Street Smarts Mentoring gives women entrepreneurs opportunities to grow from others' experience.
By Maria Meyers
You've been through the books, the seminars and the speeches. You've taken your business through at least a couple of life cycles. You may even hold an advanced degree-or two.
This is when you need a mentor. Maybe.
According to the Aspen Institute, mentoring is "counsel, advice and support given by experienced entrepreneurs to emerging entrepreneurs in a structured relationship of some duration." Mentoring, then, is a dialogue and a relationship that requires commitment, time and work. It's neither a quick fix nor a cure all. And some people aren't cut out for it.
Are You Ready? There's a difference between needing a mentor and just needing more education, said Kelly Pruneau, client services manager at the Kansas Women's Business Center (KWBC). Writing business plans, applying for loans and understanding tax obligations-these basics of business start-ups aren't the purview of mentors. Entrepreneurs who are just starting out would probably benefit more from training and technical assistance than they would from a mentor.
The "protégé," the one on the receiving end of the mentor relationship, should have a working knowledge of her business before she taps into the smarts of a mentor. Typically, this translates to living through a couple of business life cycles. What mistakes has she made in growing her business? What successes? What has she learned from those?
Equipped with some industry experience and confidence, the protégé can then really dig into and learn from the experience her mentor has to share. But it's not just about being ready. It's about being open. The protégé also has to be coachable, said Pruneau. The ability to take and process advice is critical to a successful mentoring relationship.
Where to Find One? You know you need a mentor. You know you're ready. You know you can handle it. But, where do you find one?
The standard advice for finding a mentor is to approach someone successful in your industry and just ask. The problem is that most people don't know where to look.
Peer-to-peer roundtables, such as those offered by the Missouri and Kansas Women's Business Centers, offer one way for women to learn from others' experiences. Typically limited to 10 women per roundtable, participants are grouped with other women business owners who have similarly sized businesses and similar challenges. For example, KWBC's Emerging Roundtable, which is focused on entrepreneurs fresh to the field, bridges the gap between education and mentorship by supplementing share sessions with guest speakers and topic-specific information. The Growth and Accomplished Roundtables are aimed at more experienced business owners at various levels in their careers. All roundtables meet regularly- commitment is key-to share ideas, build support and increase confidence.
Mentoring Matters, a program offered by the KWBC, helps match mentors and protégés. To apply, protégés must have a business that is at least two years old, employs at least one full-time employee (in addition to the owner) and generates $100,000 or more in gross annual revenues. In addition, the business owner has to want to grow the business. Mentors help their protégés chart a course through specific business challenges, such as marketing and advertising, financial management, sales operations, business structure and organization, management and leadership and personnel and staffing issues.
Match Makers There also are more formal mentoring programs.
Athena PowerLink, a cooperative project of the Athena Foundation, the Kansas Women's Business Center, the Missouri Women's Business Center and the Henry W. Bloch School of Business and Public Administration at the University of Missouri-Kansas City, matches a woman entrepreneur with an advisory panel-an eclectic mix of CPAs, attorneys, sales professionals and seasoned entrepreneurs-specially recruited to meet her specific business needs. To be eligible for the program, applicants must manage and own the majority of their business, have been in business for at least two years, have at least two full-time employees (one of whom may be the business owner) and earn a minimum annual revenue of $250,000 for manufacturing or retail business or $100,00 for service business.
The Helzberg Entrepreneurial Mentoring Program (HEMP) was inspired by Barnett Helzberg Jr.'s own 23-year mentoring relationship with Ewing Kauffman. The program matches seasoned entrepreneurs with less-experienced protégés-men and women-who have owned their businesses for at least three years, earn annual revenues between $1 million and $75 million, employ a minimum of five people, want to substantially grow their business and are willing to commit the time to the one-on-one mentoring relationship. The program carries an application fee and annual dues.
What's Next? Commit time to growing the relationship, map your goals, talk regularly and assess your progress. A good mentoring relationship takes work and time, but it rewards both protégé and mentor.
And then pay it forward and share your experience someday as a mentor.
Maria Meyers, network builder, leads the KCSourceLink and U.S.SourceLink team. Founding sponsors of KCSourceLink, a program of the Institute for Entrepreneurship and Innovation at University of Missouri-Kansas City, are the Ewing Marion Kauffman Foundation, the Henry W. Bloch School of Business and Public Administration at UMKC and the U.S. Small Business Administration. KCSourceLink's network services are free. For more information, visit www.kcsourcelink.com, call (816) 235-6500 or (866) 870-6500 or send e-mail to
