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The Art Of Mentorship: 3 Steps For Building Business Leaders

The Art Of Mentorship: 3 Steps For Building Business Leaders
by Nancy Harris

Establishing a mentorship program can help businesses grow, employees succeed and executives lead more effectively

A significant majority of women -- 63 percent -- have never had a formal mentor in their career. It goes (almost) without saying that everyone in the global-business community can contribute to decreasing that number.

I was lucky enough to enter a mentorship program early in my professional life. I sought a mentor because I needed someone to help me figure out the best way to make my voice heard. As a woman working in the technology industry, I needed guidance on how to best contribute at a strategic level.

Mentorship is critical because it brings an inherent ability to drive growth and success in colleagues and leaders alike. Mentoring frequently improves employee performance. Meanwhile, mentors are rewarded by the fulfilling experience of seeing their mentees succeed.

According to data from mentorship consultancy MicroMentor, 83 percent of small businesses with mentor programs survive longer than five years. MicroMentor also found that small- and medium-sized businesses with mentor programs experienced an 83 percent growth in revenue (compared to a 16 percent increase among companies without mentor programs). There is clear business value in mentorship.

I recently reflected on my own mentorship experience with a panel of entrepreneurs at Sage Summit U.S. in Atlanta. We discussed ways business owners could not only survive, but thrive. And we noted that the process often reveals fresh perspectives on the trajectory of mentors' own career paths and futures.

That conversation inspired me to share three steps leaders can take to support and mentor entrepreneurial colleagues in a meaningful way.

Step 1: Set the course.
Your approach to mentorship is crucial in the outcome of the budding relationship. Mentoring without intention or thoughtfulness can lead to a wasted opportunity. To be an effective mentor, you must have an understanding that the person looking to you for guidance sees you as an extension of who they want to become. It's important for mentors to establish what mentees want from the interaction early and then build a mentorship program from the ground up.

Mentors should clarify with their mentees any expectations around objectives and outcomes. During the earliest stages of the mentorship program, both parties involved need to agree on ground rules and pinpoint their limitations. This exercise creates a safe learning environment for risk-taking empowered by trust and honesty.

Read full article on Entrepreneur.