What is a mentor?
Best selling author and former Apple executive Darren Finkelstein describes mentors and business coaches as “a professional having inside knowledge and experience of your respective industry and market. They have the skills and understanding to help you evaluate the present situation of your business.”
Mentors have been there, done that. They can give you vital advice and guidelines regarding your business, helping you shorten the path to success and avoid losses. They can help you see important opportunities and problem areas that you may be blind to. And most of all, having been through the ups and downs of business already, they know what you don’t know you don’t know, and thus can help you avoid costly mistakes. Studies show that business owners who take the support of mentors have a greater chance of success. Inc. Magazine article How a Mentor Can Increase the Success of Your Business states that twice as many mentored businesses survive more than five years as non-mentored small businesses.
A mentor can help you plan your business and identify the right strategies, such as choosing between alternative marketing methods and how much to grow the business. Thus they can help you increase profits, reduce losses, and avoid misuse of vital funds.
With a mentor, you are never alone
In addition to giving you advice and point out areas of concern, mentors can help you increase confidence and reduce self-doubt. Knowing that an experienced and successful businessperson has your back gives you psychological reassurance in uncertain times. At a subconscious level, without even knowing it, you will have greater confidence in your business or product when you have the support of a mentor. This self-confidence is vital for success and will help you stay strong when communicating with prospects and customers, creditors, investors and other important stakeholders in relation to your business.
The evidence is clearly in support of having a business mentor
In any occupation or skill, learning from an expert is necessary. So too in business. Studies show that businesses that use a mentor see greater incomes. According to the U.S. Small Business Administration, “small businesses that receive mentoring early in the development of the business achieve higher revenues and increased business growth, (sba.gov).” Therefore, to increase your chances of faster success, consider getting a business mentor.
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