Principal Topic

This paper is based on the evaluation of The Committee of 200’s (C200) Growing Entrepreneurs Mentoring Program, a program geared towards women business owners whose companies are grossing between $3–8 million annual revenues. This mentoring program annually selects up to six protégés. Protégés are matched with two to three C200 members who serve as their mentors and act as an informal advisory board. The goal of this entrepreneurial education mentoring program is to help these CEOs achieve their visions, grow their companies, increase their profitability, enhance their leadership skills, develop sound exit strategies, and increase their philanthropic giving decisions.

Method

Results summarize key factors contributing to business growth and increased knowledge about business options for program participants. Comparisons with other formalized mentoring programs highlight the unique model offered by C200. This research determines the impact of the program on two classes of protégés’ businesses for two years during 1999 and 2000 by analyzing detailed applications, mid-year evaluations, end-of-program evaluations, one-on-one interviews, and follow-up evaluations. Descriptions of the design, content, and delivery of the program are included.

Results and Implications

The implication of mentoring on women-owned businesses is evidenced by significant growth in revenues, changes in the number and/or caliber of employees, profitability, and sales. The benefits of mentoring that directly lead to business growth include expanded networks and contacts, the reduction in feelings of isolation, a supportive peer group, and increased knowledge gained from access to others’ areas of expertise. This study highlights the valuable role that mentoring plays in the development of women business owners and its direct correlation to their business’ growth. Across a wide range of industries and throughout a business owner’s career, mentoring is an important ingredient in success and provides tremendous advantages and economic impact to those who engage in it. C200 plans to promote mentoring as a meaningful and effective style of learning as it shares its recommendations and research with educators, public policy makers, and supporters of entrepreneurial development.

CONTACT: The Committee of 200, 625 N. Michigan Ave., Suite 500, Chicago, Illinois 60611-3108; (T) 312-751-3477; (F) 312-943-9401; www.c200.org