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The Importance of Mentors For Entrepreneurs

One of the most helpful strategies for developing as an entrepreneur is to learn directly from an experienced mentor. Entrepuners that are new to the game will often have a lot questions and the Internet won’t always have the answer. Mentors not only answer questions but they can help provide insight and helpful tips. Here […]

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One of the most helpful strategies for developing as an entrepreneur is to learn directly from an experienced mentor. Entrepuners that are new to the game will often have a lot questions and the Internet won’t always have the answer. Mentors not only answer questions but they can help provide insight and helpful tips. Here are various ways a mentor influences entrepreneurs to find the path to success.

1. Learn Beyond Reading Books

When seeking a career in business, it’s important to know that not every lesson can be learned from a book. While books can provide a foundation of vast business knowledge, firsthand stories about business experiences often give deeper insight.

2. Increase Chances of Business Success

Listening to a mentor increases the chances of success because it gives the entrepreneur access to knowledge on paths to avoid that can slow down business development. A recent survey by Sage found that 93 percent of startup owners say mentorship is crucial to success.

3. Expand a Network of Business Contacts

An experienced mentor from any field usually represents a wealth of valuable contacts. That means the mentor has access to contacts that can be shared to build a powerful network. Friends and colleagues can have a major impact on recommending people. That’s why investors have a tendency to put the most trust in companies recommended by friends.

4. Gain Confidence Through Expert Feedback

Working directly with a mentor provides the advantage of getting answers to direct questions and having conversations that clarify issues of concern. Direct feedback may lead to learning details about business ideas that might not be known otherwise.

5. Better Odds at Business Longevity

Sticking with a mentor over a long time frame will help ensure business longevity. A mentor contributes to the resilience of others by steering them toward focusing on responsibility and goals. According to the Small Business Administration, 70 percent of mentored businesses last longer than 5 years. That’s quite an accomplishment since 30 percent of new firms don’t survive longer than a year.

6. Develop Strong Emotional Intelligence

Emotional intelligence, also known as emotional quotient, is about controlling emotions, which is crucial to business success. Mentors can give tips on how to resolve heated conflicts with employees or customers.

7. Get Motivated From Encouragement

Another way that a mentor can help someone succeed in business is by providing encouragement, which can accelerate business goals and growth. Encouragement can be the catalyst that drives an entrepreneur toward taking the steps to build a business and map out milestones that measure success.

Originally published on AaronSymank.com

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