8 Vital Ideas You Need A Business Tycoon As A Mentor:
As an entrepreneur, you need a business mentor who will help improve your chances of entrepreneurial success. The importance of mentorship in business cannot be overemphasized, and you need to take it seriously. Mentors have seen what you are about to see, be where you want to get to, and have the experience you are yet to have. A good number of entrepreneurs start their businesses without the guidance of a business mentor.
With the enormous benefits of a business mentor, it is quite surprising that business founders do not seek out a mentor as hard as they try to find a co-founder. Some people are of the opinion that entrepreneurs and business founders do not need mentors; instead, they should follow their instincts and gut feelings.
Most of the tech startup gurus and titans that have been successful over the years have mentors. Steve Jobs of Apple mentored Mark Zuckerberg. Jobs, on the other hand, had Mike Markkula as his mentor. Larry Page and Brin of Google were both mentored by Eric Schmidt. Having a business mentor to guide you while you run your business is underrated in today’s business world.
This generation of entrepreneurs no longer wants to be under anyone but wants to fly overnight. You should remember that it was Isaac Newton who said he saw far because he stood on the shoulders of giants. If you wish to see far in your business without making costly mistakes in the process, you should seek out business mentors to guide.
Here, you will get to see the reasons why having a business mentor is beneficial in the course of your entrepreneurial journey.
8 Reasons Why Having A Business Mentor Is Important
- You will gain experience not shared in books
One of the most expensive assets needed for business success is experience. There is a limitation to the amount of experience you can gain from the reading book. You should know that most, if not all, book authors find it challenging to reveal everything about themselves. When you have a business mentor, there is already an established relationship. Your mentor will want to tell virtually all he went through to make you understand a point. You rarely get to see such a revelation in books.
- You will increase your chances to succeed
Research by Sage showed that 93% of startups admitted that mentorship was essential to their success. A2013 executive coaching survey saw 80% of CEOs admit that they received some form of mentorship. When you have the right business mentor, your chances of succeeding in business will be significantly amplified. With the right mentor by your side, you will literarily leapfrog to your success.
- Great network opportunities
Every successful mentor has a vast network of people that you can build a profitable relationship. It would help if you remembered that a significant number of investors are more likely to invest in startups recommend by their friends or people within their network. While a mentor is investing in your success, it is also normal for him/her to let you tap into his or her network. If you don’t have a mentor, there is no way you can tap into such a huge opportunity.
- Your mentor gives you reassurance
When you have someone who genuinely shares your worries with you and shielding your fear with his r her years of experience, you will grow with confidence concerning your success. Quality mentorship programs have a tremendous and wonderful effect on young entrepreneurs. If you desire to have entrepreneurial success, you need to get a business mentor.
Confidence is very important to your success as a business startup founder or entrepreneur. A Telegraph report in 2014 revealed that high self-confidence contributes greatly to career success. In fact, self-confidence contributes to career success more than talent and competence. A good business mentor will help you grow your self-confidence. When you have great self-confidence, you tend to see every challenge as an opportunity.
- Your mentor will prolong your time in business
With the number of businesses failing on a daily basis, you would wish every young entrepreneur has a mentor. An SBA report showed that 30% of new companies might not last more than the first 24 months, while about 50% of them may not make it past five years. On the contrary, about 70% of mentored businesses survive last longer than five years.
- You will develop better emotional intelligence
Entrepreneurial success is greatly dependent on quality emotional intelligence. As a young entrepreneur, when you receive advice and guidance from a mature and successful mentor, you will be more likely to have greater control over your emotions. One of the fastest ways to make a business fail is to mix it with emotions. When you take crucial decisions based o your emotional feelings, it will be a matter of time before the end of that business.
It is in such scenarios that you get to see the importance of mentorship in business. With an experienced business mentor by your side, he/she will show you how to react to situations with overflowing emotions.
- Constant encouragement
Entrepreneurship is not a stroll in the park as it is for the strong-hearted. Failure is an inevitable part of life, and enduring it can set you back and negatively affect your productivity. In such hard times, having a good mentor will help you stay afloat and tackle the challenge headlong. Most times, young entrepreneurs slide into depression when they are unable to attain their goals.
A business mentor that has seen the ups and downs in the business is in the perfect position to encourage you when things are not going right. Such a mentor will make you see him as an example that you can and will bounce back to be successful.
- Help you stay focused
Most times, young entrepreneurs got carried away with trivial things and forgot the essential stuff. As a business owner, your employees may not be in the position to tell you about some negative projections in your approach. A mentor will hold you accountable as you get to give him situational reports about the current shape of your business. Having someone to answer to will help keep you focused on the task at hand.
You have seen the importance of mentorship in business, so the choice is yours, whether to have one. Remember that the success of any business mentorship program or mentor relationships is hugely dependent on your level of commitment. While you are looking for the perfect mentor, don’t forget to also think for yourself in the process.