"We learn by example and direct experience because there are real limits to verbal instruction". - Malcolm Gladwell

I ignored naysayers who rightly predicted that my first biz would go down the drain. My excitement, passion and commitment would enable me to beat the odds, I thought. It was my first attempt at entrepreneurship, my baby. I knew the statistics regarding small and new business failure. I thought my determination, knowledge of the product and passion would help me beat the odds. I was dedicated, devoting all the hours that God sent to work the business. Little did I realize that there are many variables to achieve business success.

I had taken many of the required courses on marketing, sales, and finance and read several "how to" books to succeed in a small business. What I lacked, however, was someone to model, someone who had trod this path before and was willing and available to share and impart pearls of wisdom.

There is a popular saying that "failure is not an option". For many, failure is the best teacher. You see, had I not failed at my first home based business, I would not have learnt what I know today. A business acquaintance suggested mentoring.

The mentoring relationship is not very different from the other significant relationships in your life. Choosing right at the outset is sure to guarantee success.

Here is why mentoring is a "must have" for you and how you should go about finding a good fit.

My Goals: First, determine what goals you are trying to accomplish before you begin your search for a mentor. My goal is to get help to overcome my weaknesses while leveraging my strengths to take advantage of opportunities. A mentor does not have to be someone you know. In many cases, it can be more beneficial to you that the mentor is not someone you know or with whom you are close. Must be someone you admire, perhaps from a distance, someone you respect and whose success you are attempting to emulate or even surpass.

Experienced: Find someone who is more experienced than you are, to assist you with the inevitable learning curve. As well, I prefer someone who is older than I am, someone who commands respect. This is important, as this individual will advise you, encourage you and many times will have to tell you things that you are neither willing nor prepared to hear. Once the relationship is established, it is likely that a long lasting friendship results from the mentoring relationship.

Networks: How do you approach a mentor? You simply ask, assuming that you have done the legwork about your prospective mentor. You will find that the more successful they are, the more willing they are to mentor you. For someone you do not know personally but admire from afar, it is best to contact them, once you have done your research and due diligence. Write to them requesting a short meeting to discuss the possibility of becoming your mentor.

Trust: As a burgeoning entrepreneur, you will need access to a broad skill base for success. A skilled mentor will discover and unearth skills, hidden talents and potential within you. You will need a teacher, guide, coach, advisor, confidante, someone to steer you in the right direction, and someone who is willing to listen. For the business mentor relationship to work, realize that it is a two-way relationship with both parties doing their part. Once the relationship has been agreed upon, decide on the ground rules. Establish logistics very early to assuage disagreements and misunderstandings.

Bear in mind the best mentoring relationship is one that is free of charge. That might explain why trust is the cornerstone of this relationship.

Openness: Your mentor, like any successful entrepreneur, will likely have a trail of failures and setbacks. Learning from those mistakes is the key to their success. They will have made mistakes and willing to share the learning with you as part of your learning and growth experience. The goal is for you to avoid duplicating obvious mistakes and learn from them.

Role model: You will need mentors for different areas of your life and this can mean different people. For business mentorship, it is advisable to choose someone to emulate, with character and strong principles. Part of the due diligence process is to investigate their values, accomplishments, and principles - which is very important in any business relationship. It is advisable to observe their personal life as this can often mirror how they conduct themselves in business. When choosing your mentor, check that their values correspond with what you are trying to achieve. While there is no such thing as the perfect person or mentor, you will want to determine that this is someone you can indeed model professionally.

Ask any successful entrepreneur and you will quickly discover that a business mentoring relationship is "a must" for entrepreneurial success.

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Cecilia Peltier invests in real estate around the world. As chapter leader of Private Investment Club, a Real Estate Investment Club for Canadians located in Oakville Ontario, she helps members achieve financial freedom through real estate investments. Email: cecilia@privateinvestmentclub.ca To learn more visit: http://www.privateinvestmentclub.ca