Category: Start-Up Guides

practical-vs-online

Practical Versus Online Mentoring

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With so many options available for coaching and mentoring we are often asked which is best, Practical Versus Online Mentoring?

We’ve discussed why having a mentor is a critical foundational component of any start up’s long-term success. But what type of mentoring best suits you and your circumstances?

Startup mentoring can take many forms. Traditionally mentoring was always done via a one-on-one, face-to-face relationship. Whilst this is still a popular and common option, it would be remiss to ignore the option of online (or virtual) startup mentoring.

With modern technology and a myriad of ways to communicate (e.g. email, Skype or Zoom) to effective file-sharing programs (e.g. dropbox, box) through to complete online communication solutions such as G-suite, online mentoring has never been more accessible.

Practical Versus Online Mentoring

But which one is best for you? When considering your options it’s important to look at the pros and cons of both Practical Versus Online Mentoring. Below is an outline of the main advantages and disadvantages for both mentoring options:

Practical Mentoring: the pros

practical mentoring

  • Potentially a more meaningful connection and stronger rapport is developed.
  • Mentors can provide more contextual answers, supplemented with real life examples and experiences in response to queries.
  • Mentors can get to know you, your situation, development gaps & business in a real life contextual way by immersing themselves in your environment.
  • Some individuals tend to feel more comfortable and articulate in face-to-face conversations.

 

Practical Mentoring: the cons

  • Few people truly have the time to dedicate to face-to-face mentoring.
  • If you have a question that needs a quick response, waiting for either your scheduled or an ad-hoc meeting can be difficult compared to sending a quick email.
  • Practical mentoring limits how many mentors you have due to time or distance constraints.
  • Similiarly, distance and time constraints will limit who you can have a mentor.

Online (Virtual) Mentoring: the pros

Practical Versus Online Mentoring: how do you choose? We’ve discussed why having a mentor is a critical foundational component of any start up’s long-term success. But what type of mentoring best suits you and your circumstances? Startup mentoring can take many forms. Traditionally mentoring was always done via a one-on-one, face-to-face relationship. Whilst this is still a popular and common option, it would be remiss to ignore the option of online (or virtual) startup mentoring. With modern technology and a myriad of ways to communicate (e.g. email, Skype or Zoom) to effective file-sharing programs (e.g. dropbox, box) through to complete online communication solutions such as G-suite, online mentoring has never been more accessible. But which one is best for you? When considering your options it’s important to look at the pros and cons of each. Below is an outline of the main advantages and disadvantages for both mentoring options: Practical Mentoring: the pros • Potentially a more meaningful connection and stronger rapport is developed. • Mentors can provide more contextual answers, supplemented with real life examples and experiences in response to queries. • Mentors can get to know you, your situation, development gaps & business in a real life contextual way by immersing themselves in your environment. • Some individuals tend to feel more comfortable and articulate in face-to-face conversations. Practical Mentoring: the cons • Few people truly have the time to dedicate to face-to-face mentoring. • If you have a question that needs a quick response, waiting for either your scheduled or an ad-hoc meeting can be difficult compared to sending a quick email. • Practical mentoring limits how many mentors you have due to time or distance constraints. • Similiarly, distance and time constraints will limit who you can have a mentor. Online (Virtual) Mentoring: the pros • You’re not limited by time or distance constraints as you can choose from various communication tools to create an effective mentoring experience. • You can find your ideal mentor from your own or any other country. Online communication is global so you’re not confined by borders in your quest for the right mentor. • Skype, Zoom & other visual conferencing tools effectively replicate a face-to-face mentor relationship. • There’s the ability to replay recorded online mentoring sessions for further reference. • The pace and scheduling is flexible as you and the mentor can communicate as it suits each party via email. • The mentoring atmosphere may be more relaxed and productive if you’re being mentored in your home or another comfortable environment. • This option can provide quicker access to supportive information and resources if everything is online. Online (Virtual Mentoring): the cons • Both parties need reliable Internet access. • Both parties need to have adequate computer skills and be apt at using different forms of online communication. • Sometimes establishing a rapport may be difficult, especially if you have not met each other before. • Potential loss of visual cues and non-verbal communication such as body language, gestures can impair rapport. • If not well structured online mentoring can potentially be more time consuming than practical mentoring. • Costs may be incurred if new software needs to be purchased such as conferencing tools, online storage space for documentation and more. • Different time zones can prove challenging when organising online mentoring sessions. • Technology is not always reliable and can play up at inconvenient moments such as your scheduled mentoring sessions. As you can see there are many pros and cons of each startup mentoring option. However, whichever option you decide on, the most important element is your mentor. Choosing a mentor that is open-minded, experienced and who is able to help you progress whilst helping you sharpen your focus on what you would like to achieve is vital. And last but not least, mentoring, whether practical or online, needs to be a mutually beneficial relationship for both parties involved. END

  • You’re not limited by time or distance constraints as you can choose from various communication tools to create an effective mentoring experience.
  • You can find your ideal mentor from your own or any other country. Online communication is global so you’re not confined by borders in your quest for the right mentor.
  • Skype, Zoom & other visual conferencing tools effectively replicate a face-to-face mentor relationship.
  • There’s the ability to replay recorded online mentoring sessions for further reference.
  • The pace and scheduling is flexible as you and the mentor can communicate as it suits each party via email.
  • The mentoring atmosphere may be more relaxed and productive if you’re being mentored in your home or another comfortable environment.
  • This option can provide quicker access to supportive information and resources if everything is online.

 

Online (Virtual Mentoring): the cons

  • Both parties need reliable Internet access.
  • Both parties need to have adequate computer skills and be apt at using different forms of online communication.
  • Sometimes establishing a rapport may be difficult, especially if you have not met each other before.
  • Potential loss of visual cues and non-verbal communication such as body language, gestures can impair rapport.
  • If not well structured online mentoring can potentially be more time consuming than practical mentoring.
  • Costs may be incurred if new software needs to be purchased such as conferencing tools, online storage space for documentation and more.
  • Different time zones can prove challenging when organising online mentoring sessions.
  • Technology is not always reliable and can play up at inconvenient moments such as your scheduled mentoring sessions.

As you can see there are many pros and cons of each startup mentoring option, Practical Versus Online Mentoring. However, whichever option you decide on, the most important element is your mentor. Choosing a mentor that is open-minded, experienced and who is able to help you progress whilst helping you sharpen your focus on what you would like to achieve is vital. And last but not least, mentoring, whether practical or online, needs to be a mutually beneficial relationship for both parties involved.

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Startup Mentoring 15 Top Tips for Entrepreneurs

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Startup Mentoring understand there are so many things to remember when it comes to start ups, yet it’s impossible to be across them all. In business, it’s inevitable that many lessons are learnt along the entrepreneurial journey, that’s why having a support network of people who have ‘been there, done that’ is invaluable.

At Startup Mentoring our team of experts can help you jump the hurdles of business with ease. And to help you start off on the right foot, here are the top 15 things you need to know when starting a business!

1. Trust your gut instincts, (but do not ignore the facts): Being successful in business is often a mix of facts & instinct. So while it’s important to be across facts & stats, it’s equally important to develop a gut instinct that you can trust. Quite often this develops over time, with experience.

 

2. Learn how to identify market opportunities: Do your research so you can identify trends and know where money is being spent. Speak to 30-50 potential customers, before you invest money, to help you identify any potentially profitable market opportunities.

 

3. Be a learning machine: The entrepreneurial journey is a never ending learning process. Develop insights into your industry and competitors so you know how to best differentiate yourself among the pack.

 

4. Business plans are over rated: Have a vision and follow it and instead spend that time finding your ideal and most profitable customers.

 

5. Money is important BUT it’s not the only thing that matters: Know your values and core purpose. As the old adage goes ‘if you do something that you love, and make money from it then it will never be work”. Knowing your “why” will definitely keep you going through tough times.

 

6. Dream big and aim high: Aim to be the best (top 20%) in your field, globally; do it well enough and the money will come.

 

7.Find and learn from your customers: Ask potential customers what they need, collect some customer insights, develop your solution, acquire feedback, refine and so on until you land on a solution they value.

 

8. Be prepared to pivot and change your idea: (or even throw it away if you have to), until you start making sales. It’s at this point you have the beginnings of a business model.

 

9. Learn how to build a competitive advantage: Do something that’s rare, unique and hard to replicate. This will give you an edge in your market.

 

10. Learn how to sell: If you can’t sell you will never succeed, as initial sales are built on trust and likeability.  People will generally only buy off you if they like and trust you.

 

11. Understand your numbers: Focus on developing your costings, price points and market positioning. Focus on your profit margins and don’t discount, as price wars are seldom won over the long term.

 

12. Work out how much it will cost to acquire a customer: Sometimes the cost of getting a customer exceeds the value that you give them. So understand how to get a customer, how long it will take and how much it will cost.

 

13 .Develop your team: Learn how to build your team as you go along, share ideas with people (but don’t give away too much) and keep networking for potential talent.

 

14. Be prepared to fail: Entrepreneurship can be a tough game of trial and error, but if you don’t try, you will never succeed. The test of a successful entrepreneur is their ability to bounce back (resilience) many times.

 

15. Continually develop yourself personally: Don’t over or underestimate yourself. A mentor or business coach who has experienced the blood, sweat and tears of a start up is an invaluable resource and sounding board for you.

 

 As you can see there is a bit to remember when it comes to start ups! That’s why the importance of a mentor and supportive network can never be underestimated as they greatly increase your chance of long-term success.

Startup Mentoring

Startup Mentoring

As Oprah Winfrey once said

“Surround yourself with only people who are going to lift you higher. Life is already filled with enough people who want to bring you down.”

So the question is who will you surround yourself with?

At StartUp Mentoring our friendly team of mentors have the expertise, knowledge and ability to help you along your entrepreneurial path. We’ve “been there, done that”, and are here waiting to help take you higher and make the most of your start up.

To find out more about how StartUp Mentoring can help you, contact us today.

Remember to follow our facebook page here

Join our FREE THINK TANK Meetup Group here

 

 

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Starting a business checklist

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Are you new to business? To help you get started, the Australian Government has developed a Starting your business checklist covering many of the basic issues you need to consider.

The checklist contains a series of questions to guide you through the various stages of your business, including before you start, when you start, when you buy and when you run your business.

When you start a business

When you buy a business

Running your business

Article first appeared on :

www.business.gov.au