They have been there, done that and have seen it all. Yet, a number of entrepreneurs begin their careers without one. In an age where instant gratification is glorified, it is unsurprising that many entrepreneurs and youthful founders don’t find a mentor as tough as they attempt to discover a co-founder.
Here are some reasons why having a mentor is important:
1. Gain expertise not shared in novels
Experience is a really costly asset, yet it is imperative to business success. There is only so much about an individual’s experience you can gain from novels. It is an unstated fact that most authors don’t feel comfortable showing everything about themselves in books. Some personal experiences might be too close to be shared, however how they coped with it can help an inexperienced entrepreneur’s career.
2. You are more likely to succeed with a mentor
Research and studies prove that having a mentor is important to success. In a 2013 executive coaching survey, 80 percent of CEOs said they received some kind of mentoring. In another study by Sage, 93 percent of startups acknowledge that mentoring is conducive to success.
Your chances of succeeding in life and in business can be amplified by having the ideal mentor or by employing top business advisors. The valuable connections, timely guidance, occasional checks; together with all the religious and ethical guidance you will gain from using a mentor, which will seriously leapfrog you to achievement.
3. Network opportunities
Aside from employing investor startups that are recommended by friends, high quality advisors will come with an infinite network of individuals who can benefit your career. As they are already invested in your success, it only makes sense for them to allow you to tap into their network of individuals once the need arises. This is an opportunity you can’t tap into should you not have a mentor.
4. A mentor provides you reassurance
It’s been shown by research that an excellent mentor has a strong positive impact on young entrepreneurs. Having somebody who practically guides you and shares your worries with you — frequently placating your anxieties with their years of expertise — keeps you informed that you’re going to be successful.
Self-confidence is extremely important to success as entrepreneurs. A 2014 Telegraph report revealed that using a high self-confidence contributes significantly to career success; more so than ability and competence. Mentors have the capability to assist young founders tap into their self-confidence and see every challenge as an opportunity.
5. A mentor can allow you to remain in business longer
When you imagine the amount of companies that fail, you would wish a good deal of business owners had mentors. In accordance with SBA, 30 percent of new companies may not survive beyond the initial 24 months, and 50 percent of these may not make it past five decades. However, 70 percent of mentored businesses survive longer than 5 years.
6. A mentor can allow you to develop stronger EQ
Does maturity bring about a greater EQ in entrepreneurs? Emotional intelligence is vital to entrepreneurial success. When a young entrepreneur has a more mature and effective mentor who advises them, they will likely have greater control over their emotions. We all know that a fast way to create a company fail is to combine it with feelings or make crucial decisions based on emotional feelings. Situations like this may be curbed as mentors can help show you how you can respond in given instances.
Enduring the consequences of failure by yourself can place you back and affect your productivity. In tough times, having a mentor can allow you to keep your head high. Young entrepreneurs frequently deal with depression when they are not able to satisfy their targets and expectations. The effect that depression has on entrepreneurs is often under reported yet is a serious condition.