Mentoring business

by Roman Cheplyk
Monday, January 24, 2022
Mentoring business

Mentoring a business is a term used to describe a company that provides a one-on-one mentorship service for new or existing businesses

Some people use this type of service over the more common types of mentorships offered by institutions and organizations because they would like someone with practical experience in their field to provide personalized guidance on how best to proceed.

The first step in establishing a successful business relationship between a mentor and mentee should be establishing a strong business foundation, including setting expectations from both parties as well as defining roles.

A mentor helps guide someone through a project or journey and shares knowledge with them at every step. For example, an employee might participate in a mentoring program for new graduates where she can learn from seniors who have already taken her position before. According to the Society of Human Resource Management (SHRM), 61% of companies offer formal mentoring programs, but only 33% say these programs are effective at promoting creativity and innovation.

The mentor's goal is to pass their business expertise and knowledge over to the mentee. It usually involves "giving back" by sharing experiences gained through business, providing advice towards someone’s business journey, business insight, and business support.

You will be interested