Business mentors important for young entrepreneurs

Editor’s note: Michelle Stockman works with Little Rock-based Arkansas Capital Corp. to promote entrepreneurship development around the state. Stockman earned a bachelor’s degree from Loyola University-Chicago in communications and fine arts, and earned a master’s in entrepreneurship from Western Carolina University. Her thoughts on business success appear each week on The City Wire.

Mentoring is either a formal or informal relationship in which one person with more life and experience under their hat guides, teaches and trains another from those experiences. We know the most famous mentor, Yoda, for his work in preparing a young Luke Skywalker for the battles ahead. However, who is your business or career Yoda?

In business, mentoring is a versatile tool. From preparing employees for success in their careers to preparing a new business owner in how to start successfully, having someone more experienced guiding you through new learning experiences can forge new knowledge and friendships. Mentoring is also a great tool to bridge generation gaps that may exist within the company. The sharing of information from a seasoned veteran with a freshly minted college graduate allows both to teach each other.

One of the pitfalls in a young start-up includes the business owner discovering themselves in the middle of trying to control every aspect of the business. Eventually this control creates problems within the organization as employees do not feel trusted or, sometimes, respected. Employees feeling “controlled” eventually grow to regret their situations allowing inner conflict to arise.

However, if the business owner took the role of mentoring the first employees and creating a culture where first employees start mentoring other new employees, the company can create a very productive and supportive environment. The organization will not only foster on-the-job training, but also create an environment that supports team work and respect. The additional bonus the company will see is employees who make progress in their jobs and produces what the entrepreneur needs of that new hire.

For business owners, mentors help guide the entrepreneur through the market, start-up pitfalls and through-out the life of the company. Business mentors are one of the greatest assets a business owner can find for the business, yet few business owners seek qualified mentors.

In working with many business owners to point them towards business mentors, the entrepreneur allows time to pass before they seek help. Whether the business owner fears telling others about what is really happening in the business or fear of asking someone to listen to him, a simply act of asking for guidance often gets let go. Sadly, a little time to check in with someone you trust, who has walked in your entrepreneurial shoes before you, can avoid many business problems in the long run.

While a mentor will not run the business for you or guarantee any level of business success, they can look at what you are doing and provide seasoned guidance. Wisdom is earned through experience and can only be handed down person to person. How you use it in your business is a choice only you can make.

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Stockman can be reached at [email protected]