If you are starting your very first business and you are excited with your ideas but not sure how you will turn your ideas into practice, you may want to find the best business mentor for small businesses.
It is a fact that 85% of all new businesses die within the first five years. However, it is also a proven fact that small businesses that find the best business mentor survive beyond the five- year mark. And that says something important when you are competing against non-mentored businesses.
If you are looking for long-term success for your new business, then you should definitely try to find the best business mentor that you can afford.
What Do Small Business Mentors Do for You?
Here are some KPI’s (Key Performance Indicators) that the best business mentor can help you achieve.
What is a business mentor? A mentor is there to give you guidance, to advise you on areas that you don’t have much experience on, as well as educate you. So, prior to looking for the best business mentor that will be right for you, you should always identify the areas where you are struggling most with your business.
Although there is no mentor, even the best business mentor that will be able to fix all your woes and problems, when you find a mentor that you can resonate well with, and that has ample experience, you will find that their advice will help you endlessly in steering towards a successful business.
Good business coaches are the ones that will have a reciprocal relationship with you. You need a patient and understanding coach, who will take time to understand your business in order to achieve a relationship that will work. Whilst it is quite easy to get generic business advice online, it is only a good mentor who can really share experience and wisdom.
Since a mentor is objective about your business, he or she can help you see problems that you cannot envisage on your own and really positively impact your business decisions.
Business mentors are people that you grow to trust because they guide you in the right direction and they have your best interest to look out for. They are people who direct you on how to take action and grow exponentially.
Why is it Important to Find the Best Business Mentor for your New Business?
First of all, a business mentor has already been there! They have already seen it all and done it all. So, before you engage a mentor, make sure that you know their credentials well and that they have had a proven success in their own business.
In today’s shifting world, there are plenty of people with brilliant ideas that have taken on starting a digital business. And these are all businesses that could work with the right guidance.
Your expertise is your asset and your value – it is the business model that someone else needs from you and is ready to pay for. But it is an idea that needs to be properly structured if you are going to have success.
Having a great idea for a business is not enough. Whilst gut instinct is a great propeller especially if you have great intuition – a mentor with experience that is not text-book style will help you develop your idea and make it work.
Let me give you an idea how this works. The great Mark Zuckerberg who is the founder of Facebook was mentored by Steve Jobs who is the founder of Apple. Zuckerberg was groomed to grow his thinking from turning an idea of friends hanging out digitally in a social space, to a multi-billion-dollar business.
I am the startup founder of several small businesses (definition of small business is one that has a revenue of a couple of millions and employs less than 100 people) and I certainly did not start off as a mentor. In the past 30 years of being in business, I have either by coincidence or by research always found people who could expand my ideas and grow my business. I have definitely realised just how important it is to have the best business mentors possible for the growth of my businesses.
Here are some reasons why it is important to find the best business mentor.
Why You Should Find the Best Business Mentor
#1 Your Success Rate is More Likely with a Business Mentor
The chances of having success in both life and business are much higher when you have the right person to give you advice and share experience with you.
Research proves that mentors contribute to success in small businesses and that their advice is priceless. Experience is a very expensive asset. And without experience you have a much longer span to learn and reach for your goals.
There is so much that you can learn from books. You are prone to interpret advice in your own head in a different way than the author intended. However, when you build a relationship with your business mentor, you have the possibility of tapping in on his/her experience and literally shrink decades into months.
In 2018 coaching survey, it was found that 80% of the world’s top CEO’s actually received some form of coaching and mentorship, which 93% of startups confirm that their success could be attributed directly to a business mentor.
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#2 A Good Business Mentor will give you Reassurance and Opportunities
When we were young, whether we like to admit it or not, we looked up to a parent or a guardian for direction. When you are starting a new business, your business mentor literally steps into the shoes of your childhood guardians to give you similar direction in your new venture.
Quality mentorship is powerful especially with young and new entrepreneurs because it gives you the confidence to make decisions more decisively. If you find a good business coach, you will understand what a positive impact their advice will have on you. Having someone who guides you and that you can share your anxieties with is a great comfort.
A good mentor will have already gone through your very own worries, problems and stumbling blocks and therefore is well placed to help you find the best solution. Because a mentor has experience, he/she will have the ability to help a new business owner to tap into their own resources and come up with solutions to challenges as well as opportunities.
If you pick up a successful business mentor, it is likely that they already have a great network of people that can also benefit your career. So your mentor could also offer you an opportunity to meet potential clients that you would not have the chance to tap into if you did not have a mentor.
#3 Your Business Mentor will help you Develop a Strong EQ
New business owners underestimate the importance emotional intelligence when running a business. The success of your business depends crucially on your EQ. Having control of your emotions, becoming more objective about your business is an acquired skill that an experienced mentor can help you attain.
There is no question that if you mix feelings with business decisions you have a high risk of failure. At the same time, if you are growing your business and you start employing people, you need to have a degree of EQ in order to master soft skills and have success in your business.
When you are in a situation that demands immediate attention and decisive thinking, your mentor is going to be the person to groom you make the best decisions in evolving circumstances.
#4 A Mentor will Propel you forward and provide Encouragement
There is no question that if you come across stumbling blocks early in your new business you could be poised for failure. A common hurdle is how to manage your finances or how to increase your sales and productivity. How to shrink unnecessary expenses.
When the going gets tough, it is your mentor that will give you the proper encouragement to move forward. Many young entrepreneurs, especially those working alone at home and in the digital space, have to combat bouts of depression because of uncertainty and inability to meet their goals. One of the major reasons that new businesses fail is that entrepreneurs lose their mojo and their steam. This is a common occurrence with entrepreneurs that do not have a good business mentor for guidance.
Mentors will have already experienced the joys and tears and the highs and lows of running a business. Because of this experience they are perfectly placed to see the light at the end of the tunnel as well as give positive and sound advice when everything stops going your way. They will not just have the right words to share, but they will also have good ideas to help you turn the situation around.
#5 Mentors Help You Stay Longer in Business
“We know that the presence of a mentor can at least double the lifespan of a startup,” says Ryan Freed of Rocket Club.
Research proves that 70% of businesses that are mentored survive more than the average five-year span of other businesses that are not professionally mentored. One of the reasons is that mentor and mentee share the same passions but whilst the mentee is creative about the passion, the mentor is experienced and guides with objectivity. The mentor can also ignite the spark of passion and enthusiasm when the mentee is exhausted and when business as usual is not so successful any longer.
Mentors will also help you stay accountable. No matter how passionate you are about your new business, you may end up over-working in some areas and neglecting others. Your mentor is far more objective about your business and has a bird’s eye-view of your situation and will coax you into staying on track.
Finally, good business mentors have the foresight to see challenges ahead of you because of their business experience. This is the reason why you should always look for a mentor who is at least a couple of good years ahead of you to where you would like to arrive in your business.
Why are Professional Business Mentors an Asset to your Business?
Notwithstanding the fact that there is a huge abundance of information on the internet today, which makes you think that it is not necessary to find a mentor – consuming information that is not specifically targeted to your needs can leave you running around in circles.
A mentoring relationship will provide you with one tool that other online resources cannot give you and that is specific customization. A mentor who builds a one-on-one relationship will not only understand the needs of your business but will build a personal relationship. When you build a mentor/mentee relationship you will get the professional advice you do not have and this will make a significant difference to your success.
As a final thought and proof here is some significant advice from Sir Richard Branson:
“When we were starting up our first Virgin businesses, we would simply find someone who was already running a business in the industry we were hoping to enter and ask him if he’d be willing to spare some time to give us advice. It really was that simple.