Entrepreneur Mentoring: What Is It and What Are Its Benefits?

Mentors are perfect examples of “been there, done that”. Many entrepreneurs start their journey alone; some succeed while some fail. If you are an entrepreneur and want to be successful, you should get a mentor to guide you.

What is Entrepreneur Mentoring?

Entrepreneur mentoring refers to seeking the guidance of an experienced person or business leader who has made remarkable achievements and have the required knowledge and experience to succeed in business. And, entrepreneur mentorship programs connect and provide you access to such business leaders or successful entrepreneurs to benefit you and your business.

You can gain knowledge from books, but experience is a valuable asset that ranks high when you are starting or running a business. Here are some of the important benefits of entrepreneur mentoring.

Provide Good Networking Opportunities

A good mentor has an unlimited network of people who might help in spreading the word about your business and also help you uncover opportunities that may not be easily accessible. Since the mentor is related to your success, it only makes sense for them to let you tap into their network when the need arises.

In a nutshell, networking opportunity and effect will be only available if you have a mentor on board.

Give Reassurance

Success in business does not come easy and many times you will lose the confidence to continue ahead. Your mentor will share your worries and you will feel less stressed. Since the mentor has been through all this, he/she can provide you the much-needed reassurance by placating your fears by their years of experience.

Self-confidence is an essential ingredient in the success of any endeavor. According to a 2014 Telegraph report, self-confidence is as important as competence and talent. Mentors have the ability to tap into young entrepreneur’s self-confidence and help them see opportunities in every challenge.

Helps You Stay in Business Longer

Many entrepreneurs who fail with their endeavors wish they had mentors to guide. According to statistics released by SBA, 30% of businesses do not survive past 24 months and 50% of businesses do not survive past 5 years. However, the same statistics say that 70% of businesses which receive mentoring survive more than 5 years. The business survival rate is almost doubled when you have a mentor by your side.

Provide Much Needed Encouragement

When you receive setbacks, it is going to affect your productivity. The mentor will provide you with much-needed guidance and encouragement in tough times. Young entrepreneurs often go into depression and find it difficult to fight back after they fail to reach their goals.

The impact of depression on often goes unreported. It is the entrepreneurs without mentors who bear the most brunt. You can avoid this by getting yourself a mentor to tide over the hard times.

Help You Develop Strong EQ

You need to have a strong emotional intelligence (EQ) to become a successful entrepreneur. According to Daniel Goleman, a psychologist, a strong EQ makes a huge difference in business as it can help you recognize and understand emotions of people around you in a better way.

While running a business, you work with several people in and out of your organization. A high EQ can help you develop harmonious relationships with people and it can help you develop strong strategic thinking capability. A good mentor knows this and can help you in developing stronger EQ that provides several benefits in your entrepreneurial journey.

Increases Chances of Success

Several surveys and research have proved a mentor plays an important role in the success of the business. According to 2013 executive coaching survey, 80% of CEOs have received some kind of mentorship. Also, another research by Sage shows 93% of startup owners admit mentorship has been instrumental in their success.

The timely advice, occasional checks, valuable connections and guidance of the mentor will literally leapfrog towards success.

There is no doubt a mentor who has experienced high and lows of success in his entrepreneurial journey is the right person to advise you when things do not go your way. The mentors will always have the right ideas to help you navigate towards success.