What any first time entrepreneur needs is a helping hand. My first business venture, aged eleven, was selling second hand books from the back of a wheelbarrow. I got my stock from a bookshop that was closing down – entertained by my sheer enthusiasm when I offered to purchase his old stock, the owner agreed to let me take what I wanted for free.
My profits totalled at just £40, but the lessons learned were invaluable. That old man gave a young businessman his first break – my entrepreneurial spirit had been ignited.
Having since had many roles ranging from barman all the way up to project manager and director founder, I’ve found the majority of organizations and companies lacking in both the ability to recognise good business ideas and the confidence to follow them through. To encourage young entrepreneurs, this general negativity of approach to entrepreneurship needs to be overcome, and the mentoring of young entrepreneurs is a great way to do this.
While the motivation behind mentoring is often one of self-sacrifice – giving something back to a business or a community – the process is mutually beneficial. The mentor is provided with the opportunity to share their knowledge with a less experienced entrepreneur, but the mentor also learns from his or her protégé. Youthful enthusiasm can usually teach wisdom and experience a trick or two.
Mentoring can foster independence of mind and self-belief. The young entrepreneur should be trained to understand that the rewards of creating a business are satisfaction and accomplishment, not monetary gain.
A good mentor should aid their protégé in putting together a solid business plan to realize their idea and, ultimately, encourage the young entrepreneur to take the calculated risks necessary to make their vision a reality. If they have given it their best shot and failed, a mentor should be there to remind them to recover, learn, and try again.
As a mentor, you are an advisor, confidante and friend. In this role, you can have a crucial input into the development of young enterprise – an experience that will not just be one of giving out assistance, but also of great personal reward.
