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How do you leverage your mentor's network and experience to expand your business opportunities?

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If you are running a family business, you know how valuable a mentor can be. A mentor can offer you guidance, feedback, and support to help you overcome challenges and grow your business. But a mentor can also provide you with access to their network and experience, which can open up new opportunities for you. How do you leverage your mentor's network and experience to expand your business opportunities? Here are some tips to help you make the most of your mentorship relationship.

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Mohammad Hossein Abbasi Esbourezi

PhD Candidate in Entrepreneurship, Strategy, Innovation @ Lancaster University | Member: Centre for Family Business |…

1 Build trust and rapport

The first step to leveraging your mentor's network and experience is to build trust and rapport with them. You want your mentor to see you as a reliable, respectful, and eager learner, not as a needy or opportunistic mentee. To do this, you need to communicate regularly, follow through on your commitments, show appreciation, and be open to feedback. You also need to respect your mentor's time, boundaries, and preferences, and avoid asking for favors or introductions too soon.

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Mohammad Hossein Abbasi Esbourezi

PhD Candidate in Entrepreneurship, Strategy, Innovation @ Lancaster University | Member: Centre for Family Business | Member: Pentland Centre for Sustainability in Business
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Regular Communication: Maintain consistent and proactive communication with your mentor, keeping them updated on your progress and challenges. Follow Through: Demonstrate reliability by meeting deadlines and commitments, showing that you value and respect the mentoring relationship. Show Appreciation: Regularly express gratitude for your mentor's time and advice, recognizing their contribution to your development. Open to Feedback: Actively seek and embrace feedback, showing that you are committed to learning and improvement. Respect Boundaries: Be mindful of your mentor’s time and preferences, and avoid overwhelming them with requests or expecting immediate responses.

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2 Identify your goals and needs

The second step to leveraging your mentor's network and experience is to identify your goals and needs as a family business owner. What are the specific challenges or opportunities that you are facing or pursuing? What are the skills or knowledge gaps that you want to fill or improve? What are the markets or customers that you want to reach or serve? Having a clear vision of what you want to achieve and why will help you focus your mentorship sessions and ask relevant questions.

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Mohammad Hossein Abbasi Esbourezi

PhD Candidate in Entrepreneurship, Strategy, Innovation @ Lancaster University | Member: Centre for Family Business | Member: Pentland Centre for Sustainability in Business
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Specific Challenges: Clearly outline the specific challenges your family business is facing to seek targeted advice and solutions from your mentor. Skill Gaps: Identify areas where your skills or knowledge are lacking and communicate these to your mentor for focused guidance. Business Opportunities: Pinpoint potential opportunities in your market that you wish to explore with your mentor's insight. Target Markets: Define the markets or customer segments you aim to reach and discuss strategies with your mentor to penetrate these effectively. Goal Clarity: Maintain a clear and concise vision of your goals to direct conversations and make the most of your mentorship sessions.

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3 Seek advice and feedback

The third step to leveraging your mentor's network and experience is to seek advice and feedback from them. Your mentor can offer you valuable insights, perspectives, and suggestions based on their own experience and expertise. They can help you avoid common pitfalls, identify best practices, and explore new ideas. To benefit from their wisdom, you need to be curious, humble, and receptive. You need to ask open-ended questions, listen actively, and apply what you learn.

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Mohammad Hossein Abbasi Esbourezi

PhD Candidate in Entrepreneurship, Strategy, Innovation @ Lancaster University | Member: Centre for Family Business | Member: Pentland Centre for Sustainability in Business
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Ask Open-Ended Questions: Pose questions that encourage detailed responses and insights, allowing your mentor to share their depth of experience. Active Listening: Engage fully in discussions, listening attentively to understand and absorb your mentor's advice and perspectives. Apply Learning: Put the advice and feedback you receive into practice, demonstrating your commitment to growth and the value you place on your mentor’s guidance. Humble Approach: Approach your mentorship with humility, acknowledging that there is much to learn and being open to changing your perspectives or strategies. Regular Feedback: Request regular feedback on your actions and decisions, using it to continuously refine and improve your approach.

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4 Request introductions and referrals

The fourth step to leveraging your mentor's network and experience is to request introductions and referrals from them. Your mentor can connect you with other people who can help you achieve your goals, such as potential customers, partners, suppliers, investors, or advisors. They can also vouch for your credibility, quality, and value, which can increase your chances of success. To do this, you need to be respectful, strategic, and prepared. You need to respect your mentor's network, ask for introductions only when appropriate, and provide clear and compelling reasons for the connection.

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Mohammad Hossein Abbasi Esbourezi

PhD Candidate in Entrepreneurship, Strategy, Innovation @ Lancaster University | Member: Centre for Family Business | Member: Pentland Centre for Sustainability in Business
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Respect the Network: Show respect for your mentor's connections by understanding the significance of each introduction and using them wisely. Strategic Requests: Be strategic in asking for introductions; ensure they align with your specific business needs and goals. Preparation: Prepare a concise, clear pitch or background on why the introduction is relevant and beneficial for both parties. Timing: Choose the right time to ask for introductions, ideally after establishing trust and proving your commitment and reliability. Follow-Up: After receiving an introduction, promptly follow up and keep your mentor informed about the progress, showing appreciation for their support.

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5 Expand your network and relationships

The fifth step to leveraging your mentor's network and experience is to expand your network and relationships. Once your mentor introduces you to someone, you need to follow up, build rapport, and nurture the relationship. You also need to look for opportunities to meet other people who can support your family business, such as attending events, joining groups, or reaching out online. You need to be proactive, genuine, and generous. You need to offer value, help others, and express gratitude.

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Mohammad Hossein Abbasi Esbourezi

PhD Candidate in Entrepreneurship, Strategy, Innovation @ Lancaster University | Member: Centre for Family Business | Member: Pentland Centre for Sustainability in Business
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Follow-Up Promptly: After an introduction, reach out quickly to establish contact and express your interest in building a relationship. Build Rapport: Invest time in getting to know new contacts personally and professionally, understanding their interests and challenges. Attend Events: Participate in industry events, conferences, and networking groups to meet potential contacts and learn about new developments. Online Engagement: Use online platforms like LinkedIn to connect with industry peers, share insights, and participate in discussions. Offer Value: Always look for ways to provide value in your interactions, whether through sharing knowledge, resources, or connections.

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6 Learn from your mentor's experience

The sixth step to leveraging your mentor's network and experience is to learn from your mentor's experience. Your mentor can share with you their stories, lessons, and mistakes that can help you grow as a family business owner. They can also inspire you, motivate you, and challenge you to achieve more. To do this, you need to be attentive, reflective, and adaptable. You need to pay attention to what your mentor says and does, reflect on how it applies to your situation, and adapt your actions accordingly.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you leverage your mentor's network and experience to expand your business opportunities?

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1 Build trust and rapport

2 Identify your goals and needs

3 Seek advice and feedback

4 Request introductions and referrals

5 Expand your network and relationships

6 Learn from your mentor's experience

7 Here’s what else to consider

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