Why Mentoring Works
Group Mentoring can be a boon for your local economy.
Mentoring is a safe and nurturing environment for the corporate career ladder climber as well s the entrepreneur. Read more about mentoring below.
The saying “It takes a village to raise a child” is a testament to the value of collective input and shared wisdom in nurturing the next generation. A similar approach is vital in the world of entrepreneurship and business, where mentoring has been recognized as a key strategy for nurturing the growth and development of both individuals and companies. In the business realm, the “village” is often embodied by mentors — experienced and wise individuals who provide guidance, insight, and support.
A profound example of the power of collective mentoring is the Circles of Seven initiative. Circles of Seven (“C7”) was first introduced in 2007 when I worked in Bloomington-Normal, Illinois. It was inspired by several local and national groups and leveraged the “village wisdom” of the group to help new entrepreneurs along. Brad Feld’s book, Startup Communities, was also an inspiration as it promoted the use of the resources of local businesses.
Circles of Seven takes a group mentoring approach, leveraging the collective wisdom of a group of mentors to propel entrepreneurs and businesses forward. This innovative approach to mentoring benefits the mentors and mentees involved and has implications for broader economic growth within communities.
The Benefits of Mentoring
According to the American Psychological Institute, research consistently reveals that mentored individuals are more satisfied and committed to their professions than those who aren’t mentored. They often receive higher performance evaluations, earn higher salaries, and progress faster in their careers. Beyond these professional gains, mentors themselves also benefit, gaining satisfaction from contributing to the development of the next generation of leaders and learning new perspectives and methods. This applies to entrepreneurs running their own businesses as well.
The Circles of Seven approach enhances these benefits by providing a group mentoring structure. This structure affords mentees the opportunity to obtain feedback from multiple individuals, improving their operations and business management skills more effectively within a group setting. Furthermore, it opens the door for mentees to have greater exposure to multiple levels of knowledge and expertise, fostering a diverse and rich learning environment.
The Economic Impact of Group Mentoring
Group mentoring has significant implications for economic growth within communities. The success of new businesses is often crucial to the health of local economies, and mentoring is an effective tool for increasing the success rate of these enterprises. Mentees can expand their knowledge and skills, gain valuable advice from more experienced individuals, and build their professional networks, leading to better business performance and economic growth.
In addition, the group mentoring approach requires fewer resources than 1-to-1 mentoring, making it an efficient and cost-effective solution. This means that more entrepreneurs can be supported and guided, leading to the growth of more businesses and, consequently, stimulating economic growth.
It must also be remembered that practically every business started with one person and one idea. Amazon did not start with the 1.5 million employees they currently have. It was Jeff Bezos and his computer. This goes for every company in your community. It starts with one person with one idea that could grow into a much bigger employer in your community.
Fostering a Mentoring Culture
The Circles of Seven model doesn’t only foster economic growth; it also promotes a mentoring culture within organizations and communities. Group mentoring encourages the building of networks, bonds, and a sense of community among mentees. This sense of community is essential for fostering a healthy entrepreneurial ecosystem where business leaders support each other, share knowledge, and collaborate to address common challenges.
Moreover, the group mentoring model provides a platform for promoting diversity and inclusion. Bringing together a diverse group of mentors and mentees encourages the sharing of diverse perspectives and insights, enhancing the richness of the learning experience and fostering a more inclusive business community.
Group mentoring initiatives like Circles of Seven offer a powerful tool for nurturing the growth and development of entrepreneurs and businesses and in turn, stimulating economic growth in communities. It’s not just about the individual benefits for mentors and mentees but the wider positive ripple effects that such initiatives can have on local economies and communities.
As we continue to navigate a world of unprecedented changes and challenges, such community-focused, collaborative approaches to business growth and development are more important than ever. Local businesses can be a better and more sustainable version of the economic development that you are currently promoting.
To learn more about getting a Circles of Seven program started in your community, go to the website linked here. You will find information about how C7 can work for you and arrange for a personal interview and conversation. There is no obligation.
