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Introduction
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Posted On: Tuesday December 30th, 2003 at 12:00am EST
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Mentoring has existed in business for many years on an informal basis to nurture the growth and development of employees. However, over the last twenty years mentoring has become a common place for business to business development. In fact, with many corporations today, mentor-protég?programs are formally entrenched in corporate strategic planning.
In the business world, mentoring occurs when a mentor (usually a larger company) takes on a smaller company (protég? under its wings and provides management and technical assistance. The protég?grows into a more viable business as it develops kills to remain competitive and ultimately to become more successful in its market segment.
Recognizing the utility of a mentoring approach, minority businesses could develop practical and workable models that may:
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Broaden its market base.
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Increase opportunities for growth.
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Improve internal skills and knowledge.
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Enhance its operational infrastructure.
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Position the firm for private investment.
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Large corporations can help reinforce a firm’s market viability. Furthermore, they can help minority companies surmount obstacles, avoid pitfalls, and develop skills to compete and survive in the marketplace. Stable, minority firms can provide to be excellent partners for larger companies seeking alliances and trying to access new markets. |
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