Why Peer Mentoring is Essential for Entrepreneurs

A mentor is typically thought of as an older and more experienced person sharing their wisdom with a younger person. Peer mentoring, though, is a relationship between people in similar stages of their careers who may or may not be the same age. What matters most in a peer mentoring relationship is that the mentor has more experience than the mentee in their shared domain.

Peer mentoring can be one-on-one or experienced in a group, and it’s considered essential in supporting leadership development in entrepreneurs.

Why Peer Mentoring?

There are multiple benefits to be had from peer-to-peer advisory groups, not the least of which is perspective. We’re all familiar with the saying, “you can’t see the forest for the trees.” But when you get to view a problem from a peer’s perspective, the solution—or forest—often comes into focus much more quickly.

From accountability to resilience building, here are five ways peer mentoring is essential for entrepreneurs.

1. Identify gaps and blind spots

Small business owners spend a lot of time focused on the physical running of the business. A peer mentoring group can help you step away from business operations for a day to work on, not in, your business. You can discuss marketing, hiring, and growth strategies. That kind of mastermind mentality, even if only for a day, forces you to have conversations that move you forward, not spinning in place.

2. Build self-awareness

Most entrepreneurs are running so fast they don’t even have time to consider slowing down! But there are a lot of benefits to slowing down, at least for a day. You’ll gain greater clarity, have time to spend on your well-being, learn to process your emotions, and make better decisions. Who knew that slowing down could actually make you more successful?

3. Increased confidence and resilience

Nearly everyone needs reassurance that they’re making the right decisions. Hearing it from a community leader or mastermind group member lets you know you’re not alone and that what you’re going through isn’t unique to you. Every successful entrepreneur has had labor and money shortage problems, and most have experienced at least a little of the imposter syndrome. There’s a lot of solace in knowing your mentor has been where you’ve been.

4. Gain a support system

Many small business owners are reluctant to talk about what they’re stressed about because they think it will reflect poorly on their business. Having a group of peers that you can be open and vulnerable with makes it easier to let your guard down and be honest about the challenges you’re facing. The group becomes your “circle of influence” that you can count on to be there when you need them most.

5. Strengthen leadership and development skills

When you become a mastermind group member, one of the first things you do is share where you are in your business, what goals you want to achieve, and the challenges you’re facing. Peer mentoring holds you accountable to those initial reflections and creates a climate of accountability and coaching that becomes ingrained over the life of the relationship.