MINUTES OF THE MEETING
DATE: SUNDAY 11th June, 2017
TIME: 2:00 TO 3:00 PM
LOCATION: Arbab Rostam Guiv Dar-e-Mehr, 6900 Halifax Street, Burnaby, BC.
WZCC Directors thank ZSBC Board of Directors and Arbab Rostam Guiv Foundation for the use of facilities.
ATTENDEES: Total 22 including the speaker.
The meeting was called to order at 2:10 pm.
Kayras Irani introduced the speaker Mrs. Fi Dastoor
Since a young age Fi Dastoor has volunteered for a variety of projects and activities. Fi has been associated with CYBF (Canadian Youth Business Foundation) since 2003. CYBF is now called Futurepreneur. She was introduced to CYBF via CESO (Canadian Executive Service Organization) which she joined in 1988. Her career spans over thirty years in the technology industry. In the latter years she has her own business – Dastoor Consulting doing a variety of projects from the medical industry to the technology industry. Fi was associated with the telecommunications industry for many years.
With Futurepreneur Fi has mentored quite a few young entrepreneurs who went on to run their own successful businesses.
Her other volunteer activities include being an Ambassador to the Vancouver Opera and assisting them in any office/technology related work.
Details of presentation on Mentorship:
-What is a mentor, how does one become a mentor and what is involved in mentoring young business entrepreneurs
A mentor is a person who has expertise in a specific field and enjoys assisting someone with their venture in this specific field. A mentor is also a person who enjoys helping young entrepreneurs (age range 18 to 35 years) with their business. Businesses, for example, could range from fitness studios, events planner, restaurant, ballet studio, setting up shops, setting up a daycare, starting freelance work etc. Getting in touch with Futurepreneur and submitting a resume is the first steps involved in becoming a business mentor.
– What are the steps involved for a mentor with Futurepreneur (business mentor)
After an interview with Futurepreneur a seminar is arranged as introduction and what is expected of a mentor. The seminar can be done on-line at one’s own pace and time. Most mentors have to have some business knowledge and basic accounting experience. If a mentor does not have experience in certain areas that is required for a specific business, Futurepreneur will try and find a person who has the expertise and is available to assist. This is a volunteer position and the time devoted to any project is mutually agreed upon by the mentor and mentee.
– How does a mentor and protégé (mentee) negotiate a good fit
When the on-line course is completed, Staff at Futurepreneur will then set up the mentor with a mentee who is starting up a business. A mentor can also be asked to help an existing business in progress. The mentor will then set up an initial meeting with the mentee at a mutually convenient date. If both parties – the mentor and mentee – feel there is a good fit and they could work together, the mentor contacts Futurepreneur to say there is a good fit with the mentee. If it is not a good fit another mentee will be found for the mentor to assist in setting up of the business. Government of Canada provides a loan of $15,000 without interest for two years to mentee.
– What is involved for the mentor to keep in touch with the mentee
Minimum time required of a mentor to help a mentee is approximately 10 hours per month for a term of two years. In some cases more time per month maybe required and in other cases less time is required. Contact with a mentee can be done via email, phone or face to face meetings. Every three months a report is submitted by both the mentor and mentee showing any updates, time spent and achievement to date with regard to the business.
– What constitute a successful business operation
Futurepreneur deems a business successful if it is still in operation after two years and also when the loan of $15K is paid back. The loan is usually paid back when the business shows a profit and the owner of the business is able to make a minimum payment.
– The term and length a mentor is associated with a mentee
Two years is the duration a mentor has to assist and help a mentee with their respective business. In order to assist with the business a mentor maybe asked for any type of involvement that is required to make the business a success. A mentor should advise and direct a mentee in the direction towards making the business a success especially if it appears that the business is going off the rails or not following the business plan.
– Wrapping up a contract between mentor and mentee.
Just before two years, the mentor is alerted by Futurepreneur to inform that the contract is coming to an end. The mentor may be asked to submit a final report regarding the business and whether is shows signs of being a success and if the mentee can manage on their own.
The mentor is then asked if they wish to start another project with a new mentee or take a little break.
The session ended with discussions, and question and answer session at 2:50 pm.
Aubtin Yazdgardian offered a vote of thanks to Mrs. Fi Dastoor and presented her a book as a token of appreciation.
Refreshments were served.
Minutes Prepared by: Homi Italia Date: 15 June 2017