As being an entrepreneur becomes more and more socially acceptable, thanks in part the the increase in reality TV shows about business, more and more people are taking the leap and starting their own businesses. Many business owners while being exceptionally technically competent when it comes to their product or service lack the fundamental business skills to allow them to fully exploit their business idea.

This is where a business mentor (sometimes known as a business coach) can help. A business mentor will act as a mentor and coach for the entrepreneur helping them to work on the business and not just in it. By taking on a mentor the business owner gains the knowledge and experience of a seasoned entrepreneur that can help them maximise the potential of their business opportunity.

To become a business mentor you’ll need a good, broad understanding of business with experience in marketing, pr, sales, operations, leadership, negotiation, planning and strategy as it applies to small businesses. If (like me) you love being exposed to new businesses, new business ideas, meeting and working with a wide range of entrepreneurs, it can be a very satisfying role.

Rates for business coaching and mentoring vary considerably with most charging between £100 and £400 per hour (though most work on a monthly retainer basis, with retainers usually falling into the £2-£3K range. As most business coaches operate from home with regular visits to the clients site there are minimal overheads.

It’s somewhat ironic that the businesses that least need a mentor are the ones that are most likely to employ one, while those that could benefit most from their services are often reluctant to seek advice.

I act as a business mentor and coach to small businesses through The Problem Consultants.

List Of Business Based Reality TV Shows:

• The Apprentice - Several wannabes compete for a £100K job with Sir Alan Sugar.
• Dragon’s Den - Small businesses pitch their ideas to business angels.
• The Big Idea - Small businesses pitched their idea and tried to win a prize (funding).
• Badger Or Bust - Ruth Badger acts as a sales team leader, mentoring the sales side of several small businesses.
• Risking It All - Martin Webb acts as a mentor as new entrepreneurs launch their ideas into businesses.
• Make Me A Millionaire - Three successful entrepreneurs mentored and invested in three wannabes as they launched a business.
• The Rebel Billionaire - Richard Branson’s version of the The Apprentice meets extreme sports and a rather unconventional billionaire.
• Mind Of A Millionaire - Clever psychologists try and define the mind of a millionaire.
• Ramsay’s Kitchen Nightmares - Gordon Ramsay helps failing restaurants sort themselves the “f**k” out.

In the shows that are based on the principle of a successful entrepreneur mentoring the new business it is easy to see the value added to a business by doing so - as without the mentor’s guidance they would have failed.

This post is part of a series in my home business ideas week.

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