What is a mentor? Dictionary.com lists two definitions for a mentor: “1) a wise and trusted counsellor or teacher; and 2) an influential senior sponsor or supporter.” How then can a mentor help a business? Both definitions suggest that the mentor should be experienced or “wise” and that they should have the ability to teach and/or counsel.These are qualities that new entrepreneurs need in a mentor to assist them establish and grow their business. To put it in layman’s terms, a business mentor should be someone who has “been there and done that” and has the ability to share this experience with the new entrepreneur or mentee.Why is having a business mentor important? It is important because there is value in learning from someone who has the experience to know what works and what doesn’t work. Why would you make a mistake when it could possibly be prevented by talking it over with someone ahead of time?Recognising the importance of a business mentor, Bermuda Small Business Development Corporation launched its pilot mentoring programme, Partnering For Success last year in an effort to partner ten clients with experienced entrepreneurs and business people.One of those pairings consisted of mentor Maryem Biadillah, owner of Nour Services, a professional management company, with mentee Murnette Wolffe, owner of Blossoming Tots Nursery.I asked Maryem what she thought of her experience as a mentor. She remarked that “being a mentor was a highly fulfilling opportunity for me as it allowed me to share my knowledge, thoughts, and assist someone else with what ... I know. It also comforted me knowing that many people, as they start their own business, have the same fears and doubts as I did, but that they move past them and still conquer their dream, one day at a time, one issue at a time.“Lastly, it allows me to make a friend and get to know someone who was so much more than just an entrepreneur.”The sentiments expressed by Maryem suggest that a business mentor can be a profound experience for both the mentor and mentee.Sometimes it is easy for the person providing advice to say how wonderful the experience can be, so I asked Murnette the same question and her response was even more profound.She said that “having a mentor is a very beneficial relationship. If I could have had a mentor from the inception of me being approved [for a guarantee from] the BSBDC, this would have been greatly useful.“The passion that one might have for their business is not all that is needed when running a business. My mentor helped me to understand business terminology and explain things in layman’s terms. She helped me to grasp [the] how and why [regarding] the financial reporting of the business.“Also, my mentor always had pertinent information that was and is still used within my business today. This is something that I GREATLY appreciated. The apprehension and the overwhelming feelings of uncertainty were eased … by my always professional, knowing and considerate mentor. I have a lot to be grateful for by being matched with her.”Based on the responses above, it is apparent that this was a great mentor match, but not all business mentor relationships are this great. Murnette indicated that with a business mentor “the value … is that you put in what you get out…” There needs to be commitment from both parties in order for the relationship to work.To give yourself the best chance at selecting the best business mentor you can use some of the criteria that was used to pair Maryem and Murnette. Each of them identified what they wanted out of the relationship and why they were interested in mentoring. You too can use some of the same information to identify the right person to help you with your business. Specifically:1. Identify what you want to get out of the relationship.2. Create a list of individuals that you would like to have as a mentor.3. Research these potential mentors to determine if they would be a suitable fit for you. Some qualities to consider include: Patient, good communicator, experienced, good listener, approachable, encouraging, open and honest4. E-mail or call them to request a meeting. You can suggest that you would like to get their input. The objective of the meeting is to test the waters to see if your assumptions, that they would be a good mentor, are correct.5. Create a list of questions that you would like answered.6. Once you meet with them you can determine, based on their responses, whether you feel the partnership would work. If it was a good meeting then thank them and ask if they would consider meeting with you on a monthly or quarterly basis.7. Follow up with a note of thanks and/or a gift. It never hurts to start off the relationship on a positive note.8. Action their suggestions and then contact them to let them know what you did and what, if any, results occurred.A mentor can be a wonderful resource for new entrepreneurs and the mentor. In fact, Maryem has several mentors. She says of those relationships that she “call(s) on them individually ... to pick their brain, obtain their advice on any next steps, and consult with them in general. It is very important for me to keep these relationships alive because these individuals are highly experienced and respected professionals who unfailingly provide me with -at least- someone to bounce my ideas off of as I look for and find my way forward.” Well said.Jamillah Lodge is a business development officer for Bermuda Small Business Development Corporation. She specialises in providing aspiring and existing entrepreneurs with business development advice and loan guarantee assistance. In addition, she manages the marketing and communications plan for the Corporation and oversees the development of a mentorship and youth entrepreneurship programme. She has a degree in Business Administration with a concentration in Marketing. The opinions expressed in this article are those of the writer and should serve a general guide and should not be considered as replacement advice from a lawyer, accountant or other professional service provider. Readers should consult with the appropriate professionals as necessary. If you have questions about starting a business in Bermuda, just ask BSBDC: E-mail us at info@bsbdc.bm or call 292-5570.