Become A Mentor To Other Entrepreneurs (& Grow Your Business)

Become A Mentor To Other Entrepreneurs (& Grow Your Business)

This article is a part of our encyclopedia, and is editable by you. Edit ➜

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Topic
Relationships
Cost
Low
Difficulty
Medium
Result
Trust & Credibility
Cost Details
Mentorship fee depends on the seniority of the cadre of mentors

What Is Business Mentorship?

Mentorship is a relationship between two people where the individuals with more experience, knowledge, and connections pass along the knowledge to a junior individual within a certain field.

In business, mentorship offers critical support and guidance needed to improve the problem-solving skills and develop business leadership skills.

Therefore, juniors put the skills and ideas they get from seniors to make decisions with more confidence.

Business Mentorship Key Takeaways

  • When you mentor, you set an example on how to move a business forward
  • Business mentorship contributes to loyalty and commitment to business success
  • Mentorship relationship requires proper planning
  • Mentorship involves a stepwise development

Understanding How Business Mentorship Works

At its best, business mentoring activates the skills of the mentee within the current role. The business mentor helps groom the mentee for the next role.

Therefore, business mentoring provides a confidential sounding board, thinking room, and support throughout crucial and often complex decision-making processes.

Ideally, business mentorship is a highly effective way for improving business performance.

Business mentorship provides the following benefits:

  • Personal development
  • Increased job satisfaction
  • Honing essential leadership skills
  • Developing self-knowledge and self-awareness

Business mentorship compared to attending networking events, where attendees learn from each other.

Examples of Successful Business Mentorship Programs

Here are cool examples of businesses that flourish through mentorship programs.

1. General Electric Mentorship Program Equips Employs Tools they Need

General Electric , an American multinational, is a leader in mentoring and was one of the companies to adopt reverse mentoring.

The company’s mentoring program encourages collaborative learning and brings in top executives to mentor employees at all levels.

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The mentorship program allows executives and employees to build real, human connections. Besides, the program encourages employees to develop themselves while equipping them with the tools they need to succeed.

2. How Whole foods Is Transferring Knowledge and Expertise through Mentorship Program

Whole Foods is a multinational supermarket headquartered in Austin Texas.

The multinational runs a mentorship program aimed at tapping into the existing knowledge, skills, and experience of team members and transfer to others.

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The mentorship program enables the company to close generational and engagement gaps while shaping the company’s future by creating a powerful workforce.

The mentees gain valuable insights and learn the organization's priorities, and gain self-confidence to handle challenges and reach new goals.

How To Run A Successful Mentorship Program

  • Define program objectives before the mentorship program begins
  • Inspire mentees to be proactive
  • Create program awareness to ensure better engagement and guarantee better outcomes
  • Engage the participants actively
  • Leverage the resources and content
  • Monitor and manage the program
  • Provide participants resources and content to supplement the mentorship program
  • Take advantage of mentoring tools to run a successful program

Examples of Mentoring Tools

To improve your results, use the following tools.

  • MentoringComplete: Comes with a matching algorithm that boasts a 90% success rate.
  • Pushfar: Easy to set up and run engaging mentoring programs
  • Graduway: Combines technology and big data to automate the mentor-mentee matching process

Mentoring Complete

Comes with matching algorithm that boasts a 90% success rate.

Get Mentoring Complete ➜

PushFar

Easy to set up and run engaging mentoring programs

Get PushFar ➜

Graduway

Combines technology and big data to automate the mentor-mentee matching process

Get Graduway ➜

Contributors

Contributors to this article:

Pat Walls,  Founder of Starter Story

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Hey! πŸ‘‹I'm Pat Walls, the founder of Starter Story.

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