What is the value of business owner mentoring?

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I’ve mentored small business owners for over 20 years, formally and informally. And as a CEO I’ve been mentored and I’m still mentored. My son is a trusted mentor.

It’s worth what one puts into it. There is no value one can put on reassurance, wisdom, decision making, guidance, decades of experience transferred in one conversation, care, crisis management, new perspective, objectivity and companionship along the bumpy road of small business ownership. Every mentoring relationship is unique. Treat each one with special care.

Owner management training is great. Most small business owners don’t have a clue what they’re doing or what lies ahead down the road. Good SBO’s get training. I have an Entrepreneurial Management MBA from Wharton. It was just the beginning.

Try taking a business simulation. It will open your eyes quickly. One of the most important elements of training I ever received was in small group process. As an SBO, this is your life’s blood. Learn this stuff.

A good mentor will ask good questions and will be a good servant leader.

What is the cost of one mistake – $5000, $50,000, $1 Million or more. One bad hire can cost $250,000.

What is the value of one opportunity properly nurtured. Millions.

Get a mentor. But don’t iconize your mentor. It’s a two way street. Look for integrity and be in integrity.

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