The Effects of Mentoring and Business

Access to a mentor can make or break a small-business owner's chances of success, according to Eric Hippeau, CEO of "The Huffington Post." Although a small-business owner should foster mentoring relationships within her own company, she should also find one for herself. Mentor sources for small-business owners include trade associations, other businesses and Small Business Administration programs. Finally, the most effective mentor programs are structured and include start and end dates.

Experience

The sharing of business experience is a recognized benefit of mentoring programs. Mentors can help protégés grow and develop in their position by imparting specific jobs tips, business "lessons learned" and advice on business leadership and communication. Mentors also have an opportunity to learn from their protégés from the sharing of different perspectives, insights or new business contacts.

Feedback

Receiving feedback as part of a safe and trusting relationship is another critical effect of mentoring relationships. A mentor may pull her protégé aside and gently demonstrate how to better communicate with his employees or offer tough but necessary criticism about his new business idea. This feedback may save a small-business owner time, frustration and money. Protégés are more likely to listen and act upon advice received from a mentor, as the information is delivered by someone who wants them to succeed.

Decreased Turnover

Strong mentor programs may help a small-business owner attract and retain employees. For example, a Fortune 500 company was able to reduce its turnover rate of employees with fewer than three years' experience from 50 percent to 20 percent by investing in a mentor program, according to "Entrepreneur."

Productivity and Morale

Mentor programs boost productivity and job satisfaction. Mentors may lessen job frustration through advice or training, as well as boost morale by offering encouragement and support. With a strong mentor network in place, small-business owners may find they have fewer day-to-day management problems to solve and more time to focus on long-term growth opportunities.

Talent Finder

Effective mentor relationships identify and develop future company talent. Mentors may groom high performers for future leadership roles. In addition, mentors may also be able to redirect or retrain an employee who has valuable skills and experience but who may not be thriving within the company's culture.

About the Author

Eryn Travis has over 15 years of freelance-writing experience. She has written for "Aviation News Today" and was the managing producer and host for the cable TV news show of the same name. She has a Bachelor of Arts in journalism from the University of Maryland and is finishing up a master's degree in communication studies from West Chester University.