The Ultimate Guide to Business Mentoring


Business mentoring on MicroMentor is an effective and completely free way to grow your small business and boost your revenue.

A business mentor is someone who has experience and expertise to share with an entrepreneur who is looking to solve business challenges.

Below we will dive into what business mentorship is and how it can benefit small businesses by answering the following questions:

  1. What is business mentoring?
  2. What is the role of a mentor and what skills are important to have?
  3. What are the benefits for mentors?
  4. What are the benefits for mentees?
  5. How do you manage a business mentoring relationship?

1. What is business mentoring?

At MicroMentor, we create the space to build 1-to-1 business mentoring relationships.

Not to be confused with business coaching, a business mentoring relationship focuses on the personal and professional development of business owners.

These entrepreneurs generally have a high level of expertise in some areas of business, like their market, product, or customer base, but might need a little extra support in other technical skills areas, like finance or marketing.

2. What is the role of a mentor and what skills are important?

A business mentor shares their business, industry, and field expertise by providing advice, answering questions, and giving encouragement and personal support to entrepreneurs.

Small business owners join MicroMentor looking for help in a wide variety of areas, so whether you are an expert at Facebook advertising, bookkeeping, or just know the ins and outs of setting up a business, mentees are looking for your expertise.

Here are some other traits that are important to being a business mentor:

  • You are passionate about helping others to develop and grow professionally.
  • You have a strong basis of understanding in how organizations work.
  • You are a great listener.
  • You are self-aware.
  • You are willing and able to try to understand differences in culture, religion, and gender and how these impact professional, personal, and business decisions.
  • You have just enough free time to share. How much is up to you.

3. What are the benefits for mentors?

Entrepreneurs aren’t the only ones benefiting from mentorship. Giving back through mentoring provides a sense of purpose and meaning, hones leadership and management skills, and provides a way to make a direct impact on the devastating economic impact of the pandemic.

Mentoring is also a great way to connect with small business owners from around the world. With community members from 179 different countries, mentors and mentees have gone on to forge friendships and business partnerships that cross borders and oceans.

4. What are the benefits for mentees?

Entrepreneurs who find mentorship on MicroMentor are fostering innovation, strengthening equity, and building more resilient communities.

Mentees are more likely to report feeling financially secure, supported in their interpersonal relationships, and engaged in their daily lives. They are also 27% more likely to secure grants, equity, or debt financing.

On top of personal benefits, mentored entrepreneurs create and retain jobs—an estimated 8,749 last year!

5. How do you manage a business mentoring relationship?

Mentorship relationships don’t look one way. You might answer a straightforward question, meet a few times to tackle a project, or build a lasting relationship that continues indefinitely.

It can be helpful to start by focusing on setting and agreeing on clear expectations in these three areas:

  1. The first meeting
  2. The business mentoring agreement
  3. The nature of the mentorship

Read more about how you can set successful goals together here.

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