MENTORING is in the DNA of Scottish Chambers of Commerce (SCC). We do it because it works. It’s an effective way of boosting our economy and investing in our talent. There is plenty of scope to grow our businesses in terms of their number and scale and this is particularly true of women-led businesses and female leaders in the workplace. There is an abundance of untapped talent out there and our aim is to unlock that potential and secure Scotland’s future as a leading, entrepreneurial and outward-looking nation.
Research shows that, if levels of female entrepreneurial activity in the UK increased to match those of our male colleagues, the UK economy could be boosted by more than £180 billion by 2025. In Scotland alone, the economic impact could be as much as £7.6bn, a level of growth that would come close to mitigating the estimated £8bn economic impact of Brexit in Scotland. Research also shows that, by creating and supporting diverse and mixed-gender boards and teams, those companies grow faster with increased profitability.
Mentoring is a powerful platform that matches potential with experience and ideas with guidance; it’s that partnership that enables us to overcome challenges and achieve ambitions. I recognise that anyone starting their own business or a new venture faces challenges but women also face additional barriers to achieving success.
These include a lack of confidence; limited access to and knowledge of funding options; the lack of a strong network; and balancing professional and personal commitments. This varies from person to person and mentoring recognises that a one-size approach doesn’t always work; the personal approach is what makes the difference. Showcasing successful women role models in business, politics, or other industries is a powerful way of instilling ambition and raising aspirations. It is a proven trigger of success. To have the opportunity to connect with other successful women and to listen and learn from real-life experiences build a solid platform of confidence to overcome challenges and prepare for the future. For many women, whether in business or elsewhere, their talents and ideas can often be overlooked, causing them to be held back and hindering their full contribution to society.
Providing access to a strong community, through sustained mentoring opportunities, enables more women to gain the confidence and self-awareness to go out and tackle the challenges and secure new opportunities. This is already proving to be successful through our dedicated project, Women’s Business Mentoring. In the first week of launch, we received hundreds of registrations from business women across Scotland. It’s this practical approach that is the most appealing element for many women and their hunger to grow is what inspires successful business women to become mentors. The opportunity it gives to build a strong community and network cannot be underestimated and, often, these relationships turn into friendships and can last a lifetime.
To unlock our full potential, we must support women at every level: at school, further and higher education and in the workplace. That’s why I’m delighted to extend SCC’s support to the First Minister’s mentoring initiative. With the spotlight firmly on mentoring and supporting our future talent, all of us have a responsibility, particularly those in leadership positions, to identify young women with potential and become their mentors. Their success will ultimately lead to Scotland’s success. That’s a goal we can all get behind.
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