Pay it Forward initiatives are popular across Canada. They are successful because they benefit both those who give and those who receive.
"The Canadian Youth Business Foundation has its own unique Pay It Forward movement," says CYBF Mentor in Residence, Linda Morana. "Every day, thousands of business mentors nurture and support the fantastic ideas and energy of Canada's young entrepreneurs. This is great for the entrepreneurs, but mentors get so much out of it too."
CYBF research finds that a solid mentoring relationship is critical to the success of nearly every business start-up. Research shows that 88% of entrepreneurs who have mentors survive in business, compared with only 50 per cent of those who do not. Many successful young entrepreneurs cite "quality, meaningful mentorship" as a driving force for their businesses. Mentoring increases their confidence, risk-taking and vital skills development.
As a result, the learning curve for the entrepreneur becomes less steep, problems are solved earlier and complicated tasks can be simplified. Mentors offer up their experience in everything from business and financial planning to supply chain management. In exchange mentors receive a feeling of accomplishment, a personal connection, expanded networks and even news ideas for their own businesses
The organization has programs help these young entrepreneurs launch their businesses by carefully hand-matching a mentor who makes a commitment up to two years to a mentoring relationship. These business leaders devote four to five hours a month to encouraging, coaching and advising.
CYBF is currently looking for business professionals from every sector and discipline to start "paying it forward" by joining the ranks of its business mentors.
If you do, you will be fueling the passion of Canada's youth, says the organization, and this will make an impact in terms of our national economic growth and social stability. By paying it forward, you will also build a culture in Canada that supports entrepreneurship – and that's good for business and good for the country. More information is available online at www.cybf.ca/mentoring.
