Mentors

What is Business Mentoring?

KYBT provides each new business with a business mentor drawn from the local corporate fraternity. Business mentors are volunteer business people (who have experience in running or managing a business) who provide motivation, guidance and advice to help the development of the young entrepreneur and his/her business.  They are to allow the entrepreneurs natural business instincts to flourish and help him/her make the most of his/her ideas, energy, enthusiasm and determination to become successful. The entrepreneur is to meet and keep in contact with their business mentor regularly, where the progress of the business is reviewed and action plans are made to overcome any problems and improve business performance. On average, a mentor may spend about an hour a month for a period of 3 years, in contact with the beneficiary of KYBT funds.

Importance of Mentoring to the Young Entrepreneur

Once an entrepreneur has secured their loan, they need to know how to use it most effectively. For some, this means learning to manage their cash, for others it is guidance on pricing, marketing or customer relations. A mentor offers a young entrepreneur:

  • New skills and knowledge
  • Business experience
  • A supportive environment to evaluate successes and failures
  • Networking opportunities
  • Encouragement and support
  • Recognition for achievements
  • New or different perspectives
  • Help with new ideas
  • An objective source of advice and guidance
  • Reassurance

Personal Attributes of a Mentor

A mentor should:

  1. Be knowledgeable, intelligent and experienced
  2. Possess technical expertise and good business contacts
  3. Be an expert on a particular subject (accounting, marketing…)
  4. Be honest (tough yet tactful), warm, caring and wise
  5. Have a sincere interest in the mentee
  6. Be committed and enthusiastic
  7. Be able to be challenging and also guide the mentee in finding creative solutions
  8. Possess good communication skills

The Role and Responsibilities of the Business Mentor

The mentor is primarily concerned with ensuring that the business survives. His/her primary role is therefore to monitor the business regularly and provide relevant advice to the entrepreneur.  He/she is encouraged to maintain regular contact with the programme coordinators on the progress of the entrepreneur, the business and the mentoring relationship.

1. Maintaining contact and reviewing the business

The business mentor is required to attend regular meetings or make telephone contact with the entrepreneur. Meetings should be on a monthly basis for the first 12 months following the business start up. Thereafter, meetings can be held at less frequent intervals (where business is making profits and has no cashflow problems) until the loan is repaid. During these meetings, the mentor should:

  • Assist the entrepreneur identify their personal development needs and areas in which they need special support
  • Evaluate the entrepreneur’s plans and decisions and help them weigh up different possibilities and choose the most effective option.
  • Provide confidential and impartial advice, information, guidance and constructive comments
  • Provide networking opportunities and show the entrepreneur alternative opportunities in the local business community
  • Transfer business experience and knowledge to accelerate entrepreneur’s learning
  • Help identify potential business difficulties e.g. cashflow difficulties, that the entrepreneur has not identified and manage any difficulties which may threaten the business
  • Encourage the entrepreneur to develop to their fullest potentials
  • Guide the entrepreneur through the different stages of a developing business.
  • Help plan the growth and development of the business.
  • Help the entrepreneur understand what needs to be done and suggest ways to achieve this.

2. Provide regular reports

Prior to each meeting, the entrepreneur should have ensured that the necessary information is available to the mentor. After holding discussions, the mentor should write a brief report that is essential in assessing how the business is progressing. The report is designed to act as a `business health’ checklist as it acts as an early warning indicator and is aimed at helping the Young Entrepreneur analyze his/her performance.

Benefits to the Business Mentor

The experience of working with a young entrepreneur also benefits the mentor in that:

    • It broadens his/her own skills, knowledge and experience
    • Enhances his/her own skills in coaching, counseling and listening
    • Helps him/her rediscover basic business practices and principles
    • Extends his/her professional and personal networks and improve health of his/her community
    • Improves his/her ability to share experience and knowledge
    • Extends their professional and personal networks

     

    Click Here to Apply to be a Mentor


    Testimonials

    “Thomas is the most single determined person I know. He is well focused, believes in himself and as a result is dedicated to making a success of his business. Being in business myself, I have learnt from Thomas that perseverance and positive thinking will always pull through”. Muthoni Mwitu, Gourmet Lynk.

    “It has been an amazing experience being Zablon’s mentor. The opportunity of seeing him grow into a real businessman who has been able to support the wider community through direct employment and the services he provides has made me rethink some of my own business strategies!” Philip Gitao, EAFCA.