StartupTalky

Tag: good mentor

  • Coaching Vs Mentoring: The Key Differences

    The Coronavirus Pandemic has taken a heavy toll on the best of us, these are hard times when everyone is struggling to make ends meet. As everything is now gradually opening up, ideally one can expect cut-throat competition in almost any field they choose to pursue. Entrepreneurs are facing tough challenges, especially in these times of uncertainty.

    In these tough times, you are the one who decides where your career trajectory will go and for that everyone needs guidance. The guidance can come in different forms. Coaches VS Mentors. A common tug of war question which every entrepreneur deals with, so it is very important to understand the key difference between coaching and mentoring.

    The concept of Coaches though is mainly used in the Sports industry however, almost every field today has a wave of coaches coming in and presenting the world with extraordinary talent. People often get confused between coaching and mentoring. There are dedicated coaches and mentors who have given their hearts and soul to earning their titles. In this article, we will talk about the difference between coaches and mentors and who you need for your business.

    Who Is a Coach?
    Why Do You Need a Coach?
    How Do Business Coaches Help You?
    Who Is a Mentor?
    Why Do You Need a Mentor?
    How Do Mentors Help You?
    Coaching vs Mentoring: What Do You Need?

    Who Is a Coach?

    A coach is someone who helps you imagine a greater possibility for yourself and then supports you to achieve it. They help their clients to dream big and help make those dreams come into reality. We all need people who give us feedback and help us work on our constructive criticisms. That’s how we improve.

    One thing that people always fail to do is self reflect or in layman’s terms see themselves the way others do. Coaches do help to overcome this dogma. Coaches really guide you and let you know if you’re on the correct path. Every famous dancer, athlete, or actor always had someone, a dedicated coach to guide them and help them achieve the goals that they once deeply desired.

    Why Do You Need a Coach?

    Everyone needs a coach, the greatest too. People might often expect you to do things on your own, however, they do not realize that many problems arise when you’re figuring out your ways. Sometimes you’re not even aware of the problems holding you down and sometimes you don’t know how to fix them and this resorts to you stopping your improvement.

    Coaching helps you to be self-aware on a whole another level as you’re been looked upon with a completely different set of experienced eyes. They become your external eyes and ears and give you a much more accurate picture of your reality. They help you break down your actions piece by piece and build them up again. They don’t care about how good you are right now, they care about how good you are going to be.

    How Do Business Coaches Help You?

    • Business Coaches help you identify your shortcomings and provide ideas to fill the gaps that you have on the road to achieving your goals.
    • Business coaches help you in planning your goals and achieving them step by step.
    • Teaches you to communicate with your investors so that you can convince them to invest in your business.
    • Train you to tackle any kind of situation in your business.

    Who Is a Mentor?

    A mentor is a person who has walked down the same path you’re walking right now and will help you get where you want. They believe in you, trust you and prepare you not just for yourself but to make the world a slightly better place.

    Mentors are a bit hard to find. They aren’t set up in a traditional institute. To find a mentor you have to work on yourself in the beginning and earn the trust of the person you want to be mentored. One cannot simply knock on an institute’s door to find a mentor one has to rather keep going on their own journey and find their mentor. Once you do, you cherish them forever. They provide you with their knowledge and wisdom and help you achieve your goals.

    Why Do You Need a Mentor?

    Mentoring lives up to a lifetime and it does not just help you get better at your business but also get better at life. Being a mentee means getting constantly grilled for improvement with critical feedback based on the path you’ve chosen to walk upon. One can have multiple mentors in their lifetime.

    How Do Mentors Help You?

    • Mentors are actually the one who gives advice according to their personal experience, so they what step to take to solve the problem.
    • Having a good and experienced business mentor means helps in creating a good reputation for your business.
    • Mentors not only help with business-related stuff but also provides advice on how to tackle pressure and burnout.
    • They also help in developing contacts which can make the business better.
    Effect of Mentoring in Business
    Effect of Mentoring in Business

    Coaching vs Mentoring: What Do You Need?

    Mentoring is purely based on trust, some would consider their mentors as their third parent. A mentor is someone who has already been there and done that. They develop the potential in you and help you grow as a person.

    Coaching is structured and is based upon you getting results while mentoring is based on your live performance and growth. If you wish to get good at chess you’d probably need a coach but if you wish to play your life as skillfully as chess and win the game in the end, you do need a mentor.

    Both the coach and a mentor encourage your self-improvement and in increasing your confidence. At the end of the day, it is your requirement and your business requirement that decides whom you need on board, a mentor or a coach.

    Conclusion

    In the tug of war of Coach vs Mentor, nobody actually wins. You need to invest in yourself through them. It is tough to find people who guide you through this cruel world but if they’re with you, you need to hold tight and extract all their wisdom. They will be there to advise you and guide but the last call will always be yours in your business.

    FAQs

    What are the three types of mentoring?

    The three types of mentoring are:

    • Traditional one-on-one mentoring
    • Distance mentoring
    • Group mentoring

    Is a mentor free?

    Most of the time mentors provide advice for free to the new entrepreneurs.

    How much does a business coach charge?

    On average a business coach charges $115.

  • The Ultimate Guide To Find The Right Mentor

    In this current century, research has shown that the most powerful weapon in making a successful business is having a good mentor for your business. Finding the right mentor can sometimes be difficult, especially for new entrepreneurs, if they are trying to do it alone. No matter how resourceful an entrepreneur is, they can only get what they want with a little help, and that’s where a startup mentor can help and make things work.

    Steve Jobs was a mentor of Mark Zuckerberg, Co-Founder and CEO, Facebook

    Warren Buffet is a mentor of Bill Gates, Founder and Technology Advisor, Microsoft

    Sir Freddie Laker is a mentor of Richard Branson, Founder, Virgin Group.

    A good mentor for your business
    Finding right mentor

    Your startup mentor is someone who you will be working closely with. A good mentor for your business always serves as an adviser at critical points throughout the year. Thus as a good mentor for your business will make sure to speak for the company at the tables where young entrepreneurs don’t have a seat, like a board meeting, because this is where most of the information or probably decisions about the startup’s future are made. They can also provide guidance on career management and an insider perspective on business, as well as make introductions to key industry contacts.

    It does take a bit of time to get to know someone, so don’t discount a relationship too quickly, but pay attention to any cues that could indicate long term conflict. Don’t be afraid to voice your concerns or end the relationship. Odds are, you and your startup mentor are both feeling the same way.

    Importance Of Mentor In Business

    In an aspect of life, we need a mentor to guide us in the right direction. The same is true in the case of any business establishment. It might be a small business but mentors can increase the success rate. Having a good rapport with the mentor is the pivotal point for success. It is a gut instinct that people should be able to know immediately, even if they cannot explain it. Importance of mentor you will understand when they would stop the entrepreneur at the right time from doing something wrong and make sure to utilize the opportunities that lie ahead.

    A business mentor works with you and supports you. They are focused on the agenda, discussing your business with you, they also ask questions to broaden your understanding. Mentors listen to you, provide fruitful feedback to you, and bring a diverse perspective to your business. They help and sort out many complex issues of running a business, share their understanding and knowledge. Along with it, they inspire you, motivate, and support you with the experience that they have gathered. There are many benefits of having a mentor, both for the business and personally.

    Also Read : Inspiring Quotes of Indian Entrepreneurs

    good mentor for your business
    Right mentor for your business

    Also Read : List of Famous Entrepreneurs You Must Know About

    Here are the following are the criteria you can use to choose a good mentor for your business,

    Experience Is Important

    It is a must that a mentor should have a greater experience than the entrepreneur and a success record over the years. Thus a mentor should be a career expert. Because somebody has discovered achievement doesn’t mean they will readily share it with you.

    It’s not about finding a mentor with the most years of experience or the biggest title. It’s about finding a mentor with the knowledge and expertise to help you on your journey.

    Sometimes a new entrepreneur needs some constructive criticism or a reality check while at other times they need a high five or pat on the back. A well-chosen startup mentor can provide all of those things. A good mentor should preferably be in the same business area as the start-up to have a better understanding whenever there is a business challenge or concern.

    Compatible With You

    In the process of searching for a good mentor for your business, start thinking about future prospects and narrow down on successful and admired leaders in the same stream because research has shown that successful business relationships happen when the mentor and mentee are the right matches.

    Research shows that the success rates of mentored small businesses as compared to those without a mentor are much better. According to some reports, 70% of mentored businesses survive more than five years which is double the rate for non-mentored small businesses for the same period. The same report shows that 88% of business owners say having a mentor to rely on is ‘priceless’.

    Also Read : List of 23 Startups Funded by Ratan Tata

    Providing Honest And Helpful Feedback

    Mostly as an entrepreneur, you might become overly attached to a business plan or be single-minded as to the best way to achieve your goal. A mentor can help you look past the tunnel vision of your original scope and make you realize the weakness in your model. A different perspective will help you decide to rethink your business module. It may help you see that time has come to upgrade from the outdated system to new technology. Constructive feedback and criticism from your mentor should be welcome as that input can pay you rewards.

    Working with a mentor will help to maximize business performance and your performance in the business. With a business mentor, your business result will improve as well as your efficiency and it will utilize your full potential.

    A business mentor may not have all the answers, but he/she should able and willing to connect you to people who can help. A good mentor can help you find investors, clients, contractors, or co-founders who will provide valuable services.

    Comfortable With You

    Research has shown that most entrepreneurs find it difficult to stand the presence of their mentor, thus it is difficult for them to communicate freely with their mentor, which makes things even worse. While choosing a mentor to make sure it’s someone likable, someone, who can be freely spoken to about both good and bad experiences to make the business grow and help in business growth. In this way, the mentor would be a neutral party and a great adviser. You don’t want a clone of yourself or your best friend as a mentor. You need diversity to make sure you’re getting a truly different perspective on things.

    A business mentor will work as a confidence booster, totally focusing on you, listening to you, and discussing your business. He/she will be there to share your successes and challenges thereby supporting you to achieve your goal. More comfortable he/she is with you will signify your success.

    Mentors can help you in many ways in your career. They can help you gain confidence, develop skills in a new job, and even help you get promoted.

    Trustworthy

    Trust is the most important thing as you will be telling things in confidence. The Mentor should also trust you as it will be more successful if the trust is both ways. This mutual trust can get the most out of your relationship. Make some ground rules to avoid some conflicts. After a few meetings, you will know each other better and once trust is established, you will be able to take your business ahead.

    It is always advised to seek a mentor who has a strong character and traits that are worth emulating. Also while looking for a good mentor for your business keep in mind that he is caring, someone that will invest in the company’s professional growth and will always speak the truth.

    Also Read : The Income of the Top Richest People in the World

    Challenging

    A good mentor is not the one who will agree with everything you say. Importance of mentor will come to know when they should ask the questions which you may not want to hear. Challenge you on your decision, query, and drill you on your intent, which is done with the best interest and intention at heart.

    Find a mentor who will give you challenges to improve. You can ask mentor any tough questions. The Mentor should be able to deliver real positive or negative feedback.

    Once someone has been identified, be prepared, explain what is expected from the individual and how his insights and expertise might be helpful. Therefore, when the right mentor comes on board, a lot of decisions of the company start falling into place and things become easier for all parties involves. Make efforts to find the right person for the said business and see how the company flourishes.

    If you choose a wrong mentor for you business, you can not accelerate your business. Instead, you will set back your career. You should make a plan of action for choosing a mentor for your business. The Mentor should teach you something from your failures. Picking the right mentor can be the most significant professional choice you’ll ever make.