Do you know everything you need in order to turn your ideas into million - or billion-dollar companies? The honest truth is, you probably don’t know everything. But there’s great news, there’s a network of individuals out there who do and who are willing to teach you their ways. After all, the best way to learn is from successful people.
Now, it all comes down to finding the perfect business mentor to help you along your journey. Making the decision on who is going to guide you and aligns most with your values can be a bit of a challenge. But, ensuring that you are doing your research and taking the time to get to know your prospective mentor can make it easier.
There are many reasons why relying on a business mentor can be beneficial. They help your mental, spiritual, professional, and personal development, which all matters when it comes to achieving your goals and aspirations. In one study, 76 percent of entrepreneurs said mentors are important, however, only 37 percent of entrepreneurs have one.
Here are seven reasons why having a mentor is important.
A mentor can see where you need to improve when you cannot.
When the focus is on external factors, such as running a business, taking meetings, and dealing with everyday errands, it can get hard to make time to reflect on areas of improvement. Business mentors can be the missing piece to the puzzle. They have a way of seeing your faults, even more than you do at times. They will always be honest and tell you what you need to hear because of your best interest in mind.
A mentor gives you reassurance.
Quality mentorship has a powerful positive effect on entrepreneurs. Having someone who helps guide you and shares your worries can keep you reassured that you will be successful no matter what gets thrown your way. A mentor is like a confidant who really understands what you’re going through because they have been there themselves.
Every entrepreneur knows that confidence is very important to success. This article explains that having high self-confidence contributes significantly to career success. Mentors have the ability to help entrepreneurs tap into self-confidence and see every challenge as an opportunity instead of a dead end.
A mentor will help the longevity of your business.
Many businesses fail because they do not have the knowledge they need to know in order to stay afloat and be successful. In fact, 30 percent of new businesses typically don’t make it past the first 24 months, and 50 percent of those may not make it past the five-year mark. However, 70 percent of mentored businesses survive more than five years.
Remember that your mentor has made it well past the 2-5 year mark, so they have seen a lot of what you are going to experience as an entrepreneur. They can be a key contributor to your success, but more importantly, to the longevity of your success.
A mentor teaches you lessons not shared in books.
Experience is a pricey asset that is crucial to business success, which is why there are a plethora of books written about it. It’s a great resource, but there’s only so much about a person’s experience they can share in a book. It is an implied truth that most authors do not reveal everything about themselves in the books they write. Some personal experiences are meant to be shared in more intimate situations.
Mentorship allows entrepreneurs to gain access to the experiences from others beyond the books.
A mentor will keep you motivated.
One major role of a mentor is to ensure their mentees see the best inside of themselves. They are there for you through the hardships and celebrations. You’ll always have a shoulder to lean on for moral support in all your endeavors, too. Whether it’s needing someone to provide encouragement or guide you through a difficult time, you can count on a mentor to be right by your side.
A mentor pushes you out of your comfort zone.
Mentors understand that success never happens inside of your comfort zone. They know that staying stagnant isn’t beneficial, and that consistent growth is key for achieving your goals. It challenges you to constantly elevate and reach new heights. The best place to start is by writing your goals down and communicating them with your mentor so you can devise a plan together.
Remember, mentors are there to challenge you.
You’re more likely to succeed with a mentor.
Many studies prove that having a mentor is important to success. In one executive coaching survey, 80 percent of CEOs said they received some form of mentorship. In another research by Sage, 93 percent of startups admit that mentorship is a highly beneficial component to success.
Having the right mentor can increase your chances of success in life and in business. The valuable insight, prompt guidance, and frequent check-ups will rocket you to success.
Ready to find a mentor? We have more tips on how you can find the perfect one!