7 Reasons You Need a Mentor for Entrepreneurial Success When you are doing something for the first time the experience of someone you trust who has done it already is priceless.
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Mentors. They've been there, done that and have seen it all. Yet, a woeful number of entrepreneurs start their careers without one. In an age where instant gratification is glorified, it's unsurprising that many entrepreneurs and young founders do not seek out a mentor as hard as they try to find a co-founder.
While arguments abound on why entrepreneurs do not need mentors but should only follow their own instincts and gut feelings, most successful tech titans have founders who had mentors. Facebook's Mark Zuckerberg was mentored by Steve Jobs. Jobs was mentored by Mike Markkula -- an early investor and executive at Apple. And Eric Schmidt mentored Larry Page and Sergey Brin of Google.
Like most startup founders, I didn't start with a mentor. I got into the industry and had to look up to someone who is well known in the field. This is not as effective as working hard to get a mentor to guide you while you run your business -- but it's better than nothing. Having been in business for more than seven years, I've realized the importance of having a business mentor.
Here are seven reasons having a mentor is important.
1. Gain experience not shared in books.
Experience is a very expensive asset -- yet it's crucial to business success. There's only so much about a person's experience you can gain from books. It's an unstated truth that most authors do not feel comfortable revealing everything about themselves in books. Some personal experiences may be too intimate to be shared, yet how they dealt with it can help an inexperienced entrepreneur's career.
Mentorship is one guaranteed way to gain experience from others.
2. You're more likely to succeed with a mentor.
Research and surveys prove that having a mentor is important to success. In a 2013 executive coaching survey, 80 percent of CEOs said they received some form of mentorship. In another research by Sage, 93 percent of startups admit that mentorship is instrumental to success.
Your chances of success in life and in business can be amplified by having the right mentor. The valuable connections, timely advice, occasional checks -- together with the spiritual and moral guidance you will gain from having a mentor -- will literarily leapfrog you to success.
3. Network opportunities.
Aside the fact that investors trust startups who are recommended by their friends, a successful mentor has an unlimited network of people who can benefit your career. Since they are already invested in your success, it only makes sense for them to let you tap into their network of people when the need arises.
This is an opportunity you cannot tap into if you do not have a mentor.
4. A mentor gives you reassurance.
It has been proven by research that a quality mentorship has a powerful positive effect on young entrepreneurs. Having someone who practically guides you and shares your worries with you -- often placating your fears with their years of experience -- keeps you reassured that you'll be successful.
Self-confidence is very important to success as entrepreneurs. A 2014 Telegraph report revealed that having a high self-confidence contributes significantly to career success -- more so than talent and competence. Mentors have the capacity to help young founders tap into their self-confidence and see every challenge as an opportunity.
5. A mentor will help you stay in business longer.
When you imagine the number of businesses that fail, you'd wish a lot of business owners had mentors. According to SBA, 30 percent of new businesses may not survive past the first 24 months, and 50 percent of those may not make it past five years. However, 70 percent of mentored businesses survive longer than 5 years.
6. A mentor will help you develop stronger EQ.
Does maturity bring about a higher EQ in entrepreneurs? Emotional intelligence is crucial to entrepreneurial success. When a young entrepreneur has a more mature and successful mentor who advises them, they are likely to have greater control over their emotions.
We all know that a quick way to make a business fail is to mix it with emotions or make crucial decisions based on emotional feelings. Situations like this can be curbed as mentors will help show you how to react in given instances.
A story on Business Insider reveals how Schmidt worked with then inexperienced Page to manage the affairs of running a fledgling startup. An inexperienced CEO often makes decisions based on emotions, but one with a mentor like Schmidt is able to overcome critical hurdles by making smart decisive judgments.
Enduring the consequences of failure on your own can set you back and impact your productivity. In hard times, having a mentor will help you keep your head high. Young entrepreneurs often deal with depression when they are unable to meet their goals and expectations. The impact of depression on entrepreneurs is often underreported. But entrepreneurs without mentors bear the brunt the most.
A mentor who has experienced the highs and lows of running a business is in the perfect position to give positive and soothing words of advice to you when things refuse to go your way. And not only do they have the right words to share, they would also have ideas to help you navigate your way to success.