Article by Diane Shawe
It was revealed last year in an article that young women are more likely to fall into personal insolvency than young men of the same age. The figures, which were quite alarming if you’re a woman, showed that nearly eight out of 10,000 young women became insolvent last year, compared to just four men in 10,000
“Mentor: Someone whose hindsight can become your foresight”
Mentoring is a powerful personal and development tool. It is a partnership between two people (mentor and mentee) normally working in a similar field or sharing similar experiences – or conversely, perhaps you are looking to enter a new field and would like support from someone who has been there before. It is a helpful, supportive relationship based on mutual trust and respect.
What is a mentor
Mentoring is most often defined as a professional relationship in which an experienced person (the mentor) assists another (the mentoree) in developing specific skills and knowledge that will enhance the less-experienced person’s professional and personal growth.
What is a Coach
Coaching is training or development in which a person called a “coach” supports a learner in achieving a specific personal or professional goal. The learner is sometimes called a “coachee”. Occasionally, “coaching” may mean an informal relationship between two people, of whom one has more experience and expertise than the other and offers advice and guidance as the latter learns; but coaching differs from mentoring in focusing on competence specifics, as opposed to general overall development.
Some coaches use a style in which they ask questions and offer opportunities to challenge the learner to find his or her own answers. This helps the learner find answers and new ways of achieving their goals based on their own values, preferences and perspectives.
So your mentor is your guide who can help you to find the right direction, be a sounding board and support you in developing solutions for you and your business or lifestyle.
Getting Financed – A fair share for Women startup
Start-Up Loans are funded by the Government both for people starting up and new businesses trading for less than two years. They are easy to apply for and typically people borrow between £2,000 and £10,000, although there is no limit. Enterprising Women’s parent company YTKO has now been approved as a national provider of Start-up Loans, which means that Enterprising Women can now bring them to you!
WHY PRE START UP SUPPORT IS ALSO IMPORTANT
The Enterprising Women also offer a wealth of pre-start support through their sister organisation Outset, as well as post-finance mentors to help keep you on track. So if you’re a new business (trading for less than two years months) looking to fund your growth or just starting out, – or know someone who is – click here to find out more.
The Start Up Loans Company is a UK-wide, government backed scheme, which offers a repayable loan to individuals over the age of 18 who have a viable business idea but no access to finance. The scheme funds businesses in every sector. As well as financial backing, all loan recipients are given access to a mentor, free training events and exclusive business offers.
If you are yet to start, or in your first two years of trading, then you will probably be eligible to apply. People typically borrow between £2,000 and £10,000 (the maximum loan is £25,000) and all loans come at a competitive, fixed rate of interest at 6.2% APR.