A good mentor can save you from expensive mistakes and shorten the time it takes to learn. Finding one and using the relationship well is a skill you can practice, and it does not require a large network or a big city.
What a mentor does
The Kauffman Foundation summarizes research showing that mentors can provide feedback, reassurance, and motivation, and can connect entrepreneurs to information, partners, customers, and investors. It also notes that a mentor does not have to be an entrepreneur. An industry expert, an investor, or someone with relevant experience can serve, and a mentor with knowledge of your region or type of business can be especially useful.
What the evidence suggests
The same brief reports that mentored businesses tend to survive longer, and that owners who received more hours of mentoring reported more revenue and employment growth. It also cautions that the effect of mentoring is hard to isolate, because mentoring is often one part of a larger support program and much of it happens informally.
One example it describes is a program in Kenya that paired less experienced women who ran micro-enterprises with experienced entrepreneurs from the same community. Mentee profits rose by an average of 20 percent, and the gains lasted for those who kept meeting with their mentors.
You may also see the claim that 70 percent of mentored small businesses survive more than five years. It comes from a UPS Store survey, as noted by the SBA. It is a survey result, not a controlled experiment, and the owners who seek mentors may differ from those who do not. Treat it as encouraging, not proven.
Where to look
The SBA points to two main sources of free help. SCORE offers free small business mentoring through more than 10,000 volunteer mentors, more than 300 chapters, and video chat for people who live far from one. Small Business Development Centers provide free counseling and low-cost training. Beyond those, consider:
- Local business owners. A respected owner in a related field can be a useful mentor even if the businesses differ.
- Community colleges and chambers of commerce. Staff often know who is willing to help new founders.
- Future Corps. We are building a Mentor Network for rural and underserved founders. You can read more on our Mentor Network page.
How to ask
Keep the first request small, specific, and easy to accept. Instead of asking someone to mentor you, ask for a single 30-minute conversation about a defined topic. For example: I am opening a small equipment repair shop and you have run one for years. Could I buy you a coffee and ask about pricing and staffing? If the first conversation goes well, ask whether it would be all right to check in again in a month.
Prepare for every meeting
- Send a one-paragraph summary of your business a day ahead.
- Bring two or three specific questions, not a general request for advice.
- Share your numbers honestly, including the bad ones.
- Take notes and end by agreeing on what you will do before the next meeting.
Ask questions and stay open
According to the Kauffman brief, mentees report greater satisfaction with mentors who ask questions and encourage reflection than with mentors who simply hand out advice. It also finds that people who believe entrepreneurial skills can be learned are more likely to find their mentor helpful. Come ready to be challenged, and treat disagreement as information.
Follow through and report back
The fastest way to lose a mentor is to ask for advice and never act on it. Do what you agreed to do, and tell your mentor what happened, including when their suggestion failed. Say thank you, and offer something in return, such as an introduction, a referral, or your time. Mentors get real satisfaction from seeing someone use their help.
It is fine to change
Not every match works. If a mentor does not understand your business or is not available, thank them and look for another. You may also need different mentors at different stages, such as one for finance and one for marketing.