When billionaire Richard Branson was trying to get the Virgin Atlantic up and running, he was under the mentorship of Laker Airways founder Sir Freddie Laker. In an interview with The Sun, Branson reportedly stated how it’s excellent to have a helping hand while setting up a business. He also said that he wouldn’t have achieved his position in the airline industry if it wasn’t for the advice and support of his mentor Sir Freddie Laker. In the end, rookie entrepreneurs always feel an overwhelming sense of ownership for their brand and business, and such a thing is understandable! However, it is vital to keep faith and trust in a mentor who has seen everything there is to see in the business world. What’s more, the experience and connection of your mentor will help pave the way for your business objectives and professional goals. With that in mind, let us look at a few reasons every entrepreneur needs a mentor.
Some examples of millionaires who had mentors include Steve Jobs being mentored by Mike Markulla, Mark Zukerberg being mentored by Steve Jobs, Larry Page being mentored by Eric Schmidt, and Bill Gates being mentored by Warren Buffet. Nevertheless, these leaders now own empires with the help and support of their equally influential counterparts.
A mentor acts as a navigator
Aspiring entrepreneurs must take the correct route to achieve their business goals and objectives on their journey towards entrepreneurial success. After all, business success is a combination of various factors, and constantly learning about your business is one of them.
That said, a Small Business Mentor will expand an entrepreneur’s perspective on how to solve business issues while providing them the confidence and ability to collaborate with trustworthy sources. Doing so ensures that entrepreneurs have a safe and smooth drive to their destination, that is, success in their business ventures.
A mentor provides an unbiased opinion
There is no shadow of a doubt that an entrepreneur will have a significant amount of attachment towards their business. However, what they envision for their company depends upon measuring its progress and current state while being unbiased in the process. Typically, the best approach here is to have a mentor who has no biases towards you or your business.
The feedback they will give you might not be something you would want to hear. However, the best thing about the unfiltered truth is that it will keep you goal-oriented, honest, and on your feet. After all, the mentor will be focused on nothing more than helping you improve your brand and achieve your business target. In the end, a mentor’s opinion and feedback will allow you to streamline your strategies for the best business outcome.
A mentor will help you measure your progress and set goals
Setting milestones early in your entrepreneurial journey is a vital exercise you should consider doing with a mentor by your side. After all, with the help of a mentor, you will know how to set goals and measure their progress while setting realistic expectations in the process. Whatever your goals are, evaluating your business ideas and procedures is critical to your success.
With the help of your mentor’s immense level of experience and expertise, they will provide you with a better viewpoint and guide you to various problem-solving paths when you face unforeseen circumstances.
A mentor will help you generate the big bucks
As entrepreneurs, we usually focus on three components when operating a business: the people you will sell products to, the purpose of your products, and most importantly, the profit! That said, the right business mentor will provide you with various inputs that lead to positive outputs. In fact, they will enable you to validate your predictions, point you to the appropriate resources, and keep your fallibility in check. Furthermore, they will also allow you to assess your own business‘s valuation.
In the end, a mentor will connect you to the right business experts, help you reach out to venture capitalists and angel investors, allowing you to bring in the big bucks! However, they will also ensure that you stay away from the wrong kind of people, or at least, away from ones that can damage your business.
A mentor will help you with risk management
Risk management is usually underestimated by most businesses, especially during the early stages. However, following a mentor’s advice will broaden your perspective and allow you to understand the risk associated with your business models and practices. That said, you may be aggressive about your beliefs as a new entrepreneur, which might cause you to ignore helpful information. But, the constructive criticism and feedback from your mentor will enable you to analyze risks attached to business legalities, compliance, data protection, and, most importantly, your business’s reputation.
Furthermore, excellent timing is also vital to proper risk management. In fact, having a knowledgeable mentor to whom you can turn for advice is critical for success in the business world. For instance, a business strategy executed at the wrong time—too late or early—will not have as much impact as you envisioned. So, despite the hard work, research, and planning that goes into running a successful business, you need a mentor to help you manage risk more efficiently using their farsightedness and experience.
A mentor will help you to re-invent yourself
Forgetting what you learned in business school will act as a catalyst to achieve efficiency and effectiveness and overcome traditional wisdom. While it might be child’s play for rookie entrepreneurs to get attached to their original business models, a mentor will usually look beyond this.
Moreover, a mentor will help you welcome progressive techniques and ensure that you opt-out of using old-school ones, enabling you to bring the results your business needs to grow and succeed. Furthermore, a mentor’s experience will help you learn when to change your ideas and allow you to see the bigger picture.
Like many other successful business owners, we can confidently say that you will reach new heights of success with a mentor guiding your every move. Sure, you might not recognize the value of having a mentor help you through good and bad business situations. However, it would be best if you were under the tutelage of one before you can dismiss the idea of finding a mentor for yourself altogether. So, if you’re stuck in a rut or having difficulty taking your company forward, consider the reasons mentioned above and look for a mentor for yourself as soon as possible. You won’t be disappointed!