Behind every successful Entrepreneur is a good mentor who backs and supports the Entrepreneur on his or her entrepreneurial mission
Here are 7 reasons why every entrepreneur should have a mentor:
⇒ 1.LEARN FROM THEIR EXPERTISE
Mentors have gone ahead of you in their journey. They have seen the ups and downs of Entrepreneurship. Having a Mentor helps your navigate through the uncertainty of Entrepreneurship, helping to provide a positive influence and a positive direction both in your business as well as in your personal life.
⇒2. INCREASES YOUR ODDS OF SUCCESS
The statistics of Entrepreneurial failure is already high. More than 50% of Startups fail within the first 5 years of their launch. (Source: https://www.statisticbrain.com/startup-failure-by-industry/ ) Having a Mentor highly increases your odds of success. A mentor’s experience will help you steer away from bad choices and avoid those teething problems.
⇒3. A MENTOR WILL TELL THE TRUTH
Sometimes it is important to have someone prepared to tell you the truth. You know you have found a true mentor when they don’t mince the truth. They are your bona-de cheerleader and coach, observing you in meetings and calls and coaching your performance. When you have limiting beliefs, threatening your entrepreneurial success, a mentor will be your guide. They will tell you the truth, the whole truth and nothing but the truth.
⇒4. LEVERAGE YOUR MENTOR’S NETWORK
Your Mentor has, over the years, built his or her professional network and when they choose to Mentor you, they also open up their network to you. Not only their network but also their social currency. Years of experience and expertise helps you point in the right direction to procure start-up funding and seed capital.
⇒5. A SHOULDER TO CRY ON
The path to Entrepreneurship is one that is sometimes quite lonely. The odds of failure are higher than the odds of success. Your mentor becomes your shoulder to cry on when things don’t seem to go the way you wanted or expected. When you are tired and ready to give up, a mentor will help you rebuild your spirit and confidence and help overcome short-term challenges.
⇒6. LOOK AT YOUR BUSINESS MORE OBJECTIVELY
You are in your business. For most entrepreneurs, their business is their baby and that makes it hard to look at your business objectively. Since you are emotionally invested in your business you may lack the objectivity needed when making critical decisions. A mentor can help you stay grounded and keep you away from making decisions based on emotions, identify your blind spots and self-limitations. Having a good mentor will allow you to go from being ‘in’ the business to being ‘on’ the business, providing a more objective perspective to problem solving. Being able to be objective is the key to entrepreneurial success of your business.
⇒7. YOUR MENTOR WILL HOLD YOU ACCOUNTABLE
Since your goals are now clear and you are discovering the pathway to achieve them, you mentor encourages you to track, measure and celebrate your achievements along the way. If required, your mentor helps you revisit your goals and strategies. Having someone you trust hold you accountable through your entrepreneurial journey is key.