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Examining the benefits of business mentoring
Friday August 1 2008 It is not uncommon at times for small business owners to find self-employment a lonely experience.  
Faced with a wide range of decisions to make and no one to turn to for guidance or input, it can sometimes feel like the weight of the world is on the entrepreneur’s shoulders.  
Small business owners who find themselves in need of objective guidance and knowledgeable experience can benefit tremendously from a mentorship program.
Mentoring relationships can create win-win scenarios. The entrepreneur, or mentee, benefits by having an experienced, trustworthy businessperson to use as a sounding board and to provide objective feedback on a variety of business-related issues and ideas. The opportunity to learn from another’s mistakes and successes is great.  
Valuable lessons can be learned, new techniques or fresh approaches to problems or challenges can be shared and provide the mentee with a new perspective on his venture.  
Mentors can also provide the entrepreneur with valuable contacts or introductions to potential alliances in complementary businesses, which can benefit the business.
Successful mentoring relationships are formalized with clearly defined expectations, roles and time limitations.  Fortunately, in our community, the Centre for Business and Economic Development (CBED) operates a very successful Mentoring Program to help match existing small business owners with experienced and knowledgeable business people interested in giving back to the community.
The CBED Mentoring Program, geared to entrepreneurs who have been in operation for a minimum of one year, consists of two components. In addition to three hours per month of one-to-one mentoring to identify and work through important mentee business issues, the program provides an opportunity to participate in larger monthly roundtable discussions which feature a guest speaker and enable all of the mentees to network and share ideas on different business topics.
For participant Faye Ego, owner of Echostones, a web-based company dedicated to creating special memorials, the Mentoring Program operated by the Centre for Business and Economic Development has been very helpful. According to Ego, “The best thing about the Mentoring Program is being able to open up and get honest feedback and ideas from people who just want you to succeed.”
Small business owners interested in finding out more about the Mentorship Program can contact the CBED directly at 877-876-7908.
 
Ruth Phillips is the co-ordinator of the Orangeville and Area Small Business Enterprise Centre (SBEC). She can be reached at rphillips@orangeville.ca or by calling 519-941-0440, ext. 291.  

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