5 ways a mentor can help you overcome hurdles

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Highlights from the EY Women in Leadership Summit

 
Need to know how to invoice and when? A mentor can help you with that and other issues you face on a daily basis.

 

The number of male and female entrepreneurs is fairly evenly matched in Australia, but what’s missing for business women is a context in which they can grow, learn and be guided, and real tools that enable them to think big and act big.

Fundamentally, they need to understand the financial basics and funding models. This includes simple things, such as:

  • How to invoice and when.
  • What to watch for contractually.
  • The value of equity.
  • Marketing basics.

They also need have the skills to cut through what the media presents (which are often false positives) and get to the heart of qualifying ideas and managing within constraints.

This is some of the information that needs to be taught and transferred from one entrepreneur to another and this is where mentoring platforms are enormously beneficial.

Mentoring platforms

Rare Birds Mentoring is an example of a platform where entrepreneurs are matched with a mentor, who can help them tackle difficult issues and ultimately, help them grow their business.

It also supports organisations in setting up and running high-impact, wide-reaching mentoring programs for entrepreneurs and leaders.

The benefits
  1. Perspective and experience. A mentor can navigate and fast track your personal and business growth. His or her perspective and experience can be invaluable. A mentor can also learn contextually from their mentee.
  2. Define and reach long-term goals. They can help you define your business strategy and goals. They can help you set smart, realistic, future-oriented stretch goals. This can ensure focus and a more secure path to success, as well as personal reassurance.
  3. Accountability. They bring accountability and this breeds responsibility and a sense of execution you won’t find elsewhere. Their desire to see results is fuelled by action plans.
  4. Think outside the box. They can help you look at situations in new ways and ask tough, pertinent questions, which can trigger a necessary change in thinking. They’ve been through it before and this is the wonder of mentorship. In the process, the mentee gains a level of self-awareness and learns how to use emotional intelligence. They also learn about business practices, such reviews and the importance of company culture.
  5. Agility. On both sides of the relationship, mentors and mentees can learn agility. An agile enterprise strives to make ‘change’ something the business is receptive to – not reactive to. This eliminates the ‘organisational trauma’, which can negatively affect many businesses attempting to adapt to new markets and environments.
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One step ahead of the social media pack
Highlights from the EY Women in Leadership Summit

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