What is a business mentor and how to find one

Think about who you turn to in times of need. That trusted source of care and wisdom. A family member? A friend? A former teacher? For small business owners and entrepreneurs, a mentor can be part of that circle — bringing experience, connections and insights that can help you sort through the complexities of running a business. But how does business mentoring work? And how can you find a mentor, anyway?

 

What is a business mentor?

A business mentor is a seasoned professional who shares their hard-earned knowledge with newer business owners like you. Mentors offer advice based on their lived experiences, helping you see the big picture, make informed business decisions and avoid potential pitfalls.

Unlike business coaches, who are usually more focused on helping you build specific skill sets, a mentor offers a broader perspective. By providing honest feedback and answering your questions, they can act as a sounding board as you take on challenges and work toward your vision.

 

What to look for in a business mentor

Choosing the right business mentor is all about understanding the right fit for you. Just like a therapist, personal coach, trainer or any other one-on-one relationship, it’s important that you click on a personal level to get the most out of the relationship. Here are a few key qualities to consider:

• Relevant experience: Ideally, your mentor should have experience in your specific industry or at least be familiar with the types of challenges you’re facing.
• Strong communication skills: Look for someone who can clearly convey advice and feedback in a way that works for you.
• Alignment with your values: Shared values can be a strong foundation for cultivating trust and shaping a more productive relationship.
• Availability: Mentorship thrives on consistent connection. Your mentor should be able to provide dedicated time and attention to you and your growth.

 

How a business mentor can help you grow

While every mentor relationship will be different, a good business mentor will be truly invested in your growth and success and able to offer support and insights at every stage of your journey. Here’s what that can look like:

• Personalized advice: One of the biggest benefits of a business mentor is that they’ve walked in your shoes and can offer perspective on your biggest challenges. Instead of generic advice, they can offer insights rooted in real-world experience. Whether you’re puzzling over how to keep business and personal finances separate or strategizing for growth, a mentor can be the guide you need to feel confident in your decisions.
• Bigger network: Sometimes, it really is about who you know. Mentors often have well-established professional networks and can introduce you to potential clients, collaborators or even investors. These connections can help open new doors and bring fresh ideas to your business.
• Stronger skills: Mentors don’t just help with big-picture thinking — they can also sharpen your practical everyday skills. For example, if you’re struggling with managing the financial side of your business, a mentor may share tips to simplify your accounting. If you need help learning how to build and maintain good credit, a mentor can advise you on what has worked for them. Or if you’re navigating team dynamics for the first time, they may offer insights on how they personally approach leadership.
• Emotional support: Entrepreneurship can feel like a rollercoaster, with highs and lows that only other business owners truly understand. A mentor can be a steady, reassuring presence, offering encouragement when times are tough and celebrating with you when things go well.

 

How to find a business mentor

So you know you want a business mentor — now what? Finding that perfect fit might take some time, but there are plenty of great ways to get started. Here are a few strategies to explore:

• Attend networking events: Industry conferences, seminars or local meetups are great places to meet experienced professionals who could be open to business mentoring. The social setting can make it easy to start conversations and find someone whose experience lines up with your goals.
• Join professional organizations: Trade associations and industry groups may offer formal mentoring programs that match newcomers with experienced members. By joining an organization in your field, you gain access to a community that shares your interests — and you might find a mentor who understands the specific ins and outs of your line of work.
• Explore online mentorship platforms: Websites like SCORE and LinkedIn are just a few examples of mentorship platforms that have tools to connect you with mentors remotely. SCORE, for example, is a nonprofit that offers free mentoring from experienced business leaders, while LinkedIn can help you connect with like-minded professionals. Because online mentoring isn’t constrained by geographic location, it can offer more flexibility.
• Consider structured mentoring programs: Programs like the Chase for Business Coaching for Impact℠ pair business owners with mentors for personalized support. These programs often provide a more structured approach, with built-in guidance and resources that can help you get the most from the mentoring relationship.

 

How to ask someone to be your business mentor

Let’s say you’ve found someone great and are ready to pop the question. It’s important to reach out in a way that shows respect for their time and highlights the reason you’re looking. Here are some tips for approaching potential business mentors thoughtfully:

• Start with a friendly, straightforward message: Explain why you admire their experience and how their insights could impact your journey. Be specific about areas you’d love to learn from them, such as their expertise in managing growth, handling industry challenges or building strong teams.
• Keep it manageable: Rather than an open-ended request, propose a small commitment, like meeting once a month, so they understand that you value their time and will make the most of it. Showing that you’re serious, respectful and prepared can make all the difference in establishing a strong foundation of trust.

 

Tips for building — and maintaining — a strong business mentor relationship

A successful mentor-mentee relationship is built on mutual respect, effort and open communication. Here are some tips to help you make the most of your time together:

• Take the initiative: Set clear goals for each meeting. Come prepared with specific questions or topics you’d like to discuss. This shows your mentor that you’re committed and value their insights.
• Express appreciation: Mentors (usually) volunteer their time and experience, so it’s important to let them know you appreciate it. A quick thank-you after each meeting or an occasional note of appreciation can go a long way in building a positive connection.
• Keep it professional: Make sure your meetings stay focused and productive. Respect any boundaries around time or modes of communication, and approach every interaction with professionalism and courtesy.
• Follow up: When your mentor offers advice, put it into action and keep them updated on the results. Showing evidence of how their guidance has helped reinforces your commitment to growth and demonstrates that you value their input.

 

FAQ: Learning about business mentors

How is a business coach different from a business mentor?

A business coach usually focuses on helping you develop specific skills or achieve certain goals, such as improving time management or enhancing leadership skills. A mentor, on the other hand, provides broader, experience-based guidance, sharing lessons from their own journey to help you navigate various aspects of running a business.

 

Do I need a business mentor?

While a business mentor isn’t a requirement for success, having one can be incredibly valuable. A mentor can offer insights, connections and support that help you grow faster and make more informed decisions, especially when facing new challenges.

 

Can a mentor assist with operational tasks?

Absolutely! Mentors with experience in business operations may be able to may be willing to guide you in setting up essential processes, such as payroll management.

 

Can I have more than one business mentor?

Absolutely! Some business owners benefit from having multiple mentors who bring different perspectives or expertise. For example, one mentor might guide you on industry-specific issues, while another might offer insights into financial management or leadership.

 

Level up with a trusted mentor

A business mentor who can offer insights, encouragement and networking opportunities can be a game-changer for your business. Still not sure where to start? Talk with a Chase business banker today for more guidance on finding a mentor or joining a mentorship program — or learn about coaching opportunities on the Chase for Business Coaching for Impact page.