Even the most successful entrepreneurs can benefit from having a mentor. Further, 67% of businesses acknowledged the role of mentoring in achieving higher growth rates. A mentor can provide invaluable advice and support, help you avoid common mistakes, and introduce you to new opportunities.
Here’s a list of 10 reasons to help you understand what business mentors bring to the table. You’ll learn how having a business mentor can completely change the way you think professionally and the way you make decisions as well.
10 Solid Reasons Why Having A Business Mentor Is Important
Business mentors are assets for your business and your professional growth. Here are the reasons why.
1. Gain Experience Outside Of Books
Experience is one of the most expensive assets a business needs to succeed. Reading a book can only do so much. It is common knowledge that most authors, if not all, find it difficult to share everything about themselves with their readers. If there is an established relationship between you and your business mentor, you already have the means to learn as much as you desire or can digest.
You will never get such tailored coaching from reading books. For instance, marketing courses can help you learn how to market yourself and your business but the real talent you’ll learn through experience or learning from someone who has the experience.
You need to spend some time to gain valuable experience, however, when you’re starting with a business you don't have time to spare. A business mentor can provide you with in-depth insights about business plans, the economy, finance, and all other related intricacies of the business world.
All of this knowledge comes from experience which is now accessible to you - free of cost. You can also learn about tools that can help make your business much more efficient such as a resume matching tool to help find quality candidates through the use of AI - pretty handy.
LinkedIn or any social media platform is a resourceful medium to find knowledge as well however it doesn’t compare to a mentor’s knowledge. Further, mentors provide reliable knowledge because they tailor it to your company's needs. The importance of mentoring lies in the ability to gain business experience from those who have already acquired it. The experience you gain will also be different from what you could gain through other methods.
2. You Can Learn More About Yourself
A marketing agency can help you improve your business. But, a mentor can do that and much more. Your chances of succeeding in business are significantly increased when you have the right business mentor. Running a successful business is more than simply knowing the rules. For your business to succeed, you must also learn more about yourself.
As a business owner, you'll spend time learning the details and secrets of running a successful business. A great supplement is to find a potential mentor for your company. Small business owners can take advantage of having business mentors as well.
A reliable assessment of your strengths and weaknesses can be provided throughout the process. The only way you can effectively run your business is by understanding your strengths and weaknesses and how to maximize or mitigate them.
3. Mentors Are Objective
Observing yourself objectively can be difficult. Your mentor can show you where your business needs improvement, as well as what it is you are doing right. Your mentor should be very honest with you and able to offer constructive criticism to improve your business skills. When starting as an entrepreneur, honest feedback is essential, and tough love is the best way to encourage growth.
Additionally, a business mentor sees you and your work with an objective eye which means you’ll get straight answers and proper directions on how to improve. Once you learn more about yourself, you can understand a multitude of things that were incomprehensible to you before.
Even the most trivial decisions, you can run by him to take his input before making any decision. For example, you can learn more about the art of customer perceived value in order to master the concept and start your business knowing the right things.
4. Great Network Opportunities
You can build a profitable relationship with a wide network of successful businessmen. Most investors prefer to invest in startups recommended by their friends or people in their network. Further, mentors invest in your business success while also allowing you to tap into their network. It is impossible to take advantage of such an opportunity without a mentor.
Your business will benefit from a solid network of business professionals you build over time. It is not always easy to find people who are willing or able to help you, the trial and error involved in this process will have negative effects on you. Your network will expand immediately once you hire a qualified mentor. Mentors are often happy to share with you the network of contacts they have cultivated over time thus widening your network.
If you were to go to networking events on your own, where you didn't know anyone, what would you do? In these circumstances, people usually feel uneasy and have difficulty making the initial introduction to build their professional network.
However, attending the same networking events with a mentor would be different. Mentors work the same way, they provide you with the chance to introduce yourself and make an impact in front of others.
5. Your Mentor Gives You Reassurance
You will gain more confidence in your ability to succeed if you have a mentor who genuinely cares about your worries and mitigates your fear. Young entrepreneurs benefit greatly from quality mentorship programs. Instead of dismissing your worries and distracting yourself by playing word games, you'll be more productive and you can address the problem by talking it out with a business mentor. A mentor can get you out of any business-related problem easily. Focus on communicating more with your mentor to improve your chances of success.
Even if you start a small business, many pitfalls need to be avoided and you have to take advantage of opportunities that present themselves. A small business mentor’s job is to confirm your strategies and show you the way to success.
Your confidence is key to your success as an entrepreneur. Further, self-confidence plays a crucial role in your career path success as it is more closely associated with self-confidence than with talent or competence. Growing your self-confidence will be easier if you have a competent business mentor. Self-confident people perceive challenges as opportunities.
Once you’re able to face challenges without being scared, you can multiply the effect you have on your business goals with the right decisions and effective strategies.
6. Helps Improve Emotional Intelligence
Emotional intelligence is essential to entrepreneurship success. A mentor who is mature and successful can help you control your emotions as a young entrepreneur. Letting emotions get in control can be detrimental to keeping your rationality. Therefore, you need to learn how to stay calm and maintain your composure to decide what's best for your business.
Further, when you make crucial decisions based on your emotions, you jeopardize the very existence of your business. It is crucial to make decisions based on analysis and rationale because using emotions will never lead you to the right decisions. This is where you get to see the value of mentorship in business. You'll learn how to handle situations with overflowing emotions with the help of an experienced business mentor.
But why is emotional intelligence important in business?
The foundation of great leadership is emotional intelligence, no matter how you define it. Understanding others and knowing your strengths and weaknesses helps develop meaningful relationships, both with colleagues and with customers/clients.
You can either spend money on smartwatches that help track your health/stress levels or you can invest your time with a mentor to help you deal with such issues in the long run. While emotional intelligence is important to leaders, they also need technical knowledge and skills. Emotional intelligence, however, is synonymous with creating opportunities, overcoming challenges, and inspiring others to take action.
In both personal and professional lives, emotional intelligence plays an important role. Leading and executing decisions regarding hiring, business opportunities, challenges, and sales require a deep understanding of business. The emotional intelligence you possess impacts more than just how you connect and interact with others; it is a critical aspect of what you do and how you take action.
7. Constant Encouragement
In contrast to what you might think, entrepreneurship is not a stroll in the park. Failure is an inevitable part of life, and its effects can set you back. When times are tough, having a good mentor will help you stay afloat. Entrepreneurs who fail to meet their goals often spiral down and it becomes harder for them to bounce back.
When things aren't going well in your business, a mentor who has experienced the ups and downs will encourage you. A mentor like this makes you see yourself as someone who can succeed. This constant reminder is important especially when times are tough.
You will find that running your own business does not come without challenges. In times of challenges, businesses need a support system to help them cope emotionally. It will be helpful to have such support from a business mentor as you establish your new business and ensure its survival.
A mentor can be a valuable addition to your business and help you generate money for your business.
8. Help You Stay Focused
The common mistake young entrepreneurs make is to get swept up in trivial matters and overlook the basics. Employees are often unaware of what goes into business development and it is also not fair to expect employees to carry a sinking ship.
By reporting on the current state of your business to a mentor, you will be held accountable. It will be easier for you to stay focused when you have someone to answer to. Accountability is a big advantage that you get from having a business mentor.
You'll always stay on top of your business since a mentor will be there to keep your actions in check and ensure you stay true to your goal. Constant check-ins are also a good reminder for you since you can ask for guidance wherever you feel necessary. In the discovery phase of your business, this guidance can prove to be extremely fruitful.
Keeping track of progress can motivate you but also discipline you to continue improving. A strong work ethic and a drive to succeed can determine whether an entrepreneur succeeds or not. As your mentor knows this well, they can not only monitor you in this area but also provide you with advice.
9. Real-Time Feedback
Entrepreneurs might not always be open to receiving criticism or any comment from people unless it’s their mentor. It’s easier for you to get real-time feedback with the help of a mentor and fix the problems before they spiral out of control.
Also, you need the courage to tolerate someone critiquing your work and the business you’ve built yourself. If you want to save the company and improve its future, you’ll listen to what the experienced mentor has to say. There comes a time when you need to buckle up and do whatever it takes to save your business. A mentor can also help you improve on pitching the right investors to grow your business.
As humans, we sometimes overestimate our abilities - whether it's professional or general life, we’ll think no one can do it better but ourselves. Everyone favors their work compared to others which is why getting a reality check here and there might not be the worst thing. When you experience this you’ll become more humble and more open to feedback. It is the job of your mentor to be that voice that lets you see the reality of your skills backed by hard facts.
Mentors are usually those who have already experienced many years building companies and going through many hardships that being an entrepreneur entails. With the help of this experience, they are aware of what milestones you should be aiming for and the different business needs that are crucial to fulfilling.
10. Take On New Perspectives
Having a fresh perspective on your business is another important benefit of having a mentor. While your readings and understanding will guide your business operations,an experienced business mentor can provide a different perspective and consider that when making an important decision. By taking in new perspectives from experts, you will always be thinking beyond what you can currently comprehend.
Your company will benefit greatly from having a good mentor. A study suggests that mentor-mentee relationships increase a small business's chances of surviving the critical first five years twice that of non-mentored peers.
Despite seasoned guidance, the path to success for entrepreneurs can be strewn with failures and setbacks. The best reason of all to seek out a trustworthy mentor is because many of us don't handle failure well.
Even though it sounds cliché, mentors have already been there and done that. In their experience, they have seen both the highs and lows of starting and growing a successful business from the ground up. As a result, they are ideally positioned to help you overcome unexpected challenges.
What To Look For In A Mentor
To find the best mentor for your startup, you need to find someone compatible with you and your business. A skilled individual who possesses the experience and skills that you lack, as well as the vision that you share. It is important to have someone who can challenge you when necessary and support you when you need it. Although it's not a requirement to be from the same industry, it's great to work with someone who does.
One of the most important things to look for in a mentor is to find someone who is an excellent teacher and who communicates in a way you can understand. If a wise business owner did not share it in a manner that allowed you to internalize the knowledge, it would be of little use to you.
Identifying exactly what you're looking for in a mentor is your first objective in this process. Here are a few questions to consider:
What skills are needed?
Which industries can I choose a mentor from?
What is the type of personality that I want in my mentor?
What communication style will be most effective?
Write down the character traits and qualifications you're looking for in your mentor so you'll know what you're looking for. For instance, shopping for Valentine’s Day lingerie is much easier than shopping for "lingerie." In the first search, there are only a few options to consider, whereas the second could easily overwhelm you with a wide variety of options. Similarly, you need to know what type of mentor can help you most in terms of business management.
How Can MentorCruise Help?
Now that you know how important a mentorship relationship is in business, the decision to have a mentor is up to you. A business mentorship program or mentor relationship will succeed only if you are committed to it.
Be mindful of your own needs when looking for the perfect mentor and you’ll soon find a reliable mentor to help you grow and succeed. To seek professional help in searching for the right mentor for your business. Head over now.
Burkhard Berger is the founder of Novum™. Follow Burkhard on his journey from $0 to $100,000 per month. He's sharing everything he learned in his income reports on Novum™ so you can pick up on his mistakes and wins.