A mentor is someone who someone who gives or teaches and offers help and advice to a less experienced person. In the context of business, a business mentor would therefore be someone who teaches or gives and offers help and advice to a less experienced person in the world of business. When starting a business for the first time, a lot of research needs to be done on the subject but there is no greater help than having someone who has been there before and is able to guide you on the rocky paths of success. This person can be someone who has been involved in the same business, owns a successful business, has experience in the particular line of work or just someone who is motivational.
The role a business mentor plays a vital part in the life a business starter as they make the process much easier. The following are possible roles performed by mentors:
• Help in composing a business proposal: when looking for partners or approaching firms with a business idea, it is a good idea to come ready with a business proposal that includes a feasibility report. A feasibility report judges the viability of a project and makes the difference between an acceptance and rejection of a proposal. For someone new to the business world, the process of creating a business proposal as well as conducting feasibility studies will not be easy. Having a business mentor on hand to explain and guide in the process of this is vital.
• Financing: if the proposal is done on the basis of gaining funding from a financial institution, then such financial institutions need references and collateral that can cover the loan granted. A mentor with good credit as well as a heavy weight in the world of business can also provide guarantee to the financial institutions on the trust worthiness of the business starter. Also, if need be the mentor can also aid in gathering financing from other sources.
• Knowledge: the business knows how from a mentor comes in very hand in a lot of scenarios. One of such scenarios could be in the form of connections. For a business that needs supplies, a business mentor who has been in that line of business before or has first-hand knowledge of it might be able to bring in old connects to assist in different areas like where quality and affordable supplies can be gotten from or getting discounts on certain things.