The Value of Peer Mentoring

In a recent article for Entrepreneur.com, uber-entrepreneur Richard Branson writes about why mentors are critical to the success of small business owners. He says his first mentor was his mom, who encouraged him not to dwell on failure but instead to “move on and try the next thing.” Business owners need the same encouragement, and Branson believes a mentor can help a struggling entrepreneur maintain the resilience and positive outlook they need to succeed.

Traditionally mentors are thought of as someone who is older and more experienced in a certain field, and who is willing to share their knowledge and advice with someone younger and less qualified. Today, however, the notion of a “peer” mentor is gaining popularity in the business world. In this context, a peer mentor is someone who is willing and able to offer advice and support for a co-worker or business associate, regardless of differences in age or even experience.

“Mentor: Someone whose hindsight can become your foresight.”

It’s not uncommon, for a new employee at a company to be paired with a mentor who will show them around and answer general questions about the company. Such mentors may not be veterans at the company, and may not even work closely with the new employee on a daily basis. But this distance, and lack of seniority, enables the newcomer to ask questions they might not otherwise venture. It also gives the mentor an opportunity to learn more about the company when asked a question they don’t know off hand.

Another type of peer mentoring – or “reverse mentorship" as it may be called -- occurs when people who are experts in different fields mentor each other. For example, someone who knows all about the Internet and social media can mentor an experienced business person who hasn’t taken the time to catch up on new media skills. In return, the business person mentors the computer savvy person on general business skills or specific industry knowledge.

Even people who seem to have it all figured out can benefit from peer mentors. Richard Branson admits he relies on an “amazing team of advisers, managers and fellow entrepreneurs” to help him run his multi-billion dollar global conglomerate.

If you’re a member of The Alternative Board (TAB), the idea of peer mentoring is nothing new. In fact, many of you have told us recently how much you appreciate the advice of fellow business owners on your TAB board. In addition, you may consider mentoring someone outside of TAB, such as a student or young entrepreneur. As Branson points out, “To help change the world, we need to nurture young people interested in business to develop this entrepreneurial spirit. Universities and colleges can teach some skills, but most budding entrepreneurs would be better off relying on an informal network of coaches and mentors who have the experience and expertise to guide them.”

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