Top Business Mentors: Why You Need To Work With A Business Mentor

With so many YouTube channels, podcasts, and other online sources of information on entrepreneurship easily available, you might be tempted to believe that you don’t need a business mentor. While most of these informational resources and online courses are offered by successful entrepreneurs, they may not give you everything that a mentor will. 

And while online resources offer you convenience, they lack the element of customization, which is essential in a great business mentorship.

One-on-one interaction with an entrepreneur who has already succeeded in their field of operation will give you the confidence you need to take the necessary steps to make your company successful. If you are wondering why you should spend time looking for the best mentor to guide you, this article discusses the reasons why business mentors are essential.

Who Is A Business Mentor?

A business mentor is an experienced and successful business person who offers to guide you, as an entrepreneur, through the various stages of developing your business. If you’ve just started a company, a business mentor will help you learn the ropes, by sharing their experience in the industry and helping you to develop the necessary skills to run a company successfully.

When you are starting a company, you will encounter numerous hurdles that can easily kill your dream of being a successful entrepreneur. That’s why you need a little help from someone who has dealt with the same problems and triumphed. With the best business mentors, entrepreneurs gain the needed confidence to take significant steps that will help their businesses to grow.

How Are Mentors Instrumental To Businesses?

First of all, mentors have been there, done that, and experienced it all. Yet, many new entrepreneurs start their journey without one. It’s a shame to see so many new entrepreneurs working hard to find someone to partner with while ignoring the need to find mentors. The truth is that even the most successful entrepreneurs you see today had mentors at some point along their business building journey.

So, if you are planning to get into entrepreneurship, do not start your new career without a mentor. Even if you’ve already started, it’s never too late to seek help from a more experienced entrepreneur. Here are some of the reasons why you need to work with a business mentor.

Gain Knowledge Not Found In Books

For you to be a successful entrepreneur, you need to have knowledge and experience. While reading books is one of the easiest ways to acquire knowledge, there are certain important aspects of entrepreneurship that are not found in books. 

It is also no secret that most authors aren’t comfortable sharing everything about their success in their books. So, they choose to keep some of their personal experiences to themselves. 

Therefore, if you are relying on books alone for knowledge, you are missing out on some of the best ideas and lessons learned from mistakes made. With a great tutor, you are much more likely to gain all the knowledge and experience needed to run a company successfully.

Opportunity To Succeed

Research has shown that entrepreneurs who seek help from mentors have higher chances of succeeding than those who work alone. In 2013, a study done by Stanford Business revealed that 80 percent of the most successful CEOs received mentorship at some point in their careers. In another study by Sage, 93 percent of startups disclosed that mentorship has been instrumental to their success so far.    

There is no doubt that your success as an entrepreneur will be significantly amplified if you work with a mentor. Their valuable connections, well-timed advice, random checks, and personal guidance will catapult you to success.  

Opportunity To Build Professional Networks

It is not a secret that clients and investors trust companies that are recommended by their relatives and friends. So, as an entrepreneur, it is your responsibility to build the right networks so that your company can enjoy the best referrals. 

With a business mentor, you will have access to networks of people and businesses that can make a significant impact on your career.

Since they’ve already committed to help you succeed, it is only sensible for them to allow you to tap into their networks whenever necessary. You can’t have these opportunities without a good business mentor.

Timely Reassurance And Motivational Inspiration

As an entrepreneur, there will be times when you feel like giving up. It is at this point that a little help, support, and reassurance from an experienced and successful entrepreneur comes in handy. Studies have shown that the best mentors have a powerful influence on young entrepreneurs. 

Sometimes all you need is a little reassurance from someone you look up to. A good mentor offers a listening ear to entrepreneurs, especially when things aren’t going as expected. The entrepreneurial load on your shoulders becomes lighter when you have someone to share your worries and problems with. It’s even better if that person has gone through similar or even worse experiences because they perfectly understand what you are going through. 

The best business mentors have the ability to assist entrepreneurs to tap into their self-confidence and change their mentality to be able to view every difficulty as an opportunity.

Stay In Business Longer

A recent study by the U.S Small Business Administration (SBA) shows that 30 percent of startups may not survive past the first year of operation, and 50 percent of the ones that do may not survive for more than five years. But another study by the same center has shown that 70 percent of entrepreneurs who have mentors are likely to stay in business for more than five years.

Stronger Mind And Emotional Quotient   

As an entrepreneur, you need a strong emotional quotient (EQ) to succeed. This is the ability to control your emotions even when things aren’t going smoothly for you. This kind of maturity is acquired through experience and mentorship. The best mentors, therefore, are supposed to instill this kind of discipline in new entrepreneurs.

Any entrepreneur worth their salt understands that the easiest way to make a business fail is to make a significant business decision based on your emotions. Such situations require a little guidance from an experienced mentor; they can show you how to handle and react to certain emotion-triggering situations.

How Can A Small Business Owner Find The Best Mentors?

As a business owner, you need to make business mentorship your top priority. This means that you have to find one of the top business mentors you can and make them part of your support program and structure. A business mentor is a critical part of entrepreneurship, especially for small business owners. 

The question is: How do you find the best business mentor? There are several important steps you need to take when looking for the best business mentor.

Assess Your Needs

As you think about mentoring, one of the major steps you have to take is to find time to evaluate the needs of your company. This will help you determine the type of mentor to look for. Ask yourself: What kind of guidance does my company require to succeed? Also, what personality traits will work best with my style? 

The answers to these questions will help you set up the best mentorship program for your company.

Determine The Top Qualities Of Your Ideal Advisor

Once you understand what to expect from your mentor, mull over the best qualities of a top business mentor. Basically, the greatest mentors have a track record of success in their businesses. They are also willing to offer mentorship to entrepreneurs. You should also go for a mentor who is genuinely anxious for your growth. 

Fortunately, there are many reputable organizations that are committed to supporting young entrepreneurs. You can also contact your industry trade association and ask them for mentor recommendations.

Seek Help From Your Community  

If you have a community of friends, relatives, and colleagues, you should ask them for referrals. If that doesn’t work, try to build positive relationships with other entrepreneurs in your area. They might have an idea of where to find the best mentors.

Be A Person Of Good Character

One of the best ways to attract top mentors is to be a person of good character. No successful entrepreneur is willing to put their reputation on the line for someone with questionable behavior. 

In fact, you should expect potential mentors to do a background check on you before they agree to work with you. It will also be to your advantage to build good communication skills and learn to carry yourself with decorum. This will help you to make a good impression on potential mentors when you meet them for the first time.  

Finally, business mentorship and coaching are among the best investments you will make in your business. With the right mentor, you will get the much-needed motivation to try new things and take important steps that will improve your chances of success. 

Since a mentor has gone through the highs and lows of entrepreneurship, they are in a good position to offer you positive advice and motivational support when things aren’t going your way.  Learn more about the 3 A’s of mentorship and managing up.