business start-up

According to the latest figures released by the U.S. Census Bureau, 70 percent of all businesses nationwide are owner-operated with no paid employees. While the good news is that more entrepreneurs are launching small businesses, many of them struggle to find time for brainstorming, analyzing and formulating plans for growth. Worse yet, self-employed business owners can develop tunnel vision and close themselves off to new ways of thinking.

It’s important to bounce ideas off somebody else, and ideally that person should have the wisdom and connections to help you grow your business. In a survey conducted by American Express, 52 percent of small business owners turned to individual mentors as the leading source of advice, ahead of social networks, trade associations, businesses advisors, Chambers of Commerce, and the Internet.

Every entrepreneur needs a mentor. You can learn from books and courses, search the Internet and talk with family and friends, but only a mentor who has "been there and done that" can personalize advice for your individual needs.

When you are ready to find a mentor, here are some tips to get you started:

Location, Location, Location

 It's important that your mentor be familiar with the area in which your business operates. Someone who knows "the lay of the land" and comes with a network of local resources can deliver the main advantage of mentoring—custom tailored advice for where and how you do business.

Talk to a Pro

Look around for someone who has succeeded in your field. You may not be invited by Donald Trump into the boardroom, but perhaps your potential mentor will accept an invitation to meet. Send a letter or e-mail introducing yourself and requesting a brief meeting. It may not turn into a mentoring relationship, but you will have gained another viewpoint and lost nothing.

Sometimes It's Free

SCORE (Service Corps of Retired Executives) is a resource partner of the U.S. Small Business Administration and has a network of nationwide mentors who will work with you free of charge. If you wish to make an investment in mentoring, there are also many career coaches and programs available for a fee.  

Keep it Business

A mentor isn't trying to sell you anything, and you shouldn't be tempted to ask for an investment in your business. Investing together creates what is called a "dual relationship," which reduces the mentor's neutrality and your willingness to be completely open.

Find a Match

A successful mentoring program depends on trust and honesty. The first time you meet, don't be shy to ask your mentor’s history, current situation, and goals. In turn, be honest about the general state of your business and share your goals. Ask for advice on one or two matters. If you both feel comfortable, you can suggest meeting again.

Make It Worth Your Time

Once you have a mentor, prepare for your meetings, and take notes. Review what has happened since you last spoke, and be clear on the help you need to move forward.

Listen Up

Your mentor is there to help you succeed, so your time together is not for dwelling on reasons you can't. If you question your resources or ability to follow through on your mentor's advice, discuss your concerns and work to find other options.

Act Out

Act on your mentor's suggestions and report back on the results. Feedback not only proves you are interested in the advice; it makes your mentor more intellectually invested in your business.

Say Thanks

Never let meetings end without expressing your appreciation for your mentor's time. Remember, the best thanks is your continued success, so always give credit to your mentor’s valuable input.

A self-made millionaire, Jim Toner got his start by paying a real estate investor to be his mentor and let Jim follow him around. Now, as President of Jim Toner’s Wealth Builders, Jim has expanded this philosophy into a proven real estate investing program that pairs members with local mentors who work alongside them on real world investments as they enter the field. Jim is also the executive director and founder of The Hope Lives Foundation, a non-profit organization which provides emergency aid to people in need and donates a debt-free home to a member of the armed services in December. For more information on his mentoring programs, visit www.jimtonerswealthbuilders.com.