The Value of Mentoring for Social Entrepreneurs

The value of a mentor is that they have “already been there”, which allows you to learn from their mistakes and successes.

A business mentor is a professional who has the experience to provide personalized support, sound business advice and encouragement to help new entrepreneurs develop their own abilities and vision. The value of a mentor is that they have “already been there”, which allows you to learn from their mistakes and successes.

The role of a mentor is to:

  • help you develop your independence and leadership skills;
  • help you discover your understanding, your possibilities and solutions during the start-up and growth of your business;
  • support your self-directed learning and help you draw your own conclusions and make your own decisions;
  • listen to your ideas and answer your questions frankly;
  • offer you emotional support while challenging you;
  • provide you with practical business advice, when required / appropriate;
  • celebrate each step towards success.

Although “answers” can make your job easier, they do not embody the main type of support provided by the mentor. It will help you learn to solve problems and make decisions and will provide you with the opportunity. Finally, the mentor will help you to help yourself so if you want to hire business mentor Melbourne then visit https://unlockingyourfuture.com.au/services/business-mentor-melbourne/.

My mentor was extremely helpful – he gave me everything from emotional support during difficult times to practical business advice. The opportunity to benefit from a third party who is not afraid to tell me the truth and to make me think was, I believe, what he offered me most valuable.

Why is mentoring so important?

Mentors are essential to the success of any social entrepreneurship project. They can help you meet the different challenges facing social entrepreneurs, such as:

  • designing a viable business model that creates both social and financial value;
  • measurement and demonstration of social impact;
  • governance and legal structures;
  • the process;
  • the attraction of investments;
  • the organizational structure.

According to Unlocking Your Future Australia’s experience, the chances of success in business are much higher if the young entrepreneur has a relationship with a mentor. In fact, Unlocking Your Future Australia entrepreneurs – all of whom are matched with a mentor – have a loan repayment rate of 94%. In addition, research has shown that:

  • learners who will use a new skill in their practice, resulting from learning a theory = 5%
  • learners who will use a new skill in their practice, resulting from learning a theory and after seeing a demonstration = 10%
  • learners who will use a new skill in their practice, resulting from theory, demonstration and exercises during training = 20%
  • learners who will use a new skill in their practice, resulting from theory, demonstration, exercises and corrective feedback during training = 25%
  • learners who will use a new skill in their practice, resulting from theory, demonstration, exercises, corrective feedback during training and situational coaching or mentoring = 90%

Through mentoring, an entrepreneur can get feedback and encouragement and learn how to overcome challenges, from current legal structures or financial models, to personnel management or investment decisions. .

My mentor helped me reach my goals and overcome obstacles through regular meetings; after establishing goals and developing plans with me, he gave me full responsibility.

I am convinced – where can I find a mentor?

In Australia, many business mentoring programs and opportunities are available to entrepreneurs. Some involve individual mentoring of a contractor and a mentor, while others help entrepreneurs build relationships with mentoring advisory boards. You can also call on a mentor yourself, without hanging on to a program.

As part of its Business Start- Up Program , Unlocking Your Future Australia matches each entrepreneur individually with a qualified mentor, based on the needs of each and the skills of the other, and their respective personalities. To help kick-start the relationship, Unlocking Your Future Australia has set up an interactive workshop, where the mentor and the entrepreneur work together to set goals, determine dates of meetings and milestones, and more.

As you would choose your family doctor, take the time to find the right mentor for your needs and personality. You get the best match when your mentor completes your own skills, experience and personality. If you have worked in a social context for years and you have limited business management expertise, a mentor with strong skills in this area and practical advice that can be followed in real life would be the more useful.

Ideally for social entrepreneurs, it is a mentor’s support during start-up and the first two years of business development.