Mentors & Coaches Bring Savvy to Business
Long common in the corporate world, mentoring, and it's fee-based twin, coaching, pairs experienced executives with subordinates or emerging entrepreneurs. Part business school and part self-improvement, the goal is for the mentor or coach to listen to the client's concerns or issues, and offer support and knowledge gleaned from their own experiences - knowledge budding and seasoned entrepreneurs otherwise might not encounter.
A mentor or coach is not all things to all people. Decide if you need a mentor or a coach, and who that person should be. The first point to ask is what your greatest company or personal managerial needs are? Do you need someone with sales and marketing expertise, general back-office and employee management experience, or networking prowess? Develop a professional biographical sketch of the person you need, then seek out an individual to fit that model (not vice versa).
If you're looking for someone with many capabilities, you may instead be better off creating a board of advisors. Again, write down the needs you're looking to fill, then seek out three or four people to take on the job pro bono. (Why would people volunteer to serve as a mentor or board member? Many successful executives or business school professors enjoy "giving back" as a price for success, mentors say.)
Then ask yourself what you can afford to pay. Decide what you'll be willing -- or able -- to pay, and determine if a coach is the way to go. A coach can cost anywhere from $50 to $150 a half-hour; a mentor, by definition, is pro bono.
Find your mentor by reading the local newspapers, business magazines or industry periodicals to locate a successful executive, whom you then will call to ask whether they are interested in becoming a mentor. Find a coaches through the International Coaching Federation. Before you call, have your needs outlined so you can convince them you've thought about why you need a mentor - and why you chose them.
If you're a start-up or strapped for cash, visit a local business school, the local office of SCORE (Service Corps of Retired Executives, http://www.score.org) or the Small Business Development Center (http://www.asbdc-us.org). You also can visit online business forums on America Online and CompuServe to seek out advice.
