C-suite Sisterhood: The rise of female mentorship programs

Women have been helping women since the beginning of time. As women continue to secure their place as business owners, entrepreneurs, and executives, they’re finding help and advice from other women who have been there and done that. Mentoring has become a key resource for women business founders and aspiring executives alike. 

Mentorship programs and networking groups provide invaluable support and opportunities to propel the trajectory of the professional careers of young mentees, while also providing leadership benefits for mentors. As female presence in positions of leadership grows, mentorship and networking lend a helping hand along the journey. Curious as to how mentorship can impact you personally as well as your business? Let’s get into it.

The origins of mentorship

Mentorship as we know it today was first recognized in early 18th century France when mentors were described as generous, inspiring, and altruistic characters. One book, Les Aventures de Telemaque, is an account of the development of the character, Telemachus, alongside the help and guidance of a supportive mentor. Important foundations of networking, self-efficacy, and embracing challenges are lessons in mentorship that inspire programs today. For small business owners, modern mentorship, as it has evolved, can be an incredible tool to grow your business and dreams.

Female mentorship and networking programs

📌 According to McKinsey’s Women in the Workplace 2023 study, women represented 48% of the workforce in the US in 2023 but accounted for only 28% of senior leadership positions. As a result, there are many female mentorship initiatives in place to grow the presence of females in leadership. These are fantastic opportunities for women to build relationships and receive mentorship guidance while expanding personally and professionally. Specifically for young women, mentorship programs have fostered communities with gender equality, empowerment, and success as the primary focus.  

Is mentorship right for you?

Mentorship may not be the answer for all business owners. With some simple reflection, you can help determine if mentorship is a good idea for you to pursue. Do you feel like you could use advice from people who have grown their business? Do you have questions for people who have worked in the same area of expertise? Do you have a great idea for a business, but need somebody to bounce ideas off? If the answer to any of these questions is yes, mentorship is likely a great option for you.

How to match with the perfect mentor

Just like many relationships, finding a great mentor can be challenging. Here are some steps to get you started: 

• Utilize LinkedIn
  Expanding your network using a platform like LinkedIn is an excellent way to connect with individuals with common interests. You can optimize your own profile by updating your interests, goals, and ideas.  A LinkedIn search can provide you with lists of individuals in your area of business. You can send a message to an individual introducing yourself, and briefly explain what interests you about their experiences and why you would like to connect. 
   
• Attend Networking Events
  Facebook groups and online postings are a great way to find events within your industry. Use every opportunity as a networking opportunity and reach out to as many people as you can. 
   
• Research and find the right mentorship program
  Sometimes it can be difficult to find a mentor within your current circle.  It may be valuable to search online. Online research can help you find the perfect mentorship program for you. You can search online for mentorship programs using a google search within your industry or check out some of the standout programs below.

The growth of mentorship has been evident by its increasing availability. Here are a few standout programs that may interest you as a small business owner.

1. She Owns It
   A powerful blog-based platform designed to help women share stories and inspire one another through engagement and open discussion. She Owns It believes that storytellers provide inspiration, knowledge, and power while helping current and future generations to dream and achieve their goals.
    
2. Women’s Business Development Center
   WBDC has provided women with opportunities for over 37 years. The organization runs programs, services, and advocacy efforts seeking to help women gain economic self-sufficiency through business ownership and expansion.
    
3. Ellevate
   Ellevate is a unique mentorship program that allows deep dives and connections to be made through small networking groups and flexible programs. These include roundtable formats, chapter meetups, small community circles, and more. They focus on valuable connections and personalized planning to elevate career paths.

Finding the right mentorship program is worth the investment in time and effort. Keep reading to learn about more resources and key questions to ask yourself to find the perfect fit for you. 

🎯 Pro tip: Just like mentorship, investing your time and effort into writing a business plan may help your business thrive. Check out our steps to creating a business plan, here.

Finding a mentorship group that works for you

Mentorship groups can benefit anyone. Whether you are interested in mentorship or being a mentor, or you’re just curious to learn more, it’s important to do your research to consider how these programs may benefit you. Here are some important factors to consider:

Topic or area of specialty

It is important to consider your expectations and interests when looking into mentorship groups. Most groups have topics and areas of specialty clearly listed in the “About Us” section of their page.

Inclusivity and diversity

Inclusion and diversity may be important factors to consider. Ask yourself if the group aligns with your goals of an equitable work environment. If you find it hard to find information about the group online, seek out individual members of the organization and network and ask questions to see if the group would be a good fit for you.

Educational resources

📌 One of the largest benefits of mentorship groups is learning. When looking at an organization, ask yourself if they foster a learning environment and are willing to answer your questions to help you with your personal growth and relationship building. You can find more information about involvement in mentorship programs on educational pages like Columbia and AIHR.

Mentorship benefits: Success stories

The power of mentorship is reciprocal, it’s not only the mentee that benefits. Mentors can also benefit greatly from these initiatives and are fulfilled in unexpected ways. There are even some success stories from people who build their business initiatives around growing opportunities for professionals.

When Eileen Lee, an entrepreneur from Atlanta, GA, first started her business, Venture for America, a nonprofit created to provide college graduates with first-hand experience through fellowship opportunities, she noticed a majority male presence in her first class of fellows. Noticing the need to put effort to recruit a more diverse group, she helped start the first women’s group to support female fellows with many advisors and mentors. 

She talks about her experience realizing the importance of creating a safe, comfortable space where women can feel supported. This sparked even more passion and led to hundreds of community efforts in a range of topics including goal setting, professional developments, and speaking events that provide her personal growth. You can hear more about Eileen’s success story and mentorship journey on the Hiscox Side Hustle to Small Business Podcast.

💡✍ Owning a business is no easy feat. There are many ins and outs of growing your business and reaching your customers that may seem scary. Investing the time into building a relationship with a mentor or seeking help may be the best decision you can make for you and your business (well, the best decision aside from protecting your dream with small business insurance – get a quote today!)

📌  For more helpful tips and tricks about growing your business, be sure to check us out on our LinkedIn newsletter, the Hiscox Entrepreneurial Digest, where we share new content monthly.