Why do entrepreneurs need mentors?

Why does an entrepreneur need a business mentor?

The most apparent advantage of having a mentor is that you can profit from their past experiences and failures. Your mentor may not have to be a specialist in your profession, but it is beneficial if they are to increase your chances of exploiting key partnerships.

According to Jupiter Business Mentors' (a popular online mentoring platform) market research, 93% of aspiring entrepreneurs feel the need to engage with mentors who have been there, done that, and seen it all. Meanwhile, as compared to non-mentored companies, 80% of mentored businesses have seen long-term benefits like performance growth, and company sales. It usually more than doubles their survival rate.

According to research, founders of renowned firms who have been mentored by high-performing entrepreneurs are three times more likely to become top performers themselves. Mark Zuckerberg of Facebook and Larry Page and Sergey Brian of Google were all mentored by Steve Jobs and Eric Schmidt, respectively, in the early stages of their companies.

According to Kabbage, Inc.'s report, the effect mentorship has on becoming a company is obvious.

• 92% of small ventures claim mentors significantly affect their company's growth and sustainability. As the early years of every company is the critical make-or-break time, business mentors are critical to their growth.
• 89% of small firm owners did not have a mentor they wished for. These numbers show the need for the entrepreneurial community to discover and engage with competent advisors who can provide sound guidance to help a company through those rocky first years.

According to the survey results, business advisors narrowing the mentoring gap and are critical for any business growth. As entrepreneurs progress through decisive moments in their career journey, mentors can assist in the following ways:

• Mentors can help you with investment strategies.

Individuals and groups such as angel investors or investment capitalists finance successful businesses. They are more likely to invest in your startup when they see the promise of your unproven yet ambitious business plan from the lens of a seasoned industry expert.

• Mentors are also examples of effective intellectual growth.

When embarking on your entrepreneurial quest, aspiring entrepreneurs need to understand the best route to their destination. Success in any market is a result of several factors, one of which is continuing to learn about the industry. Business advisors can broaden an entrepreneur's experience, providing them with various viewpoints to address challenges and giving them the opportunity and motivation to partner with trustworthy sources, creating a seamless and secure journey to their goal.

• Mentors can contribute their traditional insights to blend with modern approaches.

While becoming a young entrepreneur simply means working smarter and ditching old-school approaches, it is still best to get a mix of old insights and modern thinking processes. Mentors can respond to smart working approaches while also offering good advice and constant feedback to ensure that the correct goals are reached at the right time.

• A mentor can give you direction.

Business mentoring differs significantly from coaching. Your mentor does not essentially have to be your best friend. A business mentor's goal, with a development-driven approach, is to be able to see your business with new, neutral eyes and direct you, rather than solve the problems for you.

• A mentor can assist you in your search for the project's goals.

The task of a mentor is to initiate goal-setting and celebrate significant achievements. They also help the entrepreneur remain committed and enthusiastic after the initial dialogue on the roadmap. There needs to be a deliberate effort and dedication on the part of the mentor and the mentee.

Mentoring is a continuous process; while you do not require one all of the time, the fact that you can reach out to a seasoned mentor at any time is quite comforting. If you are an entrepreneur or even a small business owner who would like to connect with an accomplished mentor, please connect with us at www.simplifiedmarketplace.com.