Last week, we looked at the important role that youth entrepreneurship plays in the overall economic development of Jamaica. Unfortunately, despite aspirations to create their own income sources, many young people struggle to find ways to achieve their business dreams.

It’s a common belief by new entrepreneurs that the route to business success lies in easier access to start-up financing for their fledgling operations. The reality is that an injection of money can sometimes be insufficient to help an enterprise prosper if the owner is inexperienced in business.

From observing the mistakes of many young entrepreneurs (myself included), I know that working capital will often be misused and wasted in the hands of someone who is just starting out in business. The saying “Experience is the best teacher,” could very well have been written by an entrepreneur who gained worldly wisdom after several costly business errors!

The challenge for most young entrepreneurs is that they usually don’t have the money to pay for expert business guidance that can make their journey smoother and less stressful. Many business newbies also don’t recognise the value of cautious advice, thinking that no one can understand their business ideas better than they do.

Mentorship: the voice of experience

I believe that one of the most essential factors for the promotion of a thriving youth entrepreneur sector in Jamaica is the availability of mentors to provide business counselling. Business mentors are experienced business owners who volunteer to coach persons on how to successfully run their own operations.

While consultants can be hired to provide business guidance, mentors usually offer their services without charge. It might seem strange for someone to offer this valuable advice for free, but mentors are usually looking to give back to society by playing a part in the economic advancement of their community, or are actually honing their own strategising and consulting skills.

One of the major problems in self-employment is that there is no boss to turn to for direction. There are so many pitfalls and wrong turns along the entrepreneurial journey for someone who has never run a business before, that it’s crucial to have expert advice every step of the way.

Another benefit of business mentors is that they usually have access to a network of other influential persons who can be tapped to support the new business in several ways. Mentors can also supply emotional encouragement, as entrepreneurship can often be a lonely and overwhelming occupation for young persons.

Where can you find a business mentor?

One of the simplest ways to locate a mentor is to examine your contact lists and look around your community to identify persons who may have the expertise you need for your business. Your relatives, teachers, business owners, church colleagues, service club members, newspaper columnists, even your former bosses may have a wealth of information to guide you.

If you are going to be requesting advice from strangers, it’s important to be prepared with the appropriate questions so that you don’t waste their valuable time. It would be best to write a letter or email explaining what you’re trying to achieve, and asking for a brief meeting where they can help to guide you from their years of experience.

Once your initial contact is successful and the prospective mentor seems willing to help, ask for a follow up discussion within a month or two to review your progress. If a relationship develops, it’s important to respect your mentor’s time and expertise by being punctual, taking notes, carrying out suggestions, taking initiative as you grow, and showing appreciation for his or her efforts.

Young Entrepreneurs Association of Jamaica

Although we don’t have established business mentoring institutions like those that exist in the United States of America, Canada or New Zealand, there is at least one organisation where young entrepreneurs in Jamaica can get guidance.

The Young Entrepreneurs Association of Jamaica (YEA), a non-profit organization designed to support young people in business, was created by the Jamaica Employers’ Federation (JEF) in 2005. According to its website, www.yeajamaica.com, the YEA provides members with “an opportunity to learn from each other’s experiences and take advantage of peer mentorship as they grow their businesses.”

President of the YEA, Stephen Spence, explained that mentoring is a key focus of the association, as groups meet monthly to discuss their business issues and get confidential counselling and advice. There is also valuable interaction with entrepreneurs within the 55-member enterprises currently in the YEA, along with the wider business community at their training and networking events throughout the year.

Spence noted that the YEA is about to embark on an ambitious programme to significantly impact the development of youth entrepreneurship in Jamaica, which will be revealed at its annual expo on July 3.

I like to encourage persons who are experts in their fields of endeavour to pass on their knowledge to youngsters. I’m throwing out a challenge to every successful Jamaican business owner – help to create a more viable business sector in our country by becoming a mentor to young entrepreneurs!

Cherryl is a financial consultant and money coach, and founder of Financially S.M.A.R.T. Services; she is currently writing her first book, “The 3 Ms of Money.” Get free financial tools at www.financiallysmartonline.com and practical financial articles at www.financiallysmartadvice.com. Please email comments to advice@financiallysmartonline.com