The Importance of Entrepreneurial Mentorship

Kelly Hoggan on mentorship in entrepreneurship.

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mentorship kelly hoggan

Entrepreneurship is a journey which one should never walk alone. An aspiring entrepreneur should endeavor to identify and work with a seasoned mentor whose mentorship services would come in handy in nurturing the young entrepreneurial talent. Entrepreneurial mentorship is a highly encouraged practice as it renders various benefits to an entrepreneur.

Impartation of knowledge

Entrepreneurs are always encouraged to invest as much time and resources as possible in the acquisition of knowledge before and during the process of establishing their investments. In addition to reading published books and content, they can also seek the services of experienced entrepreneurial mentors who would be able to share valuable information.

Increasing chances of success

It has been established that only 30% of new entrepreneurial businesses succeed. The high failure rate of businesses is owed to the fact that most new entrepreneurs never seek the services of a mentor. Entrepreneurial mentorship, when carefully coordinated, has a 93% chance of nurturing a new business to success.

Enhanced networking opportunities

Entrepreneurial mentors offer valuable information to entrepreneurs on how they can rapidly advance the success of their businesses. Among the various other opportunities that can be gained from such mentorship include a chance to network with professional mentors and other business persons that will be crucial to the success of the entrepreneur’s investments. The mentor may even introduce to the entrepreneur a host of other business persons such as suppliers and potential customers.

Provision of emotional encouragement

New entrepreneurs often face adverse challenges that compel them to contemplate giving up. In the absence of professional entrepreneurial mentorship, such businesses would easily fail. Entrepreneurial mentors come in handy in helping provide emotional solace and professional guidance where a new business person is on the verge of giving up. The encouragement is also crucial in helping ensure that the common mistakes committed by new entrepreneurs are not replicated.

Skill improvement

In business, the progressive improvement of a business person’s skills is necessary for the business’s sustainability in the market. Management skills are crucial and should be progressively improved upon if the entrepreneur is to achieve long-term success and progressive growth. There’s no better way to improve on business skills than having a mentor walk you through the entire process of skill acquisition and improvement.

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