The number of women entrepreneurs has steadily risen in recent years, with women-owned businesses growing by a whopping 16.7% between 2012 and 2019 in the USA. Compared to the 5.2% growth rate in employer firms owned by their male counterparts, this number shows that many women are now taking the leap into business ownership!
With more women in business today, developing a network of support and resources for these female entrepreneurs has become increasingly important. One way to do this is through mentorship – where experienced advisors, role models, and coaches can provide advice and guidance as they navigate their new business ventures.
Defining Mentorship and Its Benefits
Mentorship is a relationship between an experienced professional and someone new to a particular industry or field. This relationship includes guidance, support, and insight from the mentor on topics such as business strategies, decision-making, career growth, networking techniques, and more.
Mentorship has many benefits for new entrepreneurs, including access to resources and advice from experienced professionals. It can also provide a sense of connection, support, and confidence that is often hard to come by when starting on one’s own.
Particularly for women entrepreneurs who often face additional barriers such as gender bias and less access to capital, mentorship can be a powerful tool for fostering their success! It is an opportunity to learn from someone who has gone through the same challenges and struggles that come with starting a business. Having experienced guidance can make all the difference in achieving one’s goals.
Finding the right mentor who can provide personalized advice and guidance is important. Some tips on finding a good mentor include: researching potential mentors’ backgrounds, looking for mentors with relevant experience, and focusing on people who can provide genuine support and encouragement.
How a Mentor Can Help
A mentor can provide women entrepreneurs with valuable advice and guidance, as well as an extra level of support. A mentor has likely gone through some of the same struggles that new entrepreneurs will face when starting a business and can offer critical insight on how to overcome them. Mentors can also act as role models, offering examples of success stories and providing encouragement and motivation in different aspects of the business.
Business Growth
Having a mentor can be essential to the growth of a business. Mentors can provide guidance on how to find the right financing, help with marketing and sales strategies, and offer advice on streamlining operations. Additionally, mentors can introduce their mentees to valuable contacts in different industries that may help further the growth of the business.
Marketing Strategies
Mentors can also help female entrepreneurs develop effective marketing strategies. They can advise on which platforms to use for promotions, how to create content that resonates with the target audience, and how to manage a budget to maximize potential ROI.
Financial Decisions
Mentors can provide helpful guidance on making sound financial decisions as well. Women likely face issues such as a lack of equal access to capital or difficulties finding investors. A mentor can identify what is needed to secure funding, advise on the best budgeting and investment strategies, and advise on managing cash flow.
Additionally, a mentor can guide women entrepreneurs through financial decisions, such as knowing the pros and cons of using credit cards at a personal level. Knowing how to manage your personal finances will also help you connect with and support your employees.
Mentorship and Coaching in Action
As shared in our September article “Cansulta Joins Forces with The Diversity Agency to Elevate Black Women Entrepreneurs: An Exciting Journey Begins!” in fall 2023, Cansulta partnered with The Diversity Agency to provide Coaching to the five Black women entrepreneur winners of the Shea Moisture Dream Fund.
The program recognizes the unique and inherent challenges that Black women entrepreneurs encounter within the contemporary business landscape. Unilever’s Shea Moisture established this initiative to not only provide crucial financial backing but also to offer vital business coaching support, aiming to empower and uplift aspiring entrepreneurs.
As explored earlier in this article, mentorship plays a pivotal role in nurturing entrepreneurial success. The Shea Moisture Dream Fund Coaching program aligns with these insights, emphasizing the significance of experienced guidance in fostering the growth and resilience, particularly for under-represented and minority entrepreneurs who face unique challenges.
Final thoughts
Mentorship is an invaluable resource that can help female entrepreneurs achieve business success. Having experienced advisors and role models to turn to for advice and guidance can provide the confidence needed to tackle any challenge – from navigating gender biases to finding funding. For any woman just getting started, having a mentor is an invaluable asset for achieving success.
On Cansulta, we believe no business leader should have to face any challenge alone. Our online platform lets you find and collaborate with pre-vetted consultants in minutes, and at a fraction of the cost of traditional firms.
