When you start a new business most of the people are seeking some kind of personal support. But what sort of person would be the best for you? Do you need someone that can help you with clients for example or that helps you with the production. Or is it wise to look for someone with whom you can talk about personal things; for example about your personal goals? And would it be someone that tells you how to do things, or someone that asks questions and lets you discover the things yourself?
Imho, a good coach for starting entrepreneurs has some experience in starting a business herself/himself, helps the aspiring entrepreneur to focus on customer needs and cost control and does so by asking the right questions instead of telling how to do things.
Entrepreneurship is an experiencial process as well as a process of experimentation. At motivational stage of entrepreneurship, the mentor-ship should involve clearing the hesitation, mental blocks and fear factors if any in the minds of prospective entrepreneur. However once the motivation level has set in and organizational formation process has started, mentorship is about the sharing similar experience of nitty grittys, suggesting the experimental forward path. The mentor is not a problem solver but can guide the direction of inquiry.
I'd be very clear about the two words you have used - coach and mentor - as each would offer the entrepreneur a different type of support.
A good mentor would have experience, insight and knowledge to offer when the entrepreneur needs advice.
A coach would be useful to the entrepreneur if they wanted to reflect and work through problems and issues themselves (without advice). This will enable them to work, think and operate more independently.
The two things are quite different, as old saying goes....
"a mentor has good answers for your questions, a coach has good questions for your answers".
Hope this is useful for your work...
I have been mentoring entrepreneurs for over a decade and can add a few insights here. Mentoring as a process is less intense unlike coaching. Coaching comes into play when the mentor is formally inducted into advisory board which facilitates more frequent interactions. The action items can be discussed, formulated and tracked. But in a mentoring set up, that level of follow up and committed action plans do not happen.
The basic traits of mentoring and coaching remain the same for even the entrepreneurs as well. Listening, powerful questioning, industry knowledge, strong network of other experts, connected to the ecosystem, ability to spare time and provide insights are a few traits.
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