Business Mentoring

Our innovative mentoring program connects members with skilled and experienced African American professional mentors across America that will assist and guide our member to succeed. The mentoring sessions are 15 minute in length scheduled through our online Mentor Scheduling Platform provided free of charge. Members are able to select from a list of volunteer mentors from across the country, where they will meet over the phone or through a facetime cell phone platform. Mentoring Sessions are available Monday through Friday based on the Mentors available time. To Reserve A Mentoring Session

New Study Reveals Entrepreneurs Need More Mentoring

Kate Harrison

Former Contributor 

Entrepreneurs

Mentoring can make all the difference for your business. 

It is common wisdom that behind every great leader are great mentors and advisors. Steve Jobs had Ed Woolard and John Sculley, Bill Gates considers Warren Buffet a mentor, and Bob Iger credits his former boss Tom Murphy  not only with his success at Walt Disney, but also for having inspired the mentorship program Iger introduced that pairs top Disney executives with leading tech start-up CEOs. While most entrepreneurs don’t have world famous executives mentoring them, the importance of such interactions is obvious. According to an analysis conducted by Endeavor, a nonprofit organization that supports high-impact entrepreneurs across the world, companies whose founders have been mentored by a top-performing entrepreneur are three times more likely to go on to become top performers themselves.

How Businesses That Outperform View Work

  • Only 22% of small businesses had mentors when they started their business. Another 17% indicated they have or had an advisor, possibly a paid relationship for consulting and advice. This leaves 63% of business owners who do not have professional guidance at the onset of their business.

  • The statistics for new business failure are dire: 20% of small businesses fail in their first year, 30% of small businesses fail in their second year, and 50% of small businesses fail after five years when their financing or enthusiasm, or both, dry up. 

  • 92% of small business owners agree that mentors have a direct impact on the growth and survival of their business. A separate previous Kabbage report revealed 84% of small businesses reach profitability in the first four years of their business, with 68% attaining profitability in the first year. The early years of any business are therefore a crucial make-or-break period, and business mentors are vital to their success.

  • Of all respondents, 89% of small business owners who didn’t have a mentor wish that they did. These statistics highlight a need in the entrepreneurial community to find and connect with qualified mentors who can deliver solid advice to help a business over those shaky first years.

  • The good news is that even those who were not mentored themselves are taking steps to help the next generation. The study shows that 61% of current small business owners mentor others, and 58% specifically mentor younger entrepreneurs, particularly in real estate, property management and construction.

 

HOW TO FIND YOUR REAL-LIFE OPRAH — AND WHY HAVING A MENTOR CAN CHANGE YOUR LIFE

Why? Well, Oprah may be able to dole out motivational quotes and anecdotes, but she’s not actually getting your resume in front of the right people. It’s important to build your network, and mentors are a great pathway to new doors. Mentors get to know you personally, so they can vouch for you when it counts, offering recommendations or helping to facilitate interviews. A real-life mentor knows you and your goals — and unfortunately, Oprah (probably) doesn’t have the time to sit down and have that ongoing conversation. https://1000dreamsfund.org/why-having-a-mentor-can-change-your-life/

Oprah Winfrey is incomparable. She’s got an innate ability to inspire in a way that’s essentially unprecedented, which is why so many people (male and female!) think of her as a life coach. Sure, she’s speaking to millions of people across the globe, but somehow it feels personal. It feels like she’s tailored her words just for your specific issue. It’s awesome that we all have Oprah as this omnipotent resource. But while it may be comforting to rely on famous figures for advice and guidance, the truth is that in order to maximize opportunities and live your best life, you’ll need to seek out your own real-life Oprah.