When William Shakespeare posed the question, “What’s in a name?” he wasn’t talking business, but if he were, my response would be, “Everything!”

The terms Mentor, Coach, Advisor, and Consultant are often confused in the entrepreneurship arena.

In an ideal world, Mentors don’t say, “This is the way,” but offer insight with phrases such as “This is what I’ve done,” or “This is the way I’ve seen it done.” It is up to the mentee to explore it and learn from it.

The Mentor gives guidance or reflections, and allows the mentee to make the decision. Mentors are more aligned with a coach. A mentor is ideal for those who want to learn from other’s mistakes and other’s journeys.

A Business Coach, generally speaking, aims to pull the best out of you. They might not give you the answers, but ask you more questions to help you find the answers from your own perspective. A business coach is ideal for those who want to do better and move higher.

A Business Advisor gives advice on a specific topic, process, or idea. Most business advisors are experts in a specific topic or area — writing a business plan, for example. Their knowledge and advise is built on their own experience in that specific topic or narrative.

A Consultant listens to your questions, finds three or four solutions, then says, “Here are some options you can explore.” Occasionally, a consultant may also be willing to roll up their sleeves and work with you in instituting the solution. Mentors, advisors, and coaches are unlikely to do that.

These interpretations are not set in stone, nor are they the only way of defining these terms. They are just one way we have defined these roles to be meaningful for the economic developers around the world.

Counselor is occasionally used economic development, specifically when looking from a governmental perspective. Counseling is similar to advising and consulting.

BEFORE YOU GO:

We see our blogs as opportunities for dialogue. Please share your thoughts as comments.

1. What have you done to gain a mentor, advisor, consultant, or coach?

2. Do you think these characteristics can be combined? Can a mentor be an advisor, consultant, or coach?

3. What have you done to differentiate between them?

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Faris Alami is Founder and CEO of International Strategic Management, Inc. (ISM). He works internationally, presenting Exploring Entrepreneurship Workshops and other entrepreneurial ecosystem — related ventures.