What is the importance of having a business mentor?
- Gain advice from time-tested experiences
- Chances of succeeding are higher
- Valuable networking opportunities
- Business mentors offer reassurance
- Helps in developing a stronger emotional quotient
Man startup owners begin their business journey without a mentor. Friends, family, and even acquaintances can indeed offer bits and pieces of information about the business world. However, the importance of having a business mentor is that they go beyond just sharing wisdom.
According to the best business podcast in the Philippines, business mentors are the ones that can have a direct impact on your business growth over time. If you didn’t already know, Facebook’s Mark Zuckerberg was mentored by Apple’s Steve Jobs, Steve Jobs was mentored by Apple investor and executive Mike Markkula, and so on.
In this article, we delve deeper into the importance of having a business mentor. Read on!
Gain Advice From Time-Tested Experiences
Experience is considered an important factor for reaching business success. But if you are only a budding business owner, you may lack the experience needed to solve business problems along the way.
You can find plenty of information about how to run a business from books or online resources. However, there’s only so much about a person’s experience you can gain from these. Business mentors are professional advisers that can be trusted because of their time-tested experiences in the field of entrepreneurship and leadership. Perhaps the biggest benefit of having a business mentor is that they will share solid advice in hopes of helping you learn which actions lead to mistakes and successes.
Chances Of Succeeding Are Higher
Having a business mentor provides you a higher chance of your business succeeding. And, this isn’t a claim. Several research and surveys suggested that having a mentor is a driving factor to success.
According to an executive coaching survey from Stanford Business, 80% of CEOs stated they received some form of mentorship in their life. Another research from Sage found that 93% of small and medium-sized businesses recognize that mentoring is an instrument to success. However, only 28% of those businesses currently have business mentors.
Out of all the respondents in the survey by Kabbage, 89% of business owners who didn’t have a mentor wish that they did. When you realize the number of startup businesses that fail, you too would wish you had a business mentor. According to Fundera, 20% of new businesses fail during their first year, 30% fail during their second year, and by the end of the decade, there is a 70% failure rate.
Bridge the mentoring gap. Your chances of business success, and even means of survival, can be enhanced in several ways. Think about the benefits — time-tested advice, industry connections, ethical guidelines, constant checks — and how they can lead you to success.
Valuable Networking Opportunities
As stated earlier, business mentors are professionals who have time-tested experiences. With years of experience, they are more likely to have an extensive network that can leverage your business.
Business mentors will be invested in the success of their mentees, so it will only make sense for them to tap into their network to do so. Aside from your current mentor, you can learn from other industry leaders and maybe even form partnerships.
Without a business mentor, you will have to work your way up from the ground to form networks and gain the trust of big-league business entities.
Business Mentors Offer Reassurance
According to a report from Telegraph, self-confidence contributes to career success. This is why quality business mentorship is important, especially for startup entrepreneurs.
Starting a business is challenging and you will have to face hurdles along the way. Enduring the consequences of failure can set your back drastically. The impact of business failure is often overlooked and startup entrepreneurs without mentors suffer the most. During such hard times, your business mentor is someone that you can share your worries with and can reassure you will be guided to success.
To add to that, your mentor will likely have seen it all already when it comes to running a business. When you run into a problem, chances are your business mentor will already know what to do. They can offer you the confidence to lead your company to success.
Helps In Developing A Stronger Emotional Quotient
A strong emotional quotient is crucial for attaining business success. Why? The worst business decisions are done during the heat of the moment. You can end up making judgments based on emotions that will plummet your business to failure.
But when you have a business mentor, you will have someone who will remind you to take a hold of your emotions so that you can make smart decisions. You will have a mature professional alongside you who will teach you how to react objectively during high-pressure business scenarios.
Key Takeaway
The importance of having a business mentor cannot be overlooked. If you don’t already have one – now is a good time to find someone. Although there are plenty of business mentors out there, you must also make sure you choose the right person who will meet your needs.
Looking for additional ideas on how to find the right business mentor? Tune in to the best business podcast in the Philippines Leadership Stack. We invite guest speakers from diverse industries, both local and international, to provide time-tested advice to help aspiring entrepreneurs. Click here to start tuning in!