Growing a successful business is not so easy and a harder ordeal to face as a start-up with a slim 20% odds of succeeding. The fact that you have to start from very scratch without knowing what the future holds is also fearful. What is more fearful is losing all that you had labored for. Although there has been no verified manual for having a profitable business, it is, however, important to have a guide when you start your business. Competent advice in a startup is as important as a well-written guide to winning poker.
Guides can come in the form of books, channels, experiences, or partnerships. Well, all of these guides could be of little or no help without proper mentoring.
Often, we think we could get it through on our own because we had heard how people made it big without mentoring. The younger entrepreneur thinks having a partner is better than having a mentor, maybe because they don’t want to be controlled by anyone.
While you might give a good list of entrepreneurs that have made it big on their own, you will also see a huge number of entrepreneurs that made it through mentorship. It is good to know that having a good startup can help you make it big, but mentorship will help you remain big. The world-famous Facebook CEO didn’t make it without Steve Jobs, his mentor. While Steve Jobs had Mike Markkula all along. The list goes on. Then, here are some things you will gain from having a mentor for your business.
Often, young entrepreneurs think they can get the needed knowledge for their businesses through books, or other online materials. All of these are limited to an extent. These materials also lack thorough guidance. Experience is then the best way to understand a particular business, but as a newbie in a business, other people’s experience will take you to a better place.
Most authors and online instructors don’t put out the entire details of their business plan because some of these experiences are too private for the public eye. To get the details of this experience, you need to move closer to them and get them to mentor you.
Researchers have established that having a mentor is quarter to success. In an executive survey in 2013, more than 80℅ successful CEOs testified to have had a mentor when they started. This is enough proof that mentorship is important to businesses. The easy success that comes with mentorship is through different means; helpful connection, periodic assessments, ethical direction, a more reliable idea, and so on.
Most investors trust new business owners who are referred by people they trust. A great mentor who already has a name will trigger more investors to your side. Don’t forget that successful mentors have different connections that you don’t have yet. Your mentor shows you who to meet at a particular stage in your business.
A Source of Encouragement.
In every business, there are “hard” times; times when you don’t think you have the mental strength to move on in your business. At that phase of your business, you need someone to pull you up; don’t forget that a mentor had also gone through that particular phase before. Your mentor will be there to encourage you and to give you the needed mental support to get you out of your moment. Also, your mentor will be there to assure you of great success. Building your self-confidence in your business is as important as any other element in businesses. Since it is a new business, you need someone to assure you of your worth, your confidence, and only a mentor gets to do that without putting a price on it.
These days, a lot of businesses fail because the owners do not have someone to put them through. In the words of SBA, more than a quarter of new businesses may not survive past the next two years and the rest of the half of the businesses will not last for the next five years.
A Good Customer Relationship
Another important element in every business is your emotional intelligence. Emotional intelligence indeed grows a business to a large extent. A mentor is surely experienced in dealing with customers, remember that a good customer relationship is paramount to a successful business.
A good business mentor will help you realize that emotions shouldn’t be moved up with your business. A mentor will also help you realize that some important decisions I’m your business should be devoid of every one of your emotions.