Transcript

Welcome to Business Kickstart! Our mission is to help you build your personal business toolbox and in the process inspire you to embark on your own entrepreneurial journey. Your business toolbox consists of knowledges, skills, resources, and strategies needed to start and run your own business. 

Episode 8 - Business Mentorship

While physical therapy itself is a rewarding and essential field, building a successful business requires a diverse skill set that extends beyond clinical expertise. Getting quality business mentorship can be a game-changer for an aspiring entrepreneur. Here are just a few of the many benefits of having a mentor.

Benefits of a Business Mentor

Leadership and guidance

Mentors typically have years of experience in business and can offer insights based on real-world challenges and successes. Their experience helps you avoid common pitfalls, make better decisions, and refine your strategies.

Avoid common mistakes

Mentors can share stories about their own failures, lessons learned, and what they wish they had done differently. This knowledge can prevent you from making similar mistakes and prepare you for setbacks.

Accelerated learning curve

Starting and running a business can be overwhelming. A mentor can help you avoid unnecessary mistakes, allowing you to grow and learn faster by giving you targeted advice based on their experiences.

Emotional support

The entrepreneurial journey is filled with highs and lows. A mentor can be a source of emotional support, offering guidance during difficult moments and helping you stay focused on your goals.

Accountability

A mentor helps you stay accountable to your goals. Regular check-ins and discussions with them can motivate you to stay focused, track progress, and address any obstacles that arise.

Access to a network

A mentor can introduce you to key contacts in their professional network, including potential clients, investors, suppliers, or collaborators. These introductions can open doors that may otherwise be difficult to access on your own.

Strategic thinking

A mentor helps you think long-term and develop strategic plans for growth. They can guide you in setting realistic goals, prioritizing resources, and making decisions that will benefit your business in the long run.

Finding a Business Mentor

Finding a business mentor is not only possible, but can be more accessible than you might think. Many experienced entrepreneurs, industry experts, and professionals are eager to share their knowledge and support emerging business owners. With a clear understanding of your goals, you can find a mentor who aligns with your needs and is ready to help you navigate the challenges of building your business.

Let’s explore some of the more common methods used to find a business mentor.

Your Existing Network

You may already know someone who could be a perfect mentor. Consider former employers, professors, colleagues, or even family members. Are there small business owners in your community you admire. Even if you’re not directly connected to an appropriate person, someone you know may be. Spread the word!

Industry Associations and Professional Groups

Many industries have professional organizations or associations that offer mentorship programs. These groups often have established networks of experienced professionals who are committed to giving back by helping newcomers. Joining an industry association not only provides access to mentorship, but also helps expand your professional network, increasing your chances of finding a suitable mentor. Professional conferences such as the American Physical Therapy Association’s Combined sections meeting is a fantastic opportunity to network with colleagues. The annual event is attended by over 10,000 PTs and PTAs with a robust exhibit hall with over 400 businesses. 

Online Platforms and Social Media

Online platforms like LinkedIn, Twitter, and Facebook are valuable tools for finding potential mentors. LinkedIn, in particular, allows you to connect with people based on industry, experience, and interests. Searching for professionals in your field and reaching out with a thoughtful message can lead to meaningful connections. Similarly, engaging with relevant groups or forums on platforms like Facebook or Reddit can help you find mentors who are willing to share advice and guidance. 

If you find someone you think would be a good match, send a direct message and ask whether they would be interested in mentoring you, or at the very least connecting.

Mentorship Programs and Incubators

There are numerous formal mentorship programs, often facilitated through business incubators, accelerators, or nonprofit organizations. These programs are designed to connect new entrepreneurs with experienced mentors. 

Let’s discuss a few of our favorites.

SCORE: Partially funded by the Small Business Administration, SCORE is a nonprofit program that connects small business owners with a volunteer mentor. SCORE mentors offer advice, resources, and insights to guide small business owners. SCORE has more than 10,000 mentors across the country who offer free one-on-one mentoring, workshops, and other educational services.

The Minority Business Development Agency (MBDA): The MBDA is part of the U.S. Department of Commerce and offers minority-owned businesses access to business experts.

Small Business Development Centers (SBDC): Also partially funded by the Small Business Administration, the nearly 1,000 SBDCs across the country offer free business consulting and at-cost training assistance to small businesses.

Women’s Business Centers (WBC): The WBCs provide free-to-low-cost business consulting and training for women who want to start, grow, and expand their small businesses.

Professional Coaches

While not always the same as a mentor, professional business coaches can offer similar guidance and support. Coaches are often experienced entrepreneurs or executives who provide structured, one-on-one coaching sessions. If you're looking for someone with expertise in a specific area (e.g., leadership, strategy, marketing), a business coach might also be a good option to consider alongside traditional mentorship. If you have been listening to our entrepreneurial podcast, many of our guests have discussed the important role of a business coach.

Starting the Relationship

Once you've found a business mentor, the next step is to establish a clear, productive relationship that benefits both of you. Here’s a step-by-step guide to help you get the most out of mentorship:

Set Clear Expectations

• Define Goals: Start by discussing your business goals and the specific areas where you need guidance (e.g., strategy, leadership, marketing, finances).
• Clarify Roles: Understand your mentor’s role. Are they serving as more of an advisor, a sounding board, or someone who will actively help you make decisions? Knowing this will prevent future misunderstandings.
• Commit to Time: Set expectations around the frequency and mode of communication (e.g., weekly check-ins, monthly meetings, emails). 
  Prepare for Meetings
• Be Ready: Come prepared with specific questions or challenges you’re facing. This will make the mentoring session more focused and valuable.
• Feedback: Mentors will offer constructive feedback and identify areas where improvement is needed. Be receptive and avoid being defensive.
  

Act on the Advice Given

• Implement Suggestions: The most important part of mentorship is acting on the guidance provided. If you’re given advice, take steps to implement it.
• Track Your Progress: Monitor how your actions are affecting your business. If something doesn’t work, communicate this to your mentor so they can help you adjust.

Be Accountable

• Own Your Decisions: While your mentor provides guidance, it’s up to you to make the final decisions. Take responsibility for both your successes and failures.
• Regular Updates: Keep your mentor informed about your progress. This helps them provide more targeted advice and shows that you're committed to learning.

Assess the Mentor – Mentee Relationship

• Honesty is the best policy: Just like with any relationship, the arrangement should be beneficial for both parties. Provide frequent and candid feedback to derive maximum benefit from the working relationship.
• There are many fish in the sea: If the mentor – mentee relationship is not working despite your best efforts or if your mentoring needs outgrow the expertise of your existing mentor, consider securing a new mentor. 
  

Summary
A business mentor can provide significant value to both new and established entrepreneurs by offering guidance, support, and insight. Business mentors are plentiful and can be extremely affordable and even free.

Take the time to determine your business goals and attempt to define what you are looking for in a business mentor. Once a business mentor has been identified, take the necessary steps to build a positive working relationship built on mutual respect. 

Action
Begin by determining if you would potentially benefit from a business mentor. Create a list of specific areas where mentorship is needed and use this list when exploring the backgrounds of potential business mentors.

And there you have it, another dose of PT-preneurial inspiration to fuel your journey. Check out more inspiring stories from PTs and PTAs our there making waves by listening and subscribing to our podcasts on your favorite streaming platforms. And, don’t forget to rate and review this podcast. Thanks for listening!