Mentoring in the Business Environment

Mentoring in the Business Environment

Barrera Associates for the National Women’s Business Council

First published May 2003

Mentoring programs most beneficial to women business owners are well matched to the stage of business development and offer specific elements unique to women’s mentoring practices. So says a study released by the National Women’s Business Council (NWBC). The report, “Mentoring in the Business Environment,” examines existing, formal mentoring programs for women and men business owners by comparing program structures, identifying best practices, and exploring the unique characteristics among programs geared specifically to women. The study also reviews existing research on mentoring for women business owners and suggests avenues for additional exploration such as e-mentoring.

As of 2002, there are an estimated 10.1 million privately-held businesses in which a woman holds at least 50% ownership stake, including 6.2 million majority-owned women-owned firms. Women-owned businesses are growing at twice the rate of all U.S. firms.

“Women-owned businesses continue to drive our nation’s economy,” said Marilyn Carlson Nelson, Chairman and CEO of Carlson Companies and Chair of the National Women’s Business Council. “With this growth comes increasing demand for the resources and tools to facilitate business advancement. Good mentoring can be a key predictor of success.”

Seventeen organizations that focus on women, mentoring and entrepreneurship shared information about nineteen existing mentoring programs for business owners. The organizations included non-profits, membership organizations, universities, and government offices. The mentoring practices examined offer an understanding of what makes a program successful including planning, design, promotion, recruitment, and support.

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