What is Mentoring
As an entrepreneur or small-business owner, it is easy to become overwhelmed with all the various challenges, obstacles, and complications that prevent your business from succeeding. A need for independence and a strong sense of self-confidence are both driving forces of entrepreneurship, as well as potential impediments that can lead to a new business’s downfall.
The truth is, it’s likely that 30 percent of all new businesses won’t survive past 24 months and that number rises to 50 percent after five years.
Thankfully there are proven methods that can help you beet the odds in starting a business and working with a mentor id right up there. There is a clear correlation between mentorship and success in business, having someone to lean on professionally, a sounding board for ideas and an experienced adviser to help you make smart choices will help put you in the best position for long term success. Why do we believe having a mentor is so crucial?
The numbers back it up. The success rate of mentored small businesses compared to those without a mentor is stunning:
70 percent of mentored businesses survive more than five years, double the rate for non-mentored small businesses over that same period. There are few things in the business world that can double your chance of success, but having someone knowledgeable you can turn to for advice is one of them. The same study, conducted by UPS, showed that 88 percent of business owners say having a mentor to lean on is “invaluable.”
A mentor will help you find weaknesses in your business model. As an entrepreneur, it’s easy to become overly attached to a business plan or to have tunnel vision as to the best way to achieve your goals. A mentor can help you look past your original scope and see other options available.
A different perspective may help you decide that the time has come for your company to pivot or for you to upgrade outdated systems for new technology. Constructive feedback–and criticism–are expected from a mentorship, and accepting that input can pay dividends.
Working with experienced mentors will provide you the opportunity to rapidly expand your network. A mentor may not have all the answers, but through strategic partners and business associates they will be able to connect you with other people who can help including helping you find investors, clients, co-founders, or contractors who provide a valuable service.
Startup Mentoring bring together an experienced team of professionals to assist you in achieving your business goals.
Let our experts help guide your through the pitfalls and challenges facing businesses of all sizes, from starting a new business, or taking an existing business in a new direction, or developing new products or services.