How to Boost Your Second Act with a Business Mentor

Once upon a time, the traditional mentoring relationship was one where a wiser, older person helped guide a less experienced, younger person. The basis for this idea, along with the roots for the word “mentor,” go way back to the Odyssey. 

In Homer’s epic poem, Odysseus leaves his household in the care of his trusted friend, Mentor, when he sets out for the siege of Troy. While Odysseus is away, things fall apart at his house. So the wise goddess, Athene, disguises herself as Mentor and gives advice to Telemachus, the young son of Odysseus.   

Today, new college graduates, up-and-coming managers and young entrepreneurs aren’t the only ones who have mentors. Women and men over 50, and in the process of reinvention, need them as well. At an age once considered “over the hill,” many life transitions lie ahead. It makes sense to seek guidance before changing jobs, founding a nonprofit or starting some other major endeavor in midlife.

The value of mentoring, however, really comes into play when the second act is a business startup. Data from SCORE, the nation’s largest network of volunteer, expert business mentors, shows that over 60% of its small business clients are at least 45 years old. According to the Herndon, Virginia-based nonprofit, clients who receive more than three hours of mentoring have higher revenues and increased business growth. 

As a startup in 2009 and at the age of 45, my entrepreneurial starting point was SCORE and the Small Business Administration (SBA). Co-author to this article and fellow freelancer, Lynne Strang, has found great mentorship value in these organizations as well. With this week marking the SBA’s National Small Business Week, Lynne and I wish to share the many benefits of working with a business mentor. Among them: 

Access to business know-how. After decades spent working and/or raising a family, late-blooming entrepreneurs usually possess plenty of professional and life experience.Still, all first-time business owners – regardless of age – face a steep learning curve. A mentor can share lessons learned, offer advice, open doors and direct you to key resources. 

Reduced risk. While people live longer these days, a 55-year-old entrepreneur doesn’t have the same time window to recover from a business failure as a 25-year-old. A mentor can help determine if it’s worth making the leap and guide you towards making good decisions.   

A third-party perspective. Business conflicts can become highly emotional, especially when family members work together. A husband and wife, for example, may disagree over employee training policies or areas of responsibility within the company. In these types of conflicts, a mentor can act as a third party to hear them out.

A shoulder to lean on. Entrepreneurship can be lonely – especially when you are a sole business owner who works at home, and your spouse or life partner still has a full-time job. Mentors can serve as sounding boards and help lift spirits after a setback. 

How to Find a Good Fit for Mentorship

“I do believe mentoring is extremely helpful,” says Karla Moffet, who worked with a couple of mentors she found through her network while preparing to launch a Reiki and Zero Balancing practice in her 50s. “But it’s important for you and your mentor to click. Otherwise, your experience may not be as valuable.” 

Consider these steps to find a mentor who is right for you. 

Determine your priorities. Do you want general guidance, or tactical help with social media marketing, bookkeeping or another specific area? Take the time to think about the expertise you need.  

Ask around. Talk with people who have worked with a mentor. Find out what they liked and what could have been better. If someone refers you to a prospective mentor, follow through. It’s amazing how many people fail to take this step. 

Be open-minded. Good mentors come in all shapes, sizes — and age brackets. Your ideal mentor might be someone younger than you.

Have a conversation. A casual video meeting or introductory phone call can give you a sense about whether the chemistry is right. 

Look for shared interests. When you and your mentor have something in common outside of work — such as watching baseball or reading science fiction — it can help create a more enjoyable relationship.     

Where to Look for a Business Mentor

With COVID-19 showing no signs of abating, expect your search to be mostly online. SCORE, among other organizations, pairs new business owners with mentors and provides a wealth of online resources to help start, run and grow a business. 

Another, less-formal approach is to attend virtual networking events that attract experienced entrepreneurs and knowledgeable business people who enjoy helping others. If you prefer to go the informal route, search for online industry conferences, chamber of commerce meetings and meetups that fit into your schedule. 

Chip Conley, who co-founded Airbnb and served as CEO Brian Chesky’s part-time mentor, encourages would-be mentees to get creative in their search. “You have so many ways to connect with a potential mentor—social media messaging, watching speeches on YouTube, suggesting a 15-minute video call at whatever time of day best suits them,” writes Conley on his blog, Wisdom Well. “Don’t feel like you have to meet your mentor in person to get the full effect of a ‘mentor capitalist’ in your life.”

Here are a few other places to meet prospective mentors: 

Co-working places. In response to COVID-19, many of these shared work spaces now offer both virtual and in-person memberships. Some have online business counselors and/or offer virtual mentoring as a service. Ask about options that fit your needs and comfort level.  

Civic and community projects. Virtual volunteering provides a way to give back to your community and work with service-oriented business people. One of them might become your mentor.     

Public libraries. Although many physical libraries have limited services due to the pandemic, these sometimes-overlooked treasures continue to offer e-books, databases, trade publications and online services to tap. Check your library system’s calendar for digital workshops and seminars led by business experts and other potential mentors.

Other Mentorship Success Tips

Get comfortable with video conferencing. This can open a whole universe of mentoring possibilities. Zoom, GoToMeetings and other popular video conferencing sites are user friendly, even if you aren’t a technical person. 

Be present. Commit to giving your wholehearted attention to the moment. “This is easier said than done,” notes Conley. “We have become a society of technological screen addicts who treasure multitasking and productivity over genuine interactions with others.”

Give back. Find ways to help your mentor, such as sending articles of interest or providing useful introductions to people you know. Remember that mentorship is a two-way street.     

Stick with it. A good mentoring relationship requires commitment on both sides. Don’t blow off your mentoring sessions when another event comes along. Treat these meetings as must-attend appointments.

Have patience. It takes time for two people to get to know each other and build trust. Don’t expect this to happen overnight.

The bottom line: If you see your age as a barrier to working with a mentor, get over it. As legendary basketball coach John Wooden once said, “Mentors are available in all stages of your leadership life — early, middle, and late. Seek them out and listen; absorb their knowledge and use it.”  That’s good advice for all of us.

Kristen Edens and Lynne Beverly Strang

photo credit: Clem Onojeghuo from Unsplash

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Kristen Edens, based in St. Louis, is a content and branding expert for business and the founder of an award-winning blog, “Managing Midlife.” Lynne Beverly Strang, a Northern Virginia-based freelance writer, is the author of “Late-Blooming Entrepreneurs: Eight Principles for Starting a Business After Age 40.”Visit her blog at Late Blooming Entrepreneurs.