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Coutts Forum for Entrepreneurs
Events - Spring 2008
Events - Summer 2007
  • Coutts Forum For Entrepreneurs - Learning to Fly, how to invest as a business angel
    12 June 2007
  • Coutts Forum For Entrepreneurs - guest speaker Mike Southon
    27 June 2007
Glasses
Flowers
The challenges

There are some clear challenges associated with mentoring, a number of which were raised at the Forum by those who either have first hand experience or are looking for clarity on how a true and successful mentoring relationship should work.

Who and where?
Finding the right mentor or mentee is often the biggest challenge during the process and raises a number of questions and tips

  • Same industry? Business leaders can often be doing the same thing as you, but in a different industry, and once you escape that gene pool of your own sector, you find that there are so many other creative ideas at your disposal

  • Network? You have to be systematic. Start with our own personal network, but nothing should be a chore. It should be informal and relaxed

  • Persevere. If there is someone out there that you really want to work with, and have the opportunity to gain wisdom from, you have to pick up the phone and try your luck

To pay or not to pay?
The subject of payment for mentoring services was an issue that was debated during the Forum. There are two very clear schools of thought; the first one is that being a mentor is an altruistic act, something that is built and focused on a personal relationship. The belief is that a true mentor’s aim is to provide support and guidance throughout the mentee’s career without payment of any kind. The relationship is built on strong foundations and may be one that lasts for the mentee's working lifetime.

The second clear view on mentoring that we recorded is that it is possible and acceptable for a mentee to seek help and support as they require it throughout their career from a consultant or coach in a paid for capacity. The key question is that if you get paid are you a true mentor? Does payment for a service mean that the altruistic foundation of mentoring is no longer viable? It was suggested that an individual who accepts payment for this guidance and support is not a mentor but a consultant, coach or even a psychologist.

Tunnel vision
Mentoring is not a 'one size fits all' approach. There are cases where it is difficult for entrepreneurs to be mentored. Their vision is channelled and they might be internally focused. This can make the acceptance of external advice and support challenging. In the same way, not everybody is a potential mentor; some business owners are less comfortable in passing on knowledge and experience to others.

Organisational hierarchy
In larger organisations mentoring schemes are susceptible to failure and can be used by some as a “way to beat the system”. One of the great things about mentoring is the construction of absolute trust, but if your mentor has direct influence over your career in the organisation it can be difficult to get that free flow of information. For example, the American Army encountered this problem and currently uses a group of retired officers for mentoring.