- Businesses’ survival rates increase considerably if their owners have been mentored.
- 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.
- 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.
- 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.
- 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.
