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By Expert Business Coaching,
Guidance Through Critical Business Stages, Gain Faster,
Prevent Expensive Blunders And Wasted Time.
Business mentor role
Asia Investment Services offers business mentor services, and we define this as guidance of an entrepreneur and his/her company.
In our opinion includes this:
• appointed to serve the interests – continuity, development and growth – of the company
• share their business insights, knowledge and experience (multitude of issues),
• advise and guide top management,
• provide objective criticism
• review a current business situation and projections
• to solve problems, prevent or reduce damage and risk
• determine a range of suitable options for decision making
• support implementations and monitor outcomes
• confine themselves exclusively to the mentoring role
• and do NOT take any responsibility for an executive, managerial role
A business mentor only assists and advise, the business makes the decisions and execute – as the entrepreneur, you are accountable!
Benefits of business mentoring
The benefits and intended goals to appoint a business mentor
• gain practical experience
– hands-on, business mentors have done it before, experience you can not learn in books
• increase business success
– proven concept, 80% of CEO and over 90% start-ups let them assist by business mentor and amplified their success
• helping in better decision making
– objective guidance through difficult decision making
• reducing risk
– in making better business decisions and monitoring outcomes for needed adjustments
• keep focus on goals
– guard to keep focusing and not waste energy or lose attention or get sidetracked
• faster development & growth
– experienced guidance and assisting will lead to a quick positive progress
• remove waste
– if it does not make a contribution in the short term, it is a shame to invest resources
• more extensive overview and new perspective
– helps to step back from the daily business and see
• Reassurance boost
– sharing worries, reliable backup, results in a positive power effect Self-confidence on entrepreneurs.
– proven to stay longer in business and entirely use survive and growing options. Note; 30% of business will remain in business less as 2 years and 50% less as 5 years but mentored businesses survive rate is 70%
• doing better tomorrow
– continue to do the same things will only give the same results. A business mentor will provide fresh insights stimulates new thinking, understanding and supports unique business challenges.
• sounding board
– an entrepreneur can be a lonely job, and a friendly listener and guiding will do well
• develop business skills and EQ.
– expand business skills and emotional intelligence to increase entrepreneurial success.
– motivate, assist with adversity, depression and lack of productivity. A business mentor stimulates and keeps entrepreneurs’ mind on track
• network access
– access to a trusted, network will create opportunities and benefit business
• developing talent
– in addition to the direct entrepreneurial benefits, it has an exemplary role with charisma, and to a limited extent, the business mentor could also supervise the management team and other key employees.
• succession planning initiatives
– retain expertise in coming retired, outgoing staff members or even layoffs with a better introduction, transfer, guidance and on-boarding for new employees.
• convince investors
- attract and provide extra confidence to investors as also the business mentor’s reputation is at stake.
Some tips about the cooperation with a business mentor for optimal returns
• understand the role of a business mentor
– it typically transfers personal and professional experience for better decision making, and although there are similarities, a business mentor is NOT a coach, counsellor or trainer/teacher
• set reasonable goals and draft a program
– the what question of what to achieve and what to achieve
• involved stakeholders
– which employees and others are involved in the business mentoring program what is their role and how to approach
• define the communications
– when, where, how often, accessibility (only in working hours?), the communication method; face to face meetings, phone calls, emails and texts.
• what to do in case of panic and crisis
– be prepared, make upfront arrangements about how to act and to coordinate
• conduct regular evaluations
– review the results and elaboration, also make renewed appointments
• If needed, make adjustments to goals and program
– most likely the mentoring relationship will change over time and the processing and concretising
• unique relationship for increased yield
– focus on the relationship and the support, be open and realise that the collaboration mainly determines the revenue/results.
• accept criticism
– the business mentor works in the interests of the company and conclusions can be personally hurtful, if one is not able to oppose constructive criticism and is not open to this or is not able to control emotions, then do not start business mentoring. In doing so, it is extremely doubtful whether you can succeed as an entrepreneur without own sizeable capital.
• act ethically and confidentially
– an absolute condition for trust and a long-term result-oriented collaboration
• resolve issues and conflicts
- in a business mentor collaboration, there will indeed frictions arise, but solve them quickly together and do not let them harm the growth of the company.
• avoid the management trap
– business mentoring is assisting and guiding, not execute! Although the temptation is great, management execution is another role for the entrepreneur, and a business mentor cannot combine because it will lose key elements, such as objectivity, overview and monitoring/control
• no long-term contracts
– if the relationship is not focused on results and there is no belief in getting an excellent value, stop the business mentoring cooperation.
Business mentoring and constructive criticism
This is a very important and key in the relationship with your business mentor. It’s essential for an entrepreneur to take the business mentor suggestions as positive criticism, and not as a negative assessment or conviction of the qualities of entrepreneurship and business management.
The business mentor brings objectivity as well as a fresh perspective, whereas the entrepreneur is directly close to the daily-as-usual business. The entrepreneur definitely should response, indicate and discuss his/her viewpoints and options with the business mentor, who should take the entrepreneur’s remarks in deliberation and should modify the plans if needed.
We realise that handing your business partly over to others and thereby, besides, receiving criticism can be particularly unpleasant. But in the interaction between the entrepreneur and business mentor, it is essential, in the company’s interests, to achieve improvements. It demands resilience and flexibility from both parties. The business mentor must take into account the sensitivity and must dose constructive criticism. The entrepreneur must be open, accept the new vulnerable position and take into account some painful statements to make the business interests prevail. If one is unable to do this, one should not start business mentoring.
The key component of any mentoring relationship is mutual appreciation (and chemistry), establish a trusting, confidential relationship and the promise not to jeopardise the owner’s entrepreneurial role within the business. The business mentor also has also a great interest in a good cooperation and superior outcomes of the actual growth of the company, after all, his reputation is at stake.
Business mentor vs coach / trainer vs counsellor / consultant
Frequently, a business mentor is being compared to a coach and consultant. Obviously, there are some overlaps, but it are totally different roles. See the summary below.
– assist, advise and monitor business development, indirect personal development
– a broad number of issues focused on business growth
– relationship oriented
– long-term, have to build trust and understanding
– business development driven, now and the future
– need to design the strategic purpose defined by the business owner
– joint consultation to organise insights and plans
– facilitate personal development and indirect business development
– focus on a certain topic
– task oriented
– short-term, few or a series of sessions
– individual performance driven (if skills are acquired coaching goals is done)
– flexible ad-hoc or repeatable program for an individual or group
– feedback to learn from
– research and advice to prepare decisions and (assist in) implement plans or proven but customer specific programs
– a compressed business topic
– contract orientated
– short or medium term
– strategic or tactical, business needs driven
– contractually agreed, most likely project management will be required
– progress consultation, (provisional) acceptance and adjustments of contract
Business mentor focus areas
As indicated, we mentioned to make explicit agreements in business mentoring and drawing up a program with the focus areas of mentor assistance. On another pages, we have, without being complete, an enumeration that can be used as inspiration and reference. Here we have the split them up, because the subjects differ considerably, in start-ups and ongoing businesses.
Business mentor focus areas – start-up companies
Business mentor focus areas – on going business