Five Reasons Why Every Entrepreneur Needs A Great Mentor Globally, we have witnessed, business founders who have been mentored by a top-performing entrepreneur are three times more likely to become top performers themselves
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A business mentor is someone with business experience and is willing to act as a trusted confidante over an extended period of time with an objective to provide advice, counseling from a fresh perspective, collaborate and help an entrepreneur stay focused on their long-term goal of making their venture a success.
According to a market dipstick by Jupiter Business Mentors, 93% of young entrepreneurs felt the need to interact with mentors who have been there, done that, and seen it all. Meanwhile, 80% of mentored businesses have witnessed long term success, growth, and business revenues; doubling their survival rate as compared to non-mentored businesses.
Globally, we have witnessed, business founders who have been mentored by a top-performing entrepreneur are three times more likely to become top performers themselves. Facebook's Mark Zuckerberg and Google's Larry Page and Sergey Brin both received mentoring by Steve Jobs and Eric Schmidt respectively at the early stages of their businesses. The impact mentorship provides to be a business is evident based on research by Kabbage, Inc., whose findings suggest:
- 92% of small business owners believe that mentors have a direct impact on the growth and survival of their business. The early years of any business are therefore a crucial make-or-break period, and business mentors are vital to their success
- 89% of small business owners who didn't have a mentor wish that they did. These statistics highlight a need in the entrepreneurial community to find and connect with qualified mentors who can deliver solid advice to help a business over those shaky first years
- And the good news is that even those who were not mentored themselves are taking steps to help the next generation. The study shows that 61% of current small business owners mentor others, and 58% specifically mentor younger entrepreneurs, particularly in real estate, property management, and construction
Based on the findings, business mentors, while closing the mentoring gap, are crucial for any business success helping the entrepreneur pass through the pivotal moments of their professional journey in the following ways:
1. Mentors act as navigators It is important for budding entrepreneurs to understand the right route to reach their destination while embarking on their entrepreneurial journey. Success in any business is a combination of many factors and one of them is to keep learning about your business. Business mentors can expand an entrepreneur's viewpoint, helping them with multiple perspectives to solve problems and give them the ability and confidence to collaborate with trusted sources, ensuring you have a smooth and safe drive to your destination.
2. Mentors can provide unbiased views Business mentoring has a major difference from coaching. Your business mentor need not be your best pal. With a development-driven attitude, the objective of a business mentor is to be able to view your business with fresh, unbiased eyes and guide you, instead of solving problems for you.
Related: Mentorship Doesn't Need To Be An 'Inside' Job
3. Mentors can help you mark the milestones After the initial discussion on the roadmap, and a conscious effort and commitment on the part of the mentor and the mentee, the role of a mentor is to initiate goal-setting, and celebrate the important milestones to help the entrepreneur stay engaged and enthusiastic.
4. Mentors can help with investments Angel investors or venture capitalists are individuals and groups that fund promising startups. They are likely to take positive action to invest in your startup once they understand the potential of your unproven yet promising business idea through the eyes of an experienced industry professional.
5. Mentors help you not have to re-invent the wheel While young entrepreneurs essentially mean working in smart ways and chucking old-school approaches, it is always advisable to have a combination of old experiences and new thought processes. Business mentors can adapt to smart working techniques, while also providing sound advice and constant guidance to achieve the right milestones at the right time
Mentoring is a consistent process- while you may not need one all the time, but just the fact that having an experienced one who you can reach out to any time provides great comfort.
Related: The Role of Mentorship In Achieving Economic Growth For The MENA Region