Importance of mentor in your Business and startups

Importance of mentor in Business

In aspect of life we need a mentor to guide us in the right direction. The same is true in the case of any business establishment. It might be a small business but mentors can increase the success rate. Having a good rapport with the mentor is the pivotal point for success. It is a gut instinct that people should be able to know immediately, even if they cannot explain it. Importance of mentor you will understand when they would stop the entrepreneur at the right time from doing something wrong and make sure to utilize the opportunities that lie ahead.

A business mentor works with you and supports you. They are focused on the agenda, discussing your business with you; they also ask questions to broaden your understanding. Mentors listen to you, provide a fruitful feedback to you and bring a diverse perspective to your business. They help and sort out many complex issues of running a business, share their understanding and knowledge. Along with it, they inspire you, motivate and support you with the experience that they have gathered. There are many benefits of having a mentor, both for the business and personally. Different people get different benefits from a business mentor; Here are some of the perks explaining the importance of mentor in business.

Success rate

First and foremost research shows that the success rates of mentored small businesses as compared to those without a mentor are much better. According to some reports, 70% of mentored businesses survive more than five years which is double the rate for non-mentored small businesses for the same period of time. The same report shows that 88% of business owners say having a mentor to rely on is ‘priceless’.

One of the Importance of mentor is they are Confidence booster

It is quite lonely running a business alone or working at a senior level. You do not have anyone to turn to for general business and personal support. A business mentor will work as a confidence booster, totally focusing on you, listening to you and discussing your business. He/she will be there to share your successes and challenges thereby supporting you to achieve your goal.

Find weakness in the business module

Mostly as an entrepreneur, you might become overly attached to a business plan or be single minded as to the best way to achieve your goal. A mentor can help you look past the tunnel vision of your original scope and make you realize the weakness in your model. A different perspective will help you decide to rethink your business module. It may help you see that time has come to upgrade from outdated system to new technology. Constructive feedback and criticism from your mentor should be welcome as that input can pay you rewards.

Importance of mentor is increasing both professional and personal performance

Working with a mentor will help to maximize the business performance and your own performance in the business. With a business mentor, your business result will improve as well as your efficiency and it will utilize your full potential.

Help you expand your network

A business mentor may not have all the answers, but he/she should able and willing to connect you to people who can help. A good mentor can help you find investors, clients, contractors or co-founders who will provide valuable services.  

Second opinion

When you have a business mentor it is always excellent to have a second opinion. It is quite a challenge sometimes to see the other side of the coin and realize the importance of the reflection at the full picture. It will be helpful to choose a mentor who has a different skill set than that of the entrepreneur himself/herself. This way you will be able to cover all the aspects of the business rather than concentrating on one topic.

Mentor should challenge you

A good mentor is not the one who will agree with everything you say. Importance of mentor will come to know when they should ask the questions which you may not want to hear. Challenge you on your decision, query and drill you on your intent, which is done with the best interest and intention at heart.   

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