16th Oct , 2021
Special close and fiduciary type relationships are enhanced in any mentoring relationship where the mentor is well experienced, has the required skills and personality to mentor and is independent of the executive’s organisation.
Typically, in a pure fiduciary relationship a person prudently takes care of the best interests of and often the money, investments or other assets of another person. It is a very trusted and privileged position to be.
A fiduciary relationship is a legal or ethical relationship of trust between two or more parties and it’s that level of trust you need with a business mentor. Nothing less.
Many special benefits are to be gained by engaging a truly independent Business Mentor and to truly succeed the mentor needs be independent.
So what is Independence in a Business Mentor?
Independence is having no current or recent dealings with a competitor in the same industry through their board, consultancy assignments, or other close associations that could impair impartiality.
Some organisations, although well meaning in their support for key executives, provide them only with business mentors from within.
Whilst the executive will gain insights from these internal mentors experience, they may get a one sided opinion.
Furthermore an executive being mentored internally, may have reservations in opening up to these internal mentors because of their political networks in the business.
By comparison, an independent mentor, individually assessed and matched by International Business Mentors alleviates many potential problems.
Although it can be beneficial for a business mentor to have relevant industry background, this does not always mean they must come from the exact same industry as the executive to be mentored.
An Experienced and Independent International Business Mentor
An experienced and independent International Business Mentor, with no other internal company agenda, can provide a fresh approach drawing from their experiences in other industries or businesses. This encourages the executives to think outside of the square and to critically assess the business frameworks in specific areas for improvement within a safe and confidential relationship.