Mentorships allow entrepreneurs to build their businesses using a tested and proven strategy that’s based on the experience of others. However, not all entrepreneurs get the opportunity to utilize a mentor, as finding one can be a challenge. Here are a few reasons why entrepreneurs should strive to find a mentor:
Navigating the World of Business
Mentors
act as navigators, and for budding entrepreneurs to understand the right route
to take on their journey, they need training and guidance from industry-leading
experts. Success in business is usually a combination of many factors, and key
among them is learning the inroads, challenges, and opportunities of your
industry. Some entrepreneurs can decide to use mentoring software applications, but even with
this, a human mentor can have a direct impact and help an entrepreneur expand
their viewpoint.
Unbiased Views
Mentors
often provide unbiased views, and it’s the responsibility to guide the mentee
without bias. Entrepreneurship mentoring is different from normal
coaching, and when an entrepreneur makes decisions from a biased point of view,
such as illusion of control, overconfidence, and optimism that a mentor fails
to point out, it can lead to losses or even business collapse. An entrepreneur’s
confidence should be high, but when the confidence in judgments, predictions,
or inferences is too high compared to the corresponding accuracy, the business
may suffer.
With a
success-driven attitude and experience in entrepreneurship, a business mentor
aims to give budding entrepreneurs fresh, unbiased views and guide them through
their entrepreneurship journey rather than solve their problems. This allows
the entrepreneur to understand the different aspects of business and solve the
problems through a mentor’s guidance.
Marking Milestones and Achievements
Mentors
often initiate goal-setting and stay close to the
entrepreneur mentee to celebrate important achievements and milestones. Such celebrations
improve the mentee’s commitment, engagement, and enthusiasm to continue going. Celebrations are a
demonstration of a successfully completed task or milestones. Having a company
scoreboard with real-time metrics can help an entrepreneur focus on the
company’s key performance indicators, then celebrate when the team reaches a
milestone.
Support in Finding Investments
While
many individual organizations support and fund promising startups, getting the
information or even time to look for the information can challenge the
entrepreneur. A mentor can use their networks to help a startup find funding, or
even invest in your startup by using their business resources. This allows every entrepreneur
to grow and expand.
Application of Experience and Proven
Strategies
Mentors help budding entrepreneurs
reinvent the wheel and use strategies that have worked before. While young
entrepreneurs often work hard and use book or school approaches in their
business, using mentors to combine old experiences or techniques and new
thought processes can help reach success quicker and with stability.
Endnote
Every
budding entrepreneur must find a mentor to guide them through their business
journey. Finding the right mentor can help an entrepreneur follow the right
path using proven industry strategies. It’s also an opportunity to sit with an
experienced industry voice for better decision-making.
