Wouldn’t it be great if there was someone out there who could show you the ropes to owning a small business? If you get a small business mentor, this can be a reality. However 84 per cent of small business owners are unaware about how to find a mentor in British Columbia according to a recent study by MentorshipBC. Moreover many small business owners are confused about how mentorship works.
If you’ve been searching to become or find a mentor, test your knowledge about mentorship, and see if you know the truth behind these three common mentorship myths:
Myth 1: Mentorship Is Only Found Naturally
Nine out of ten business owners I meet at events are surprised when I tell them they can join mentorship programs through professional organizations. British Columbia has over 55 free and cost-based programs to match small business owners with mentors.
Formal mentorship programs have many benefits compared to finding mentors naturally through networking. One of the greatest benefits of using a formal program is that you’re guaranteed an experienced mentor instead of waiting and hoping to find one on your own. Mentorship programs also have criteria in place, such as confidentiality and conflict of interest agreements, to protect your business. They are also set for specific durations, usually six months, to help you set and achieve goals within a certain time frame.
Myth 2: Mentorship Only Helps The Mentee
Mentorship is both beneficial to the mentor and mentee. In fact, when I ask mentors why they mentor, the most common responses are that it makes them feel fulfilled to give back to their community and that they learn from their mentees. This makes sense. When people help others in an area they feel experienced in, it increases their levels of self-confidence and therefore makes them feel fulfilled.
According to a study by the Greater Good Science Center at the University of Berkeley, when people give to others, their generosity is likely to be rewarded somewhere down the line. This is seen when mentees help their mentors by introducing them to helpful business contacts and teaching them new skills.
Myth 3: Mentors Are The Same As Coaches
Both mentors and coaches are excellent guides to boosting your small business success however they are slightly different. Mentors generally offer suggestions and business connections for the mentees overall development, whereas coaches offer specific advice and plans to fulfil particular objectives.
Coaching can also cost more than formal mentoring programs. For example, a typical mentorship program such as Futurpreneur’s moMENTum program costs about $125 for six months. A typical session with an experienced coach can start from $150 per hour. Coaching can also take place for a chosen period of time, whereas formal mentorship programs generally last six months.
Get A Small Business Mentor In British Columbia
If you want to take your personal development and small business growth to the next level, get a mentor today. Visit MentorshipBC to search a directory of over 55 mentorship programs in BC. Also join MentorshipBC’s Mentorship Matchmaker Twitter chat on Thursday March 12 at 11am to network with mentorship programs and learn more about how to find or become a mentor.