Among Entrepreneurs, Mentoring Is Good for Mentee and Mentor Alike

Across the world, entrepreneurship is on the rise. According to a global survey, Gen Z and millennials are more likely to be entrepreneurs than their Gen X and baby boomer counterparts. Whether it’s running a business or engaging in a side hustle, members of these younger generations have shown a determination to venture out on their own career paths. What many of them lack, however, is a mentor.

Having a mentor can mean the difference between success and failure in business. By providing support and guidance, mentors can ensure young entrepreneurs have the tools they need to succeed on their professional journeys.

But the benefits are not one-sided. While some experienced entrepreneurs may believe that giving their time to a younger counterpart is strictly an act of benevolence (thus making it more difficult for them to justify becoming a mentor, and thereby further contributing to the scarcity of mentors worldwide), they actually have much to gain from the relationship.

Whether one is an experienced entrepreneur or just starting out in business, a mentor-mentee relationship makes sense for everyone involved. Let’s learn about some of the specific benefits for mentors and mentees alike.

Growth

Taking on a mentee means making oneself available to offer support and answer questions. But a good mentor will realize that they don’t always have all the answers. An even better mentor will recognize these situations as an opportunity for growth.

Mentoring will inevitably put a person in positions where it becomes clear their knowledge or skill is lacking in a certain area. They should consider this a gift, a reminder that they need to keep learning. Entrepreneurs tend to be lone wolves who believe they don’t need support from anyone, but working with a mentee helps them see that there’s always room to grow.

For mentees, a good mentor should nurture a growth mindset. Rather than looking for prescriptive advice, for instance, mentees should find mentors who encourage them to work through problems on their own, and who give input that stimulates their thinking.

Learning to Listen

Experienced entrepreneurs need to be prepared to adjust their mentoring approach to each mentee. While some young entrepreneurs may ask specific questions, others may simply need a mentor to act as a sounding board as they work toward solutions independently. Whatever the approach, the mentor should always be listening.

The same is true of mentees. While having confidence in one’s own instincts and decision-making is important, they should not be looking for mentors to affirm everything they say. Instead, young entrepreneurs should value the wisdom of their mentors and listen as they provide feedback. This is not to say, however that they should always agree with their mentor. In fact, a good mentor will always allow their mentee to make their own decisions. But mentees should always be open to hearing and considering a mentor’s input.

Diverse Views

A mentor-mentee relationship often comprises two people from different generations. Because of the different world views and life experiences inherent in such a relationship, there are many opportunities for each party to learn from the other. For a mentor, working with a younger person can offer a fresh perspective on areas like emerging trends or social media marketing, allowing them to update their business strategies for the modern day.

Mentees, meanwhile, stand to benefit from exposure to time-tested business strategies. Particularly in situations when a young entrepreneur comes from an underserved background, they may not be familiar with the ways in which entrepreneurs from the past have built successful businesses. By pairing these more traditional frameworks with upstart strategies, mentees will be better positioned to launch their entrepreneurial careers.

Community

Although it’s a common belief that a person can only have one mentor, the truth is there’s no limit to how many people one can seek counsel from. In fact, having only one mentor can sometimes be detrimental, especially if a mentee relies on them too heavily.

Young entrepreneurs should instead build communities of mentors. While some may be of the formal variety, others can be friends, family, colleagues, or anyone else they trust. Young entrepreneurs should similarly not limit themselves to mentors in their industry or field. Having such a mentor is important, as they can provide worthwhile and tangible advice on one’s entrepreneurial journey, but great mentorship can also come from people outside of a person’s field.

Likewise, a mentor doesn’t necessarily have to be someone who’s older. Peers, particularly those who are entrepreneurs themselves, can be great mentors. When a peer who is an entrepreneur has a set of skills that are distinct from one’s own or has taken a different career path, they may be able to see the mentee’s business in a unique way.

Mentors can also build community through mentoring. Organizations like SCORE bring together business leaders who are interested in serving as mentors to underserved entrepreneurs. By volunteering with such an organization, mentors can become acquainted with other successful entrepreneurs who have a similar desire to mentor others. Access to such a community opens doors to advantageous business partnerships and collaborations.