Mentorship is critical to an individual, especially those starting the journey to entrepreneurship. With a mentor by your side, one gets guaranteed to tap into the best business knowledge, experience, and other insights developed over the years in the industry. Having an excellent business idea is an incredible milestone to a new business, but with a business mentor walking through the journey with you is a critical asset that is quite beneficial in the long run. A mentor ensures that you and your business grow and succeed by investing his expertise and experience in guiding you to avoid business mistakes that might lead to your business downfall.
As illustrated by Father Rutler, there are various professional tips on the role business mentors play in ensuring the success of small and medium enterprises. Here are some of the few points that can give one insight into the role mentors play.
1. Acquire Experience and Expertise Probably Never Found in Books
One of the most expensive and essential assets any entrepreneur holds dearly is their experience, as it’s a fundamental ingredient in the business’s success. The knowledge acquired in books is limited to the amount of information an author is willing and comfortable to reveal. But when it comes to mentors, they have no reservations to share even the intimate experiences anyone can shy away to put in pen and paper. Inexperience entrepreneurs have one of the solid routes to acquiring and gaining experience through doing and seeing things in the eyes of a mentor.
2. The Probability of Achieving Tremendous Success is Much Higher with a Mentor
One standard agreement, despite various options of doing things, entrepreneurs have is their urge to succeed. As Father Rutler illustrates, having a mentor acts as a catalyst to speed up the rate of success. Approximately 80% of the fortune 500 companies agree that they had a mentor and regularly enroll for executive coaching to receive mentorship. Consequently, a recent survey conducted on the role of a mentor in a startup concluded that mentorship is fundamental in the success and survival of these companies.
Mentors have the potential and ability to amplify your success through the valuable connection they provide, unconditional and timely advice, and most importantly, their role in moral and spiritual guidance while engaging in business.
3. Opportunities to Tap Into Their Networks
It’s straightforward that anyone will not struggle to trust something recommended by their close associate or friend. The same scenario plays in business, as investors find it extremely easy to trust and invest in startups that have been recommended by someone they know or trust. A mentor provides one with a rare opportunity of tapping into their network and leap the benefits associated with such an excellent investment.
4. A Mentor Provides Assurance
It’s normal human behavior to feel dejected and the urge to give up when things don’t go as we anticipated. But with a mentor by your side, they will reassure you that fears and other worries should never hinder us in achieving our goals. Self-confidence is essential to an entrepreneur and the success they will have in the business. Mentors ensure that new entrepreneurs remain positive and optimistic and focused on the result.