On December 12, we’re hosting three women for a Fireside Chat to share how mentorship has played a role in their personal and professional growth:

• Michelle Guillet is the Founder & CEO of Electric Parasol, a fractional operation, business management, and virtual assistance company with a creative edge.
• Salli Carter is the CEO of Carter Business Coaching & Consulting, where she empowers women entrepreneurs to navigate change and achieve exponential growth.
• Kaitlyn McConnell is the Skills Development and Mentoring Program Manager at WeBC, where she has connected thousands of women with mentors.

Whether you are looking to expand your network, connect and gain advice from a group of like-minded women entrepreneurs, or are wanting a personalized focus on your business, there are mentoring programs to fit your needs.

Join us to ask your questions and learn about the impact mentorship can have on your business growth!

This session will be offered in English with optional closed captioning in French.

Thursday, December 12 | 10am to 11am PT | Free Virtual Fireside Chat

Facilitator: Dawn McCooey, Workshop Facilitator, WeBC

Panelists:

• Kaitlyn McConnell, Skills Development and Mentoring Program Manager, WeBC
• Michelle Guillet, Founder and CEO, Electric Parasol
• Salli Carter, CEO, Carter Business Coaching & Consulting

Register Here >>>

The post The Mentorship Effect: How Women Entrepreneurs Build Stronger Businesses Together appeared first on WeBC.

Benefits of a Business Mentor: #1 The answers to your burning business questions

Your Mentor understands what it’s like to own and operate a business. If you’re entering a new stage in your business—like seeing your sales take off, or moving from a solopreneur to boss—you may have what seems like an endless list of questions. The two of you have been matched for 6 months, and you want to know everything…including what the future holds! 

With a Mentor, the two of you can start to prioritize which questions need to be answered NOW and which ones can wait. 

Chances are, she will explain how you should go about finding answers to your business questions. If you don’t know where to start, here are 5 questions to ask your Mentor. You may discover this research mindset serves you well long after your relationship has come to an end.

Inspiration and ideas can come from anywhere, and sometimes a fresh perspective can help you to expand your horizons. 

Benefits of a Business Mentor: #2 Experience on how-to-do

Your Mentor is not your Jedi Master. She is someone who has, through trial and error developed a few essential skills that may be applicable to your business. If you ask your Mentor to explain how she set up her business books, or created a marketing plan, you may be disappointed when she cannot transplant that knowledge directly into your head. 

Your Mentor will take some time to listen to your business story and may have some suggestions on what may help smooth the way. Your Mentor understands processes and business operations. She may be able to support you in developing the necessary skills you need to streamline your day-to-day operations. 

Her real-world experience of working ON your business, not IN your business, is a key to growing your business.

Benefits of a Business Mentor: #3 A different perspective

My background is in fashion design, clothing manufacturing, and retail. In design…clothing, interior, graphic, we are taught the benefit of expanding our creative horizons by looking at EVERYTHING outside our industry. Inspiration and ideas can come from anywhere, and sometimes a fresh perspective can help you to expand your horizons. 

Your Mentor might be able to offer you a long-view of your business and your product or service. Her perspective from outside your industry could enable you to think outside your box and come up with some ideas that expand your reach. 

Have you ever considered exporting? Did you know that we define exporting as into another province OR across the globe? Your Mentor’s experience is like a two-way mirror, where you can see yourself and your business future…just a little differently.

Practice makes perfect—daily practice with a little dash of Mentor experience will have you wearing your superhero cape with a deep sense of accomplishment.

Benefits of a Business Mentor: #4 Having a trusted advisor

It’s one thing to have started a business as I did, with my father and oldest brother running parts of our family business. If I got stuck on something or had a personal matter to discuss, they were only a phone call away. 

Your business Mentor is on your side. She can be trusted to keep conversations private. Discussions concerning staff, clients, and suppliers are all common ground. If you are a sole proprietor, she may be the ONLY person you can discuss sensitive issues with. It may be the first time a business matter of this kind has come up for you, but most likely, your business Mentor will have experience in similar matters that she is more than willing to share. 

Benefits of a Business Mentor: #5 Accelerating your growth

Every business is different; however, many business processes are transferable, no matter what type of business you’re running. Your Business Mentor can remember how difficult it was prior to honing key skills in her business. She can also remember how smoothly and efficiently her business ran when she mastered those skills!

Tapping into your Mentor’s insight on how to improve these business skills is like developing a superpower! One day you are dragging yourself into your brick and mortar location or down the hall to log onto your website, and then SHAZAM!!! You are transformed into a person who has mastered something that you never thought you would…all because your Mentor let you in on the secret. 

Practice makes perfect—daily practice with a little dash of Mentor experience will have you wearing your superhero cape with a deep sense of accomplishment.

Benefits of a Business Mentor: #6 Expanding your network

Busy business owners have to make time to expand their professional networks. Your business Mentor can open the door to her network. When I had my retail store, I was a member of our local Chamber of Commerce and a few other networking groups. But after working with clients all day—even though my clients were GREAT—it was too easy to postpone networking. 

When I am working with a Mentee, I often surprise myself with the number of resources I am able to suggest. Your Mentor is ahead of you in the years-of-experience department. She has worked with people in a variety of areas in her business and can often pass these names along to you. She has professional connections you can only dream of! Your Mentor’s experience makes it easy for her to recall a name or a business that may be exactly who you need.

Connecting people is one of the greatest compliments for both parties. And she’ll probably encourage you to get out there and enjoy those networking groups, too!

When you don’t know what you don’t know, a Mentor can save you some frustrations by sharing what they learned the hard way.

Benefits of a Business Mentor: #7 Getting constructive feedback

My husband and I were both in retail. I had one store for many years, and he was with a company with over eighty stores across Canada. We regularly talked about emerging trends, monthly sales, and marketing. 

On the flip side, many women don’t have an entrepreneur in their family or social circle, which can be isolating for a woman in business. There is only so much sharing about your business day you can do at the dinner table or at a social event before the ‘eye-rolling’ begins. 

Your Mentor understands and can relate to business. Business discussions with your Mentor can be productive and engaging. You may even be able to stop starting all your sentences with ‘just hear me out…’ 

Owning your own business is creative, exciting work, and it’s nice to be able to talk about business with someone who feels the same way.

Benefits of a Business Mentor: #8 Building the confidence to make informed decisions

When I first started my manufacturing business, shortly after completing my apparel design program, I remember calling my brother to ask, ‘what do I do now’? My brother was running a neighbourhood pub in Esquimalt, and he said, ‘don’t worry, you’ll get busy, and you know…it all just starts to happen.’ 

It did get busy, and I found my flow, but the confidence piece took a bit longer. The fun part of having your own business is that you get to set the direction. The scary part of having your own business is that you are never quite sure if the direction you have chosen is the ‘right’ one. 

Your Mentor understands that ‘what-if’ feeling. 

What if I did X instead of Y? What if I misjudged my target market? What if I didn’t get a large enough loan? 

Your Mentor can help you analyze your decisions and validate or question your reasons for moving forward with a business decision. The two of you can work through a process to help you move forward with confidence. Your decisions, no matter what the outcome, are building your confidence-muscles. You can consider your business Mentor as your personal trainer—no ice-pack required!

Benefits of a Business Mentor: #9 Save time and money

I always tell my mentees that business start-up is the most costly part of the process. When you are excited to start your entrepreneurial journey and start to pay for everything up-front, you can easily overspend and find yourself short of operating capital in the first few years. 

Your business Mentor understands the start-up phase of business and may be able to support you to cut those unnecessary expenses or avoid some rookie mistakes. When you don’t know what you don’t know, a Mentor can save you some frustrations by sharing what they learned the hard way. 

Having someone go through the seemingly endless list of start-up expenses and brainstorm how to prioritize will save you time and money. Your Mentor’s experience with cash flow is invaluable when you are new to entrepreneurship. I always encourage my mentees to be as honest as they can when discussing a budget. You can trust your Mentor to provide support without judgment and keep you accountable through the process. 

The time savings involved in working with your Mentor to put a plan in place and then working through action steps on your own time prior to your next meeting can’t be overstated. Your Mentor has experience with business operations, cash flow, and financing. She is someone with experience you can trust.

Benefits of a Business Mentor: #10 Learn new skills

You became an entrepreneur for many reasons. Perhaps you wanted to use your skills to work for yourself instead of making money for a company you did not own. Or perhaps you are a creative person, and your skills are not in the business field. Or, you are a wonderfully resourceful person who learns-as-she-goes-along. 

In all three of these examples, business skills were not number one on your list. Your business Mentor can teach you how to learn what you need to know in order to move forward with your business. I am not saying that the role of your business Mentor is to teach you everything you need to know about business (we have Business Advisors for that). I said that she can teach you how to learn or research what you need to know. Here are some things to consider if you’re evaluating if your business mentor is right for you.

Let’s say you need a bookkeeper. Your Mentor won’t teach you how to use the latest accounting program; however, she may teach you where to look for a bookkeeper, and help you create a list of questions to ask when you meet them for an interview. Your Mentor may have a specialty in marketing; however, she would not teach you how to design your own website. She may suggest someone who you could meet with to discuss costs to add a shopping cart to your existing website. 

Most entrepreneurs work alone or with 1 to 5 employees. Your Mentor can help you develop the skills to find out what you need to know to run your business successfully.

The benefits to having a business Mentor are boundless when you find a business mentorship program that works for you! Your Mentor does not have a magic wand or a superpower, but her wealth of experience may make it feel that way.  

You and your Mentor have entered into a relationship as equals. You both have a business, and you both want to be successful. Like all relationships, the Mentor-Mentee pairing requires work, respect, and communication. In my time as a Mentor, I always say that I benefited from the enthusiasm and energy of my Mentee as much as or more than she benefited from my experience. Enjoy your time together!

The post Top 10 Benefits of a Business Mentor appeared first on WeBC.

Ninety-five percent of our Mentees say they feel confident with their business skills, compared to 35% prior to participating in our mentorship program. And 81% say having a Mentor has improved their decision-making skills. 

There are many different types of mentorship programs. How do you know which one is a good fit for you?

If you search mentorship, women, BC, you will see a couple of programs that may pique your interest (of course I hope you choose to apply with WeBC!) 

If you’re wondering how to find a business mentorship program, here are a few factors to consider:

How much time do you have for the business mentorship program?

How many hours, realistically, can you spend in a business mentoring program each week or each month? 

Many programs require you to attend a monthly meeting; however, you’ll need to commit to some preparation pre-meeting, and follow-up after your meeting. 

In my experience as a Mentor, I can’t emphasize enough how preparation and follow up can benefit your mentoring relationship. Taking some time during your week to note any pain points in your operations or business planning. Taking those notes and formulating a few specific questions to ask your Mentor can make all the difference in the world. 

Solving a small problem before it becomes unmanageable is the type of proactive approach that leads to business success! Does the mentorship program you are considering have time built in for this kind of pre- and post-meeting discussion? 

How do you like to communicate with your mentor?

Many entrepreneurs don’t realize that mentors usually volunteer their time as Mentors. Does the mentorship program you are considering have a policy around when and how you can communicate with your Mentor? Do you communicate with the program head, rather than directly with your Mentor? 

Depending on the complexity of the issues you intend to work on with your mentor-as-guide, this may be a deciding factor for you. In my role as Mentor with WeBC we’re encouraged to establish guidelines around communication that respects both our time and the Mentee’s time in our first meeting together.  

Once those agreements were set, most of the communication outside the actual meeting time was handled by myself, as I made it clear to my mentees that I was available to talk, text or email should something come up. 

Communication style is a personal preference, so be sure you’re comfortable with the communication parameters prior to applying to the program.

Is the business mentorship program flexible?

If you’re running a business, managing a family, and trying to have a life, you understand what I mean! Being accepted into a mentoring program a month or two in the future can require a bit of juggling should a staff or family member become sick, or your business experience an unexpected shock. 

Be sure to choose a mentoring program that allows you the flexibility to change your plans. Does the program allow you to miss a session, or change groups? What happens if you and your Mentorjust don’t quite ‘click’? Choose a program that allows you to speak to someone throughout the process in confidence. 

You’ve probably been waiting for a program to open for applications, or for a Mentor In your specific industry to become available. Once you have been accepted into a program, take some time to understand who your contact people are, and if need be, to clarify your commitment to your Mentor, and/or the other members of your group. 

If something happens and you are unable to participate be sure to understand the refund and exchange policy. 

Ask around

Many times a personal referral is what helps you to decide on a mentorship program. 

Did a fellow member of a networking group rave over a program? Did your accountant or bookkeeper mention a client who had a 5-star mentorship experience? Have you had a good or GREAT experience with an organization’s other programs such as Business Advising or Financing? (We hope so!) Have you read a few glowing testimonials on the organization’s website, or on Social Media? If so, your search for the perfect mentoring program may be over!

Finally, if you’re searching for a business mentoring program and can’t find a perfect fit, consider this: perhaps you don’t need a mentoring program at this stage of your business. 

Perhaps you would benefit by speaking with a Business Advisor instead. Consider registering for a session on marketing. Or business planning. If you aren’t sure what you need to move your business forward, perhaps we can help. And if you’re an experienced entrepreneur, maybe you’re ready to give back as a Mentor, like me!

The post How to Find a Business Mentorship Program that Works for You appeared first on WeBC.

Starting, running or growing a business can be a stressful undertaking. As an entrepreneur, you need to have a wide variety of skills and make a lot of decisions. This is where some well-chosen support can really come in handy.

But exactly what kind of support do you need? People will often spend a lot of time searching for a Business Mentor when what they really need is a helpful tool or some guidance from a Business Advisor. On the flip side, sometimes business owners reach out to an Advisor for an answer when, in fact, they would benefit from the long-term support of a Mentor. 

So, what exactly is the difference between a Business Advisor and a Mentor?

What is a Business Advisor?

A Business Advisor is someone who helps you to plan your organizational objectives, identify your company’s most important goals and objectives, understand the ins and outs of your business, and connect with other business supports and networks. 

At WeBC, our professional business advisors have industry experience and training in finance, technology, marketing, exporting and more, and they can answer your business questions no matter where you live in BC. 

For example, if you’ve completed your business plan but you’re having issues completing the cash flow forecast, a Business Advisor can provide a template, review your financials and educate you on how to use the tool for your business. 

A Business Advisor can meet you where you are in your business journey and help you find your next step, whether it’s defining your market, determining where to spend your marketing dollars, or choosing a growth strategy for your business. 

“I wouldn’t have gotten where I am today without my trusted advisors. There has been a lot of learning in ramping up this company and it was critically important to build my small, tight group of industry expert advisors. I am incredibly thankful for this because being a solopreneur in a category where most of our competitors are global brands, I now have the support I need to play out this long game.” – WeBC Business Advisory Client

What is a Business Mentor?

Business mentorship, on the other hand, is different from business advising in that it’s a relationship that lasts over a period of time. A more experienced entrepreneur helps a less experienced business owner by providing knowledge, advice and encouragement. A Mentor, having faced similar situations in business herself, is able to help the mentee overcome the challenges small business owners face. 

Every business is different; however, many business processes are transferable, no matter what type of business you’re running. Your Business Mentor can remember how difficult it was prior to honing key skills in her business. She can also remember how smoothly and efficiently her business ran when she mastered those skills!

While a Business Mentor can be helpful at the early stages of starting your business, they are especially helpful during its growth stages. Often, it is when you are past the planning stages and into the development of your business that the greatest challenges start to emerge.

Of course, having a mentor can also help with an entrepreneur’s confidence levels. Prior to participating in the WeBC mentoring program, only 39% of our mentees felt confident in their business skills. Following the program, this number has improved to 95% of mentees feeling confident.

How to Find a Mentor

Increasingly, business professionals and successful entrepreneurs are volunteering their time to help others in business. Some business owners develop relationships with their peers as mentors through local networking groups. Others have been successful simply by approaching someone they know, explaining that they admire how that person conducts themselves and their business, and asking if they have time to get together over coffee for some mentoring and brainstorming. Most often the person being approached is flattered and will happily share their expertise.

At WeBC there are many different types of mentoring programs available for women business owners, from Peer Groups to One-to-One Mentoring relationships and specialty programs for women in tech or other fields. Regardless of which format you pick, there are incredible benefits from connecting with a Mentor. 

“When I am working with a Mentee, I often surprise myself with the number of resources I am able to suggest. Your Mentor is ahead of you in the years-of-experience department. She has worked with people in a variety of areas in her business and can often pass these names along to you. She has professional connections you can only dream of! Your Mentor’s experience makes it easy for her to recall a name or a business that may be exactly who you need.” – Cathy Burrell, WeBC Mentor

Business Advisor vs. Business Mentor: Recap

At the end of the day, how do you know which one to ask for to support your business?

 You may benefit from a Business Advisor if:

• You have specific questions
• You are struggling with a certain aspect of your business.
• You need help making a plan—business, growth, financial or marketing
• You just need someone who can point you in the right direction for information

You may benefit from a Mentor if:

• You feel isolated as a business owner
• You would like an outside perspective and a chance to be held accountable
• You would like to build your networks in the business community
• You want to increase your business knowledge and build confidence
• You’re looking for a longer-term, structured relationship

Do you know which kind of support you need?

Contact us if you’d like free support from a Business Advisor, or apply for one of our mentorship programs to receive guidance from a mentor and inspiration from other women entrepreneurs.

The post What’s the Difference Between a Business Advisor and a Mentor? appeared first on WeBC.

Kelowna, BC – Addressing a large gap in support for women entrepreneurs, WeBC has launched a free peer mentorship program geared specifically for growth stage businesses and available to women in all regions of B.C.

WeBC’s Growth Peer Mentorship Program offers women entrepreneurs the opportunity to discuss challenges, develop new skills and knowledge, learn from others, and receive support at a critical time in their business growth.

“When you’re in the growth stage of business the need for knowledge and expertise only increases. We’re thrilled to offer a space where women across the province can come together, learn together, and grow together,” says Shauna Harper, CEO of WeBC.

WeBC’s 2021 report on the needs of women business owners, Closing the Gap, found that 61% of women surveyed cited Peer Mentorship as essential to their business success; 72% said business skills training and 73% said networking connections—WeBC’s award-winning Peer Mentoring Program™ combines all three.

Coquitlam based entrepreneur, Miki Talebi is the owner of oomé, a delicious smoked tofu that is ethically produced, locally sourced, and good for the planet. She joined WeBC’s Peer Mentoring Program to receive feedback and a fresh perspective from other women entrepreneurs.

“WeBC offers so many great resources and support programs, but the experience I had with my peer group was amazing,” says Miki. “I loved the weekly sessions and cherished how we all supported each other on the challenges we faced, cheering each other on and sharing resources.”

WeBC’s Growth Peer Mentoring Program—a value of $2,500—is being offered for free thanks to funding from the Government of Canada’s Women Entrepreneurship Strategy through Innovation, Science and Economic Development Canada.

WeBC Growth Peer Mentoring Eligibility

To be part of the Growth Peer Mentorship program, applicants must:

• Actively operate a business in Canada that is generating revenue
• Have a growth-oriented focus
• Have one or more employees
• Identify as a woman, and be over the age of 19

To join the BC mentorship group hosted by WeBC, applicants must reside in the province. For those outside of BC or wishing to participate in French, women can apply to join groups delivered by program partners The Forum and SDECB.

Application Information

Intake for the fall mentorship session opens July 26, 2023. Space is limited and demand is high for this program, so serious candidates are encouraged to apply as soon as possible at go.we-bc.ca/PeerGrowth

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About WeBC

WeBC is a not-for-profit that has supported women business owners across the province since 1995. Working with regional partners, they’ve provided thousands of entrepreneurs with business loans and expertise, training, resources, and peer network support to help businesses grow and thrive. WeBC is supported by Pacific Economic Development Canada, and the Mentoring Program is funded by the Government of Canada’s Women Entrepreneurship Strategy. Learn more at we-bc.ca

Media Contact

Kaitlyn McConnell | Entrepreneurial Development Manager
WeBC
kaitlyn@we-bc.ca
250.868.3454 ext. 207

The post [News Release] WeBC’s grant-funded mentoring program opens for growth stage women business owners appeared first on WeBC.

Consider these added advantages of having a mentor:

1. Building Resiliency : A mentor can help you expand your risk tolerance and confidence. By challenging and supporting you, they can help you navigate through difficult situations and develop resilience in the face of adversity. Their guidance and perspective can help you bounce back from setbacks and stay focused on your goals.

2. Reverse-Mentoring : Mentorship is not a one-way street. As a mentee, you bring your own skills, experiences, and unique perspective to the table. Your mentor can learn from your insights and experiences, creating a reciprocal relationship. This mutual exchange of knowledge and expertise can enrich the mentor’s own growth and development.

3. Friendship : Over time, a mentorship relationship often evolves into a deep and meaningful friendship. As you build trust and rapport with your mentor, you may find that you share personal experiences, challenges, and successes. This connection can extend beyond the professional realm, creating a lifelong friendship based on mutual support and understanding.

4. Collaboration : Working with a mentor who shares your values can open doors for collaboration. They can introduce you to their network, recommend you for opportunities, and even become a business partner. The mentor-mentee relationship can serve as a foundation for joint projects, initiatives, and ventures that align with your shared goals and values.

5. Joint Learning : Mentorship is not only about the mentee learning from the mentor. Both parties can engage in joint learning experiences, such as taking on new challenges or exploring unfamiliar territories together. By stepping outside of your comfort zones as a team, you can support each other’s growth and expand your horizons.

These unexpected benefits of having a business mentor demonstrate the transformative power of mentorship. Beyond knowledge and guidance, a mentor can become a lifelong friend, collaborator, and source of inspiration. Embrace the full range of opportunities that mentorship offers, and you’ll reap the rewards in your personal and professional journey.

Would you like to connect with a Mentor to receive guidance for your business?

Check out WeBC mentoring programs for women business owners and sign up for our waitlist to be notified of the next intake in your area! Learn more >>>

The post Unexpected Benefits of Having a Business Mentor appeared first on WeBC.

While the specific guidance will depend on your needs and their experiences and set of values that align with yours, there are some overarching benefits of mentorship that can support your growth.

A business mentor can provide guidance in the following areas:

1. Business Strategy – A mentor can help you refine and develop your business strategy. They can offer insights, perspectives, and advice based on their own experience and expertise. They can help you identify growth opportunities, navigate challenges, and make informed decisions about your business direction.

2. Goal Setting and Planning – A mentor can assist you in setting strategic goals and creating a roadmap to achieve them. They can help you prioritize, develop action plans, and track your progress. Their guidance can ensure that you stay focused and on track.

3. Skill Development – A mentor can identify areas where you can improve your skills and knowledge. They may also provide specific feedback and guidance to help you develop specific competencies relevant to your industry or role.

4. Networking and Connections – Mentors often have extensive networks and can help you expand your professional reach.

5. Personal and Professional Development – They can help you identify areas for personal development, such as enhanced leadership skills, work life balance or building resilience.

6. Accountability and Support – A mentor can help you stay accountable for your goals and actions. They can provide encouragement, motivation, and support during challenging times. They can serve as a sounding board for your ideas, challenges, and concerns, offering a safe and confidential space to discuss your business-related issues.

A business mentor is there to provide personalized guidance that aligns with your vision and values. They take into account your specific challenges, aspirations, and circumstances to offer relevant insights and offer guidance and a new perspective. 

Whether you’re seeking unbiased feedback on strategy, skill development, or personal growth, a mentor can provide valuable support and help you navigate your professional journey more effectively. Their role is to empower you, share their knowledge and experience, and provide a safe environment for your learning and growth.

With their guidance, you can gain clarity, make informed decisions, and take meaningful actions that contribute to your continued success.

Would you like to connect with a Mentor to receive guidance for your business?

Check out WeBC mentoring programs for women business owners and sign up for our waitlist to be notified of the next intake in your area! Learn more >>>

The post What Guidance Can You Expect from a Business Mentor? appeared first on WeBC.

The post WeGrowTogether Virtual Event: Celebrating 15 Years of Mentorship with WeBC appeared first on WeBC.

This small business week we’re celebrating young women entrepreneurs who are finding success and breaking barriers.

Join WEKH and Futurpreneur to learn more about the resources available to young women entrepreneurs in Canada, and hear directly from women who have received support from Futurpreneur’s programs.

This session will share information about Futurpreneur’s programs including:

• Startup Program: a core offering for young entrepreneurs ready to launch their business
• Black Entrepreneur Startup Program: tailored support provided by a team with lived experience
• Side Hustle Program: for those looking to launch or build a side business

This session will also have a fireside chat with women entrepreneurs who have benefitted from Futurpreneur programs to shine a light on their experiences.

Please register below to join us!

Event Details

• Tuesday, October 18, 2022
• 2 – 3 p.m. EST / 11 – 12 p.m. PST / 1 – 2 p.m. CDT / 6 – 7  p.m. GMT
• Virtual, via Zoom

Speakers

• Sabine Soumare, Executive Director, Women Entrepreneurship Knowledge Hub (WEKH), Diversity Institute of the Toronto Metropolitan University
• Nicola Jones-Crossley, Business Development Manager
• Kennedy Horton, Business Development Manager
• Dr. Melvia Agbeko Odemakpore, CEO, VIA Wellness Solutions

Rebecca Lecours, CEO, Éditions Maison Rose

Register Here>>>

The post WEKH & Futurpreneur appeared first on WeBC.

Your enthusiasm is inspiring and just a tad flattering. Yet, in my role as both One-to-One Mentor, and Peer Mentoring Group facilitator, I can tell you that mentors are real people who have won and lost at business…and once upon a time, they were probably just like you! 

In many mentoring programs, including at WeBC, Mentor matches are made by considering a variety of factors. Experience, compatible industry, location (urban/rural) and area of expertise. 

If you were fortunate to have been matched with a Mentor, there is still more to consider. 

How do you know if your business Mentor is a good match?

Mentoring is a relationship, first and foremost, so you have to be able to work with this person to solve a business challenge, or capitalize on a business opportunity. If, after one or two meetings, you find yourself questioning the relationship for any reason, you may want to reach out to the mentorship organization to discuss your concerns.

But, before you do that, you may want to ask yourself a few questions…and follow up with a conversation with your mentor.

3 questions to ask yourself

1. What are your expectations for this mentoring relationship?

Did you need an answer to a specific problem, and now that you have one, are you unsure what to talk about for the next few months? 

Setting your expectations together can build a solid foundation for your mentoring relationship. Try to think of the big picture: are you asking her to focus on the symptoms (e.g. drowning in paperwork) when you need to solve the bigger problem (e.g. going from solopreneur to employer). As someone who is further down the path, she may have the benefit of hindsight to help you skip the interim steps to where she ended up on her journey. 

The company is growing fast, and I wanted to hear how other women were able to make the transition. What worked for them, what didn’t and why? I wanted to learn from others how to be able to make better, informed decisions moving forward.

Christine Grouhel, Fence ‘N More Supplies Ltd., Logan Lake

2. Are you stressed about the tasks your Mentor is asking you to complete?

Does she expect you to be more financially savvy than you feel you are? Does she ask too many hard business-related questions, and you feel you already have too much on your plate? 

Your Mentor can provide strong encouragement and guidance for your next steps, but she’s not the only person who can assist. Perhaps a Business Advisor can help you to complete your financials, or a short webinar can help you brush up on your SEO so your time with your Mentor can be better spent receiving guidance and a boost of confidence. 

3. Are you questioning the suitability of your mentor’s experience to your business challenges?

Does she use examples that you can’t relate to? Are you worried about your upcoming lease negotiation with your landlord, and you discover that your Mentor has always worked from home? At WeBC, we personally interview all Mentees to make sure we match them with a Mentor who has strengths in the areas they need. Even so, it may take some time to find the sweet spot where her expertise can fill in the gaps. Perhaps commercial leases aren’t her thing, but negotiation is! 

If you’re stressed with other aspects of your life, but need to keep your business on track, you may be projecting those feelings onto your Mentor. If you’re sensitive to questions around finances because money is one of your number one concerns, you may not react well to questions from a business Mentor who you have only spoken with twice.

Entrepreneurship can be a lonely place, it is vital to have community with other entrepreneurs who understand this world.  Find like-minded mentors who know and understand your passion and vision and also remind you of self-care once in a while!! Start where you are, there will never be ready or perfect and every mistake will lead you to your next level up.

Lianne Wessner, Lianne Wessner Coaching and Pukalily Aromatherapy , Vancouver

I guarantee you that your Mentor is familiar with situations where business and personal collide. It’s not as if the minute you turn your computer on in the morning, or unlock your store’s front door, you become ‘Woman Entrepreneur’ and leave yourself behind. 

Your Mentor has been there, remember? She will welcome a conversation about expectations, or mentoring-workload.

Signs of a great business mentor match

What does a productive, respectful, dynamic mentoring relationship look like? 

• When you and your Mentor are really talking. Not firing questions and answers back and forth…rather, you’re in dialogue with each other. 
• When you take the time to listen and answer, and ask questions that can’t be answered either ‘yes’ or ‘no’. 
• When you look at the clock and realize that the time has flown by; you feel relaxed, and energized at the same time. 
• Perhaps a challenge you had been thinking about suddenly seems like an opportunity…with a clear plan to move forward. 

That’s when you know that your Business Mentor is right for you!

The greatest lesson I learned was to get the perfectionism out of the way. I became more aware of the super high standards I had for myself. I would often put off doing things because I couldn’t do it ‘perfectly’ or needed to be more prepared. Perfectionism was actually just holding me back. Working with her illuminated how to let myself be more human and to continue to empower my purpose.

Jocelyn Gordon, The Way Forward Coaching Services, Kamloops

Try to recall why you wanted a mentor. Your Mentor is not a mind reader, or a miracle worker. She’s a woman just like you who has been where you’ve been. The mentor-mentee relationship may be unfamiliar at first. But with a little patience it may end up being exactly what you and your business needs. 

The post How to Evaluate if Your Business Mentor is Right for You appeared first on WeBC.

I’ve volunteered as a One-to-One Mentor and I’ve led several Peer Mentoring Groups, and the experiences are completely different. So how do you choose the right one for you?

Here are some things to consider:

One-to-One Mentoring

What it looks like

In this type of Mentoring, a ‘seasoned’ entrepreneur is matched with an entrepreneur who has been in business for 1 to 5 years. 

The Mentor and Mentee meet via Zoom, telephone, or in person for an hour each month for six months. Each meeting has an agenda and a list of items to discuss. The meeting ends with a decision on the date and topic for next month’s meeting, and a list of to-do items.

The Mentee is responsible for setting the agenda, based on what she wants to talk about. Maybe she has a business challenge she has to manage or a business opportunity she wants to capitalize on. 

The Mentor is responsible to the Mentee to provide relevant information and resources, as well as providing a bird’s eye view of each challenge or opportunity. 

Why it works

A woman who has been in business for a year or more is BUSY! She’s following her business plan, working on her marketing plan, hiring staff, purchasing product, manufacturing, and/or providing a service multiple times a day. The Mentee may feel that every single thing on her to-do list is priority number one.

On the flipside, the Mentor has been there. 

She uses her experience to provide insight into what actions may be taken, and how the decision may impact the business, based on her own experience. The relationship is a two-way exchange of ideas and information as the Mentor answers questions, provides resources and acts as a sounding board. 

How you can benefit

One-to-One Mentoring can fast-track your business growth by helping you avoid the common mistakes that new business owners make. Your Mentor has the benefit of hindsight, so she can share the lessons she learned the hard way so you don’t have to. Many Mentors and Mentees stay in touch long after the program is complete, and are long-term Champions for each others’ success!

“I learned to stay focused on your numbers. Learn your messaging and how to target your market. I also learned to always prepare for meetings with your mentor, to stay organized, and really understand your numbers.”

Angela Saxena, Lav and Kush, Vancouver

Peer Mentoring Groups

What it looks like

A group of 6 to 8 women who have been in business from 1 to 5 years (Mentees) meet with a Peer Mentor Facilitator (the Mentor) who guides them through a structured process. 

The group meets regularly (weekly, bi-weekly or monthly) for two hours for six to eight sessions. Each month one woman is chosen to be ‘the Situation Owner’ and shares with the group some background on their business, as well as a specific business challenge or business opportunity that she would like the group to help her solve, and/or capitalize on. 

Why it works

These groups are all about the ‘Hive-Mind’. 

As the Peer Mentoring Facilitator, I share resources, and provide insights; however, it is the entire group that gives the individual Mentee their complete attention each month.

In my experience, the group acts as a collective, adding to the discussion by sharing their experience, and providing insights from a variety of industries. The groups are structured so that the six Mentees are non-competing. So if you own a hair salon, the other five Mentees may own a coffee shop, or manufacture fencing material, or specialize in destination weddings. 

The benefits of metaphorically walking in another woman’s stilettos or work-boots, cannot be overstated. Each participant has written a Business Plan, created a Cash Flow, and has a marketing strategy. Some Mentees may be leasing a commercial space, or may be running an online business. Your business opportunity or challenge may reflect another Mentee’s future opportunity or challenge. 

You may be strong with financial management and weak with social media marketing, while another woman may run a communications business and be weak in the financial side of her business. You can fill each others’ gaps with your areas of expertise, and gain a circle of support in the process. 

How you can benefit

In the groups I facilitated through the darkest days of the pandemic, the number of ‘light-bulb’ moments were staggering. Never underestimate the power of six women talking about business for an entire two hours smack dab in the middle of a crisis! The support and insight was incredible. 

I owned and operated a retail ladies clothing store for nearly 20 years. During that time, my husband was working for a large retail chain. We talked about business and retail all the time! The reality for most women in business, is that they don’t know many other women who own and operate a business.

The benefits of a Peer Mentoring Group is that you get two dedicated hours a month to work on your business with women who understand and with a facilitator who has perspective on opportunities and challenges, because she has experienced them.

“The women in our peer group were such a huge, huge help to us – I loved that time, I really did. I’ve learned so much I didn’t think I would.  It was great to see other women in business who were like us trying to learn, tying to make things better, trying to grow, it was awesome.”

Janelle Eftoda and Jessie Porter, Twisted Orchid Beauty Supply, Prince George 

The Difference Between a Mentor and Business Advisor

After reading this, you may be thinking ‘I just have a question, do I need to sign up for a whole program’? And the answer is ‘No.’ 

Sometimes you just need a referral to a government grant, or support to build your export plan, or a second set of eyes on your cash flow spreadsheet. In this case, a Business Advisor can assist with that.

At WeBC, our Advisory Services are free, and can be an easy option to get your business questions answered. You may even use both an Advisor and a Mentor!

In my opinion, you can never have too many sources of support—it takes a village to raise a business. So, One-to-One Mentoring or a Peer Mentoring group. Which one will you choose first?

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