After years of challenging economic environments, business owners are beginning to raise their heads and optimism is on the up. Many founders who have navigated lockdowns, cost-of-trading cycles, Brexit and political turbulence believe their survival is due, in part, to the support of a co-founder, mentor or coach.

I write from experience. When business gets tough, I turn to a long-term and trusted mentor with whom I share what’s on my mind and, in so doing, seek resolution. I’m also not alone in doing so.

In October 2022 to mark National Mentoring Day, we released a Mentoring Matters report, which revealed that 82 per cent of businesspeople are interested in being mentored. Of those who already had a mentoring relationship, 66 per cent said it helped their business survive and three quarters (76 per cent) claimed it had been key to business growth.

Mentors vs. coaches

For many years, I’ve delivered hundreds of events for early-stage start-ups and I always advise budding entrepreneurs to seek three different types of supporters.

First, peers who are at the same stage in business for the cohort-based effect.

Second, industry veterans with lived experience and from whom you can gain anecdotal inspiration and a treasury of top tips. Third, a trusted mentor or coach who can carefully and patiently guide you, while helping you solve your own problems.

There is often debate and confusion about the terms ‘coach’ and ‘mentor’ and their respective uses. Both are methods to help people develop and achieve their potential, reach their desired goals as well as manage the challenges of life and work. Practitioners will use a mix of mentoring and coaching to help clients get the best results.

Many leaders have several mentors who are experts in different areas, and many work with mentors throughout their personal and business lives. Coaches, meanwhile, are often used to work on a specific goal and can be more focused on the specifics of a moment in time.

I asked my own mentor, Richard Fifield, for his view on the differences between the two. This is what he said: “Mentoring tends to be more directive and provided by somebody who has direct expertise and experience of the journey the mentee is taking. The mentor provides wisdom and guidance on that journey. It makes complete sense to seek advice and learn from somebody who has already trodden the path you are taking.

“Coaching tends to be non-directive. Through a partnering and creative process that uses carefully framed questions, psychological tools and behavioural frameworks, it helps the coachee work through solutions for themselves. It often makes sense to use a coach to understand how to break through personal barriers where mentoring hasn’t helped.

“At their core, mentoring and coaching are built on a foundation that humans value: safe conversations with someone who has their interests at heart.”

Mentors matter

The good news is there are many people willing to offer this kind of support. At Enterprise Nation we are part of a consortium delivering the mentoring element of the government’s Help to Grow Management scheme. Our role is to recruit mentors and match them to participants on the course.

Becoming a mentor involves pledging at least 10 hours of volunteer time, as well as undergoing training. When recruitment began, we had no idea what the response would be like, but we were amazed by the thousands of people who came forward to form what is now the UK’s largest network of professionally trained business leaders and advisers willing to mentor others. This incredible community has just notched up 18,000 hours of business mentoring.

If you believe as we do that the growth of small businesses is fundamental to the success of the UK economy, then business mentoring is key. As entrepreneurs and founders start feeling more confident about trade, investment and expansion, we welcome the role of mentors who will be by their side.

Emma Jones is the founder and chief executive of Enterprise Nation, the small business support platform.