They say that successful entrepreneurs aren’t born — they’re made. But what, exactly, are they made of? Those who launch and run profitable businesses share qualities such as determination, creativity, and keen intuition. However, gut feelings can carry one only so far. Successful entrepreneurs know that working with a mentor or coach yields far better results than going it alone.
Mentorship and coaching are valuable tools that can guide and direct entrepreneurs toward long-term success. These approaches provide opportunities for prospective and emerging business owners to learn from experienced professionals, while developing leadership skills and gaining ongoing feedback and support.
Mentors and Coaches: What’s the Difference?
Although mentorship and coaching are often used interchangeably, they’re separate approaches with different purposes. In a nutshell, mentors are experienced individuals who provide guidance, share insights, and offer emotional support, while coaches are professionals who focus on skill development, accountability, and goal achievement.
Mentoring relationships tend to be more personal than coaching relationships. A mentor typically shares his or her knowledge, skills, and experience with a less experienced person in the same field or industry. Often, mentors draw on their lived experiences and share stories of how they overcame challenges in their own careers.
Coaching, on the other hand, is more structured and shorter-term, with coaches working with individuals to help them identify their strengths and weaknesses, improve their performance, and achieve milestones. They may not be from the same industry as those being coached.
Despite their differences, there is some overlap between mentoring and coaching, and a combination of both may be used by entrepreneurs or organizations to foster strong organizational leadership.
Why Every Small Business Owner Needs a Mentor
You may be surprised to learn that some of the most recognized names in the business world, including Mark Zuckerberg, Steve Jobs, and Sir Richard Branson, received help from a mentor early in the development of their own ventures.
In fact, every entrepreneur, from the tech giant to the small business owner, can greatly benefit from working with a mentor. Here are three advantages that mentors bring to their mentees:
1. Fresh Perspectives – Mentors bring a wealth of experience and a different lens through which to view potential problems. They act as maps and compasses, guiding entrepreneurs as they navigate challenges.
2. Confidence Boost – Mentors also boost confidence in their mentees by validating decisions and providing encouragement. As a result, entrepreneurs feel less alone in their journey.
3. Networking Opportunities – Business networks are worth their weight in gold, so the fact that mentors can introduce business owners to their networks is invaluable. Connections lead to partnerships, new clients, and growth.
The Role of Coaches in Skill Development
Likewise, all entrepreneurs can reap the benefits of working with a business coach. Entrepreneurship can be overwhelming, but the guidance of coaches can equip business owners to face challenges, increase performance, and steer their businesses toward success. Here’s a look at what coaches provide:
1. Focused Skill Enhancement – Coaches help business owners develop specific skills, such as sales, leadership, time management, and communication. They also provide actionable strategies for improvement.
2. Accountability – One of the primary roles of a coach is to serve as an accountability partner, keeping entrepreneurs on track. Regular check-ins ensure progress toward goals.
3. Objective Feedback – Coaches also provide honest assessments, allowing entrepreneurs to learn from mistakes and refine their approach.
Finding the Right Mentor or Coach for You
When selecting a mentor or coach, it’s essential to determine whether the professional’s skill set aligns with the unique challenges of your business. First, be sure to identify your needs and conduct an assessment of the areas in which you need support. Your list might include marketing, finance, and leadership, for example.
For the best mentorship fit, you’ll want to look within your network and seek mentors among industry peers, former colleagues, or local business associations. Another option is to consider online platforms for virtual mentorship. When searching for a coach, you can explore professional coaching programs or hire an individual coach. Always research their credentials and read testimonials prior to making your selection.
You may wish to interview potential mentors and/or coaches to make a well-informed decision and encourage a productive advising relationship. A few questions to ask include:
· What is your mentoring philosophy and methodology?
· What is your background and experience?
· How do you handle accountability?
· What kind of support do you provide?
· How do you handle confidentiality?
· How do you measure progress?
· What are your expectations of your clients?
Building the Relationship with Your Mentor or Coach
Like any relationship, the one with your mentor or coach needs to be nurtured in order to be successful. A good mentor or coach will invest substantial time and effort in you and your business, so it helps to enhance the relationship by doing the following:
· Practice Open Communication – Be transparent about your goals and challenges and regularly update your mentor or coach.
· Respect Their Time – Value their expertise by being punctual and prepared.
· Express Gratitude – Acknowledge their impact on your journey and highlight specific outcomes, such as revenue growth or improved leadership skills.
Keep in mind: Relying on mentorship and coaching is not a sign of weakness, but an indication that you’re embracing powerful tools for growth. The more you put into the relationship, the more you’ll get out of it.
Proliant Provides All the Support You Need to Run a Successful Title Company
For entrepreneurs who have their sights set on owning a title company, Proliant Settlement Systems offers a unique franchise opportunity — so you won’t have to go it alone. All the financial operational advantages and support systems that eliminate the most difficult barriers to entry are yours as a Proliant franchisee.
With Proliant at your side, you’ll have all the support you need to run a full-service title company. That includes access to an entire team of experienced title professionals who will assist you through the settlement process from start to finish. You’ll also receive the latest technology and tools, including our customized workflow and title production software.
Plus, the professionals at Proliant can work with you one-on-one to overcome business challenges and position your company for growth and the best customer experience possible. From your customers’ perspective, the business is 100% yours. And, like a built-in mentor or coach, Proliant is here to help you through it all.