services that your micro-business can offer customers How to maintain steady growth without growing too fast How to know whether it’s the right time to hire employees How to successfully identify and tap new market trends
Whether you participate in a formal mentoring program or opt for an informal mentor/protégé relationship, knowing what you want to accomplish will make the process more satisfying … and more successful.
Government Mentoring Programs
If you’re looking for a formal mentoring program, explore some of these options offered through government agencies.
Women’s Network for Entrepreneurial Training (WNET) Roundtables
These are provided through the SBA Office of Women’s Business Ownership. The WNET Roundtables offer participants practical support and guidance from a range of individuals with business experience.
The Roundtables can be found in every state. Their formats vary. But every Roundtable provides the opportunity to match mentors with protégés.
To find out more, go to www.sba.gov/womeninbusiness/wnet_roundtables.html. Small Business Development Centers (SBDC)
SBDCs often join forces with community colleges and local business development councils to offer mentoring programs. Check with a nearby community college. Or find an SBDC near you by going to www.sba.gov/sbdc/sbdcnear.html. Department of Defense Mentor-Protégé Program
This program helps women-owned small businesses develop the capabilities to successfully compete for prime contract and subcontract awards. For more information, go to www.acq.osd.mil/sadbu/mentor_protege/.
Formal Mentoring Programs
If your micro-business can meet certain requirements, there are a variety of formal mentoring programs available. Some are free. Others charge one-time or ongoing fees. All are worth a look.
AthenaPowerLink®
This program is offered exclusively through the Athena Foundation, www.athenafoundation.org. It links women business owners with a volunteer panel of advisors recruited from the community. The panel and the business owner work together through a mentoring process for one year to meet specific objectives of the business owner.
Requirements for protégés include:
Minimum of two years of operation and two full-time employees (including the owner) Annual revenues of at least $250,000 for retail or manufacturing businesses Annual revenues of at least $100,000 for service businesses
Participating communities include Ogden, Utah; Phoenix, Ariz.; Chicago, Ill., and others. Go to the Web site for a full list. Helzberg Entrepreneurial Mentoring Program
If your micro-business generates annual revenues of more than $1 million, look into this program. It’s a three-year commitment, and will cost you about $1,000 per year. Find out more at www.helzbergmentoring.org. National Women’s Business Council
Go to the Web site www.nwbc.gov/Mentoring/programs.html for a list of more than a dozen mentoring programs across the country. The site includes descriptions and links to the programs. The Aspen Institute MicroMentor Program
This online mentoring program connects low-income, small-business owners to individuals who have successfully run their own businesses or managed a business. The program pairs mentors and protégés in the same industry. Get more information at www.micromentor.org. Springboard Enterprises
If you’re a woman entrepreneur who owns a high-growth potential company, check out Springboard Enterprises, www.springboardenterprises.org. This national not-for-profit organization is dedicated to accelerating women’s access to the equity markets. The organization produces programs that educate, showcase and support entrepreneurs as they seek equity capital and grow their companies.
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