Mentorship can be a scary word for both the mentor and the mentee. Mentors may question the amount of time they can commit to mentoring one or more entrepreneurs and mentees may not know how to go about finding an experienced mentor who is eager to work with them. Often, the result is a lack of mentor/mentee relationships and missed opportunities for fulfilling relationships for both the mentor and the mentee.
There are, however, ways to develop successful mentor/mentee partnerships that are fruitful for both parties.
Our Co-Founder Kim Lawton explained the importance of mentoring.
"You need a go-to person to bounce around ideas and get advice," she said. "Once you start asking for what you need, you'll be surprised to discover how eager people are to help.
Likewise, be available to mentor and inspire other women following in your footsteps."
The Enthuse Foundation believes strongly in the importance of mentorship and regularly provides opportunities for entrepreneurs to interact with experts through meetups, webinars, office hours, pitch competitions, and feedback sessions.
Here are some examples of mentoring relationships in the Enthuse Foundation community.
Chi Nguyen Gained a Mentor at the Pitch Competition
Chi Nguyen, the founder of Purpose Tea, was a finalist at the 2020 Enthuse Foundation Pitch Competition. Even though she did not win the event, Nguyen connected with Jack Edwards, a judge and beverage expert, afterward.
They still meet quarterly.
"(Jack) has been amazing and so helpful to our business," Nguyen said. "That aspect of the competitions is so invaluable. To be connected to those in the industry that could help when you're stuck or have a challenge, that is just immeasurable."
Grant Winner Receives Cash and Valuable Advice
Dr. Amy Andes, the founder of Banzo Brands, was the inaugural winner of the Enthuse Foundation/Inspiro Tequila Professional Development Grant. She received $2,500 for conferences and opportunities to further her education. Additionally, Dr. Andes also meets regularly with Inspiro Tequila founder Mara Smith.
"Mara has welcomed me and my questions with open arms," Dr. Andes said. "She is a superhero with time management and has taught me the dos and don'ts of approaching my professional development. In addition, she always has advice for me, whether it's related to the food/beverage industry or not. That is something I appreciate the most."
Dos and Don'ts of Mentorship
Dos
Do seek out advisors and look for organizations where people have already expressed interest in wanting to help. Here are a few resources: SCORE - the nation's largest network of volunteer, expert business mentors. Women's Business Center - sustains a network of 100 business centers across the United States, each supporting women entrepreneurs with mentoring.
Do talk to people about your business. There are opportunities to find mentors in your daily life, whether someone from the gym, another parent at your child's school, or a familiar face at your place of worship.
Do solicit your family for advice. A mentor isn't like a job reference – your parent, sibling, in-laws, cousin, or longtime family friends are excellent starting points for trusted advisors.
Do set clear boundaries and communicate availability so there are no unrealized expectations on either side
Don'ts
Don't cold e-mail or message someone asking them to be your mentor (especially if you haven't interacted before). As mentioned earlier, 'mentor' can be scary and implies a time commitment someone might not be able to make.
Don't be too aggressive. Remember – someone is helping you out of the kindness of their heart. If you send an e-mail that goes unanswered, it's OK to follow up once. However, after that initial nudge, it might be time to move to another option.
Don't get defensive. It's hard having someone provide critical feedback on your business. You've poured your heart and soul into this company, and a new person has different thoughts. We get it. However, go into every conversation with an open mind and mindset that this person wants to help.
Don’t expect your mentor to do the work for you. The mentor should offer advice and guidance, not create spreadsheets or pitch decks for you.
The stats don't lie. According to a SCORE study, 30% of business owners (both men and women) who had just one interaction with a mentor reported business growth. This number increased with subsequent interactions and peaked at 43% of business owners, with five or more mentoring interactions reporting growth. Seeking advice on your business operations makes you a better entrepreneur and more likely to succeed. Just as important as it is to get feedback, it is crucial to pay it forward, especially when it comes to other women founders.
Comments