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Five truths about Mentoring for entrepreneurs

  1. Businesses’ survival rates increase considerably if their owners have been mentored.
  2. Whereas coaches and consultants focus on know-how, mentors concentrate on attitude, self-management and life skills. Coaches help build specific skills or competencies; consultants make recommendations on a specific scenario, and mentors “accompany” mentorees in their role as entrepreneurs.
  3. Mentors are guides and confidants for mentorees, helping them break their isolation, sharpen their entrepreneurial instincts, take a sober second look at things and see the way more clearly.
  4. To avoid conflicts of interest, mentors do not work in the same field as their mentorees and cannot enter into a business relationship with them.
  5. Mentoring isn't just for novice entrepreneurs: it can be just as helpful for those contending with a growing business or with a business transfer.