Starting a business alone is one of the most challenging things one can do in their professional career. Many entrepreneurs seek help and advice from online publications, friends, family, and industry developments. The truth is, while all those resources can provide invaluable information, one of the best resources an entrepreneur can have is a mentor. Almost all successful founders have had a mentor throughout the launch and growth of their business and beyond. A mentor is someone who has been in your shoes. They have had similar experiences and can provide the purest advice regarding hurdles you’ll encounter along the way. They will have an inside viewpoint into everything that encompasses starting your own business, providing you with new ideas, strategies, and wisdom. Here are the top four reasons why every entrepreneur needs a mentor:
Naturally, one of the most important reasons to have a mentor as an entrepreneur is to gain experience in your industry and in starting a business. Experience is crucial when it comes to business, and without it, startups can face many avoidable challenges. A mentor can teach you to learn from their past mistakes and successes. The lessons you will learn from a mentor far surpass anything you’ll read in a book.
Expand your network
Often, investors will be more likely to trust a startup if it is recommended by a friend or someone successful. Your mentor will likely have a stockpile of connections that will be beneficial in your career. Tapping into their social network is a great way to create meaningful connections, spread the word about your startup, and expand your knowledge in the industry.
Stay in business longer
Every day, there is a business plan that fails. We see startups fall under frequently. The SBA estimates that 30 percent of startups will not make it past two years. Conversely, 70 percent of businesses with a strong mentorship will survive five years and beyond. This chances of success are much higher with a mentor as they will provide guidance both professionally and personally.
A long-term relationship
Your mentor will stand by your side, with no other motive than wishing you success. An entrepreneurs relationship with a mentor will grow over time, deepening their relationship and trust for one another. A good mentor will provide encouragement and reassurance along the way.