Every entrepreneur needs a business mentor because they can provide valuable guidance, support, and perspective. A mentor can offer advice on everything from creating a business plan to dealing with difficult employees. They can also help entrepreneurs navigate the ups and downs of running a business, providing encouragement and a sounding board during tough times.
Additionally, mentors can help entrepreneurs make important connections in their industry and can open doors to new opportunities. Having a mentor can also help entrepreneurs stay motivated and focused on their goals. Overall, a business mentor can be a valuable asset for entrepreneurs as they navigate the challenges of building a successful business.
Countless resources are available to the entrepreneur of today. Advice about starting and running a business is available everywhere, from online publications to peers to family and friends. The most effective way to grow your business is to find a mentor who has experience in your field. In a mentor-mentee relationship, both parties learn from each other-the mentor gets insight from you and the mentor gains wisdom from you. Furthermore, it is a (usually) free resource for starting and growing a small business.
There are a few tactics you need to know to succeed, however, in finding a business mentor and maintaining that relationship.
What do business mentors do?
From the first-time entrepreneur to the experienced CEO, business mentors are essential tools in any entrepreneur’s toolbox. Their mentees benefit from decades of industry knowledge brought by mentors who are experts in their fields.
Your key benefit from establishing a mentorship relationship will be the unique and specific guidance you will receive. The advice of mentors is grounded in real-life experiences, unlike the generic advice of online content or well-meaning relatives. 88% of business owners surveyed by UPS found mentorship invaluable, according to a small UPS survey.
With guidance and resources that are actionable, mentors motivate you. If you need help with your financial statements, you can seek help from a mentor. Mentors can provide not only their experience but also templates and refer you to an accountant for further assistance.
As well as mentees, mentors also benefit from their interactions. Guides serve as a way for local communities to give back. As an added benefit, they can sharpen their teaching and consulting skills by teaching a younger business owner.
Benefits of having a business mentor
Your venture’s success may depend on the relationship you maintain with a business mentor. A mentor offers a variety of benefits, but a few stand out.
They’re an ally you might not find in your company
There are times in your life when you may feel lonely and uncertain as an entrepreneur. Your boss is no longer available to give you advice or direction once your business has launched. There may not yet be any employees under your control, so you are the boss.
You aren’t completely alone, even if you’re flying solo. Connecting with a mentor and receiving support are two of the benefits. We all need an emotional support system, a reliable sounding board, and a second opinion when the going gets tough (and it will).
They’ve “been there and done that”
You will be able to learn from their mistakes and successes if you find a business mentor. In order for you to learn those lessons more easily, your mentor shares lessons from their experience with you. If you can learn from another person’s mistakes, there’s no point in repeating them.
It is important to note that different mentors bring different expertise to the table when it comes to your growth journey. The majority of your questions will pertain to your industry, while others will pertain to a specific function (such as marketing, fundraising, or management).
They’re (often) free
It is often difficult to find and get support for your business in the early stages. Mentors and coaches can provide things that coaches, and consultants cannot, but they can cost hundreds of thousands of dollars.
There is no need to worry about your financial constraints when it comes to mentor relationships. There is a network of volunteers and experts available as business mentors through several organizations, such as SCORE. A networking event, an industry association, or an online site such as LinkedIn can also help you find potential mentors.
Rather than asking questions right away, focus on building a relationship with the person you meet at an event first.
You should thank your mentor for their support even though mentorship is free. In a cafe, you can pick up their coffee or treat them to a meal, depending on your financial situation. It would be appreciated if you sent a birthday message.
You may expand your social network
Your mentor likely has extensive contacts across several industries and departments, as he or she is an experienced businessperson. A strong mentor relationship may give you access to many more senior decision-makers than you currently have in your network.
You are more likely to gain access to that network of mentors if you are a member of that network instead of just chattingwith someone at a networking event. You don’t want to become a passing connection with your mentor, which is why you should maintain your relationship with him or her. As opposed to always receiving and never giving, this relationship should benefit both of you.
You can build a trusted, long-term relationship
Often, mentors do not have any ulterior motives – no product or service to sell. As the relationship develops, trust builds based on their experience and other qualities. In addition, the more they learn about you, your business, and your learning style, the more efficient your time with them becomes.
A mentor relationship is not for everyone, and some mentors may have agendas or incorrect intentions. It is important to stay away from mentors who are constantly trying to sell you their products, pushing you to sign up for their services, or putting a timeframe on your free sessions.
You can see that business mentoring has great rewards and little, if any, risk. If you find and keep a good mentor, one who gives as much as they receive, you stand to gain a lot.
Frequently asked questions
Entrepreneurs should surround themselves with mentors as much as possible. As a beginner, you may still have a long way to go on your journey. It is easier to avoid some of the mistakes if you have a mentor, since they add their expertise and prior knowledge to your repertoire.
It may be difficult to find a good mentor, but it is not impossible. Take your time finding people who fit a specific need you're looking for and who you feel comfortable opening up to. Putting feelers out into the mentor ecosphere begins with researching different mentor organisations. To find out who you connect with locally, attend networking events to mingle with experts. Why are mentors essential for an entrepreneur?
How do you find a good mentor?
Key takeaways
- Having a mentor who has experience in your industry is crucial to your business’s success.
- Your mentors will guide you with real-world experience, connect you with other experts, and provide you with physical resources.
- If your mentor doesn’t have experience in a particular strategy, try to provide it if you can or pick up the tab yourself.
Lee Jones is a seasoned Business Finance Specialist with over two decades of invaluable experience in the financial sector. With a keen eye for market trends and a passion for helping businesses thrive, Lee has become a trusted advisor to countless organizations seeking to navigate the complexities of finance.