As part of SMART’s on going commitment to developing capacity within their partnering Business Support Organisations, a workshop was held in the offices of UMFCCI on Tuesday, the 3rd of December to discuss proposals for the development of a Business Mentoring network in and around Yangon.
The workshop was attended by a cross section of delegates from a number of different departments within UMFCCI, and representatives of MGMA also attended.
The concept of business mentoring is not a new one but the structured approach proposed by the SMART team, which involves a strong element of relationship management, led by UMFCCI staff, is seen as a means of creating stronger business networks which can only help the development of the private sector in Myanmar in the years ahead.
The workshop outlined the practical elements of developing a structure in which such a programme could be managed, whilst also going in to detail about the need for creating business matches that would work based upon the personality profiles of both mentors and mentees. The process could, if adopted, enable UMFCCI to become the central point of contact for all businesses requiring support, and would add a new service to their existing portfolio, making them a key player in the development of business introductions, particularly in Yangon, where it is likely that rapid growth will occur. This service could be embellished by the creation of larger business networking events, group sessions on hot topics and the introduction of entrepreneurs visiting schools to talk about their enterprise experience.
Business Mentoring is a structured approach to developing a data base of existing entrepreneurs, established business people and business experts, who will agree to provide an element of free support to new businesses, or existing ones looking to grow. The participants sign an agreement which sets out strict rules and codes of behaviour which will act as a framework for their relationship with the person requiring support. The process of introductions and matches could be managed by UMFCCI/MGMA, who could monitor progress in the relationship and make further matches to assist the development of the mentee.
In addition, the topic of “Business Angels“ was discussed in which Business Mentors may look to make financial investments in new businesses for a stake in the company. This could be a means for new entrepreneurs to access finance in difficult financial circumstances. UMFCCI and MGMA will now consider these proposals with a view to developing them in 2014.
Paul Tinsley of Sheffield Chamber of Commerce, who did the training said, “I was extremely encouraged by the interest shown in Business Mentoring. The time is right for Myanmar based BSO’s to look at ways they can help their burgeoning private sector. People will look to them for leadership at this time, and a good mentoring service would be the beginning of this. The time for established business men and women in Myanmar to step up and give support to new entrepreneurs has arrived; people will need the benefit of their (the mentors) experience to avoid the pitfalls that might occur in a country whose growth will surely be dramatic over the next few years. Managing growth will be very important and good quality business mentoring can assist in that process”.
