Business Mentors are behind every successful person on this planet. An Olympic gold medal winner wouldn’t have got to the tallest podium without rigorous training and support from the mentor. A mountain climber wouldn’t be able to get to the top of Everest without the knowledge passed down by climber’s past. Why then, do so many budding entrepreneurs still expect to become the next Bill Gates or Jeff Bezos without a business mentor?
We’ve heard before that knowledge is power. Especially when it comes to business, it is highly unlikely that success will come easy without mentorship. It’s nice to think that we know it all, that we have a one-in-a-million mind that will shake up our industry. However, even the brightest of minds among us need support. Why? Because it pays to learn from those that have gone before, to learn from their mistakes and to avoid making them ourselves. Some of the biggest names in business have detailed their business mentor journeys over the years. Mark Zuckerberg of Facebook was mentored by Steve Jobs and Mike Markkula, an executive at Apple, mentored Steve. Fast forward to 2021, and Facebook is now valued at over 500 billion dollars and Apple over 1 trillion. Still, need convincing that mentoring works? Here are seven more reasons why every entrepreneur needs a business mentor:
1. Business Mentor Life Experience
I do not deny that books are great; they are. The education learned from within is invaluable in setting you up for your entrepreneurial journey. The thing is books will only get you so far. People boast about attending the ‘University of Life’ for a reason; there are certain things you can only learn through experience. Remember also that a book is part of someone else’s business or marketing strategy. Many authors will only share a small portion of information that is conducive to their own goal of making sales. With this in mind, some authors may fail to pass on more personal experiences; experiences which you could also encounter along the way. A business mentor can pass on these personal anecdotes as well as theory and can tailor their services to your specific situation and business model.
2. Higher Chances Of Success
Sometimes in life, you’ve just got to go with the data. Time and time again, research proves that having a quality business mentor is one of the leading factors in entrepreneurial success. In a 2018 study, 92% of small business owners said that mentorship had a significant impact on their growth rate. Whilst business accounting group Sage reported that 93 per cent of start-ups owe their success to mentoring. The evidence is clear to see; find a quality mentor who will provide the right connections, check-ins and advice, coupled with tailored moral support, and the chances of not just succeeding but thriving amplify greatly.
3. Build Your Network
We all know that a considerable part of life involves building healthy relationships, and the same goes for business success too. By surrounding yourself with people that reflect who you want to be and where you want to go, you are setting yourself up for positive results. With this in mind, a quality mentor can give you access to a list of professionals who can benefit you and your business. As you build your network, you can take advantage of partnership, financial and learning opportunities that wouldn’t otherwise be open to you. Also consider that a personal recommendation can go a long way in the business world and if your mentor is well connected, as they should be, investors are more likely to be interested in what you have to offer.
4. Business Mentor Boost Your Confidence
It’s all very well having talent and a goal, but if you lack confidence, your ability to reach success is likely to be faltered. Evidence suggests that confidence in your ability to succeed is one of the most critical factors in achieving goals. Business leaders need to be confident in their abilities, their team and their business model as a whole. Having a business mentor to reassure you that you will succeed, someone that puts you back on track through times of doubt and ensures that you are always driven can be invaluable. Younger entrepreneurs just starting out are particularly vulnerable, and research states that they can suffer from a lack of confidence, especially when faced with a series of challenges. Need someone to help you see every challenge as an opportunity? It’s time to get a business mentor!
5. Reduce Your Chances Of Failure
Let’s face it, failure sucks. No entrepreneur starts out on their business journey with the intention of failing. It’s embarrassing, it’s costly, and it is soul-destroying. As an entrepreneur, you will want to do everything you possibly can to ensure it does not happen to you. The thing is, when you realise that 30 per cent of new businesses don’t survive longer than a year and almost half are no longer trading five years after starting, it’s clear to see that despite your greatest efforts, failure is a very strong possibility. Forbes cites lack of market differentiation and unprofitable business models as top reasons for this downfall, so why wouldn’t new entrepreneurs take advice from people who have already succeeded in these areas? When you see that 70 per cent of mentored entrepreneurs survive for more than five years, the proof truly is in the pudding!
6. Bolster Your Emotional Intelligence
It’s true to say that with age comes wisdom, not just the intellectual kind but also the emotional. When a young entrepreneur starts out, it is very easy to let ego and emotions take control, but a large part of business success can be knowing when to ignore these emotional triggers. Business leaders need to make decisions based upon the business’s needs and not their own emotions, and doing so can be detrimental to success. By using the services of a quality business mentor, one who is more mature and emotionally astute, entrepreneurs are more likely to acknowledge emotional stimuli and gain greater control over themselves. They can learn the right ways to react when emotions are high along with the wrong ways, increasing the likelihood of making good business decisions.
It doesn’t matter who you are or how confident in your abilities you have become; everyone needs encouragement at some point during their business journey. Motivation to keep going when things get tough, to persevere in times of need and that you really do have what it takes when levels of confidence are depleting.
Quality Business Mentor
By investing in a quality business mentor, entrepreneurs can keep their heads high, ignore the failures and concentrate on the end goal. Remember, mentors have been there and seen it all before. Not only are they perfectly positioned on what to do for the good of the business, but they are also able to help you with more personal issues that can arise, such as work-related depression. With their help, you can limit the impact of obstacles, get back on track or learn how to avoid them altogether.