Why You Need a Mentor When Creating a Startup Business
Aspiring business owners can pick up a wealth of information from seasoned business owners who are familiar with their industry. Classes and books on business are the go-to sources of information for most new business owners. And, while there is valuable information that can be gained through these methods, they are better off used along with a mentor. Unfortunately, many new business owners are not aware of just how valuable a mentor can be to them.
Helping You Build Connections
You can benefit greatly from the many years of contacts that have already been made by your mentor. You will meet more people in your industry as you increase your networking efforts. The more people you meet, the more likely it is you will have someone on your list of contacts who can help you solve a pressing business problem in your time of need. According to Rise Asset Development, a business mentor will know the people who are known for performing quality work in your industry. It is also likely they have mentored other talented individuals before you. Your mentor may possess the contacts to instantly connect you with quality vendors, skilled web designers and emerging talent who may need a job.
Building Habits of Success
A good mentor will have already learned which actions and habits will work through years of trial and error. You can greatly decrease both the negative impact and duration of your learning curve by listening to and following the advice you get from them. Your mentor will not only explain to you the importance of things like maintaining employee morale and creating a work environment that is productive, but they will also be able to provide you with proven strategies to accomplish these goals. According to Polito and Associates, mentors provide counsel and guidance and can help new professionals choose the right habits to develop. A mentor will also provide you with constructive criticism when you stray from these habits.
Being in contact with someone who possesses years of experience in the business field you choose will help you believe in the prospects of your own success. Self-confidence has proven to play a major role in the success of individuals in most endeavors, and this is no different when it comes to entrepreneurs. Self-confidence has shown in some studies to be more important to success than talent and training. Your mentor will help you see that challenges are nothing more than opportunities. They'll stand by your side as you develop the self-confidence you need for success.
A Mentor Will Encourage Business Longevity
A quick look at a few stats will help you understand how important a mentor is to the long-term survival of your business. The Small Business and Entrepreneurship Council reports that one in three businesses struggle to survive their first two years in existence, and half of these businesses fail within five years. However, seven out of ten business owners who began with a mentor lasted for more than five years.
A mentor who has been involved in your industry for a significant amount of time is likely familiar with most, if not all, of the challenges you face as a new business owner. Despite the apparent benefits of having a mentor, many business owners do not reach out to the potential mentors that are available to them. Do not make this mistake. Be sure to take full advantage of the benefits a mentor can provide to you and your business.