Startups and entrepreneurs are young in nature and as we all know that young ones tend to mistakes due to their inexperience. So to have a successful business, there is a need for someone to be on your side that can tell you what is wrong and what is right for your business and that someone is a mentor or coach or an advisor, whatever you call him/her.
Here are some of the reasons to have a mentor by your side in your startup journey-
1. Gain experience above bookish knowledge
Experience is a very expensive asset — yet it’s crucial to business success. There’s only so much about a person’s experience you can gain from books. It’s an unstated truth that most authors do not feel comfortable revealing everything about themselves in books.
2.High chance of success with mentors
Research and surveys prove that having a mentor is important to success. In a 2013 executive coaching survey, more than 75 percent of CEOs said they received some form of mentorship that helped them get where they are today.
3.More opportunities to network
Aside from the fact that investors trust startups who are recommended by their friends, a successful mentor has an unlimited network of people who can benefit your career. Since they are already invested in your success, it only makes sense for them to let you tap into their network of people when the need arises.
4. A mentor gives you reassurance.
It has been proven by research that a quality mentorship has a powerful positive effect on young entrepreneurs. Having someone who practically guides you and shares your worries with you — often placating your fears with their years of experience — keeps you reassured that you’ll be successful.
5. A mentor will help you stay in business longer.
When you imagine the number of businesses that fail, you’d wish a lot of business owners had mentors. According to SBA, 30 percent of new businesses may not survive past the first 24 months, and 50 percent of those may not make it past five years. However, 70 percent of mentored businesses survive longer than 5 years.
6. A mentor will help you develop stronger EQ.
Does maturity bring about a higher EQ in entrepreneurs? Emotional quotient is crucial to entrepreneurial success. When a young entrepreneur has a more mature and successful mentor who advises them, they are likely to have greater control over their emotions.
Although accessing mentors is not an easy feat anyhow, but now there are some online mentoring platforms that have been coming up in recent times and there are a lot of online mentoring sites that are there that help you access an online business mentor which will help you save time and money.
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