Pay It Forward

When you have been fortunate enough to have found your route to success, the most rewarding thing you can do is help others to find their own path.

One of my favourite quotes on mentoring is from Sir Richard Branson. Even the most successful business people are able to admit that they received plenty of assistance along the way and it is great to hear them recognising the benefits of being a mentor as well as receiving support.

“The support of experienced entrepreneurs is a key ingredient to help build and grow a successful business. Sharing experiences and ideas is also a key requirement of being a good mentor… be prepared to learn as much as you teach!”

- Sir Richard Branson

Back in November our Hive News “Meant to Mentor” email focused on the importance of mentors in the business world and provided some tips on how to find the sort of support and guidance that’s right for you.

As we begin to launch our Job4Life and Virtual Teaming workshops and Boot Camps this summer, we are actively seeking established freelancers and business owners who have the skills and experience to support our Newbee freelancers and entrepreneurs beginning their journey in the commercial world.

The model has been designed to help participants learn about themselves in terms of their marketable skills and talents, their preferred styles of communication and natural ways of working. We then develop their ability to identify potential hirers and communicate the value they can deliver, tailoring communications to specific audiences and their needs. The programme results in an opportunity to respond to a live brief from a hiring business which could lead to their first paid work as a freelancer. Throughout the process the attendees will have access to suitably experienced mentors who can help answer their questions, providing guidance on key issues and considerations.

We are already seeing plenty of interest from undergraduate students and we are working closely with Universities and organisations like NACUE (National Association of College and University Entrepreneurs) to provide support to the most ambitious emerging talent. But age isn’t the key determinant of ambition. There are many individuals finding themselves in career transition by choice or otherwise. These people are looking at the changing face of employment and considering freelancing as a positive potential career direction for the first time.

Within the range of people considering how they can self-promote to secure freelance work, beyond the students already mentioned, are key groups like Mums on Maternity Leave who have proven professional skills and experience that they can use to bring real value to business projects as a virtual team member. Also, slightly older business statesmen (and women) who don’t want to retire while they still have so much to offer the commercial world in terms of experience and wisdom. If you provide these individuals with mentoring support that helps them shape their approach to self-employment and then blend their mix of energy and talent, there are some amazing opportunities for businesses to create formidable virtual teams to deliver fast paced business growth projects.

There is a multitude of reports and surveys about the effect of mentoring and other forms of non-financial support on businesses, here are some interesting perspectives from a 2011 report published by Youth Business International (YBI) relating specifically to young entrepreneurs…

Businesses are more successful: 55% of young entrepreneurs agree that their business is more successful as a result of the non-financial support they received.

Operational challenges are overcome: two thirds of young entrepreneurs can think of a significant operational challenge in their business that they were able to solve as a result of their non-financial support, that reduced costs and increased profit/turnover in their business.

Loan repayment rates improve: 54% of young entrepreneurs would have struggled to repay their loan over the same time period without non-financial support.

Access to finance increases: the likelihood of approval for a commercial loan more than doubles when young entrepreneurs have established a track record and benefited from receiving a range of non-financial services.

Young entrepreneurs feel more confident: 84% of young entrepreneurs feel more confident running their business as a result of the non-financial support they received.

And the value you receive from the experience of mentoring cannot be underestimated, you will be amazed at what can be revealed about yourself and the benefit of just being around such enthusiastic and creative minds.

Ketan Makwana from Enterprise Lab and Youth Enterprise Live sees huge benefit from providing mentoring and support to others…

“Mentoring is all about developing a platform for others to prosper from… not only does one have to instil confidence or guidance but also provide opportunity… I have found mentoring others extremely enjoyable, educational and empowering. For me mentoring is not just about what expertise I can bring to others, but also what I can learn from them too.”

So, if you have what it takes to help develop the next generation of business leaders, and you also want to continue to learn something new about yourself by working with young entrepreneurial talent, just add “mentoring” as a skill to the talents in your Skills Hive profile. We will be in touch with you about opportunities to get involved with our workshops over the summer.

Why not also add a video clip to your profile which tells us about your personal style of mentoring and how you specifically want to support enterprising new talent.

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