Every small business owner started somewhere. You had an idea and you turned that idea into a real company. That’s amazing. Now the question becomes: how do you make your small business successful? The short answer is: it’s tough. According to Forbes, approximately 543,000 new businesses get started each month, but only 7 out of 10 new employer firms survive at least 2 years, half at least 5 years.
Outside of finding new customers and making existing customers happier, one surprising way to reduce failure chance is to get a mentor. A 2014 UPS report revealed that 88% business owners with a mentor say that having one is invaluable. Also, 70% of small business owners that receive mentoring survive for five years or more, double the rate of those who do not receive mentoring. In another research by Sage, 93% of startups admit that mentorship is instrumental to success.
Starting a new business can be overwhelming. A good mentor can help you achieve success by offering business advice, network opportunities, and mental support.
1. Objective Business Advice
Your business is your baby, your nest egg, your passion. So there’s a high chance you might get overly attached to it. A mentor who has a successful business already can look at the situation with a fresh perspective. They should be able to point out gaps you may not be seeing, offer constructive criticism, and help you improve your business and nimbly avoid pitfalls
2. Networking Opportunities
A good mentor will introduce you to potential business partners, investors, and clients. They may not have all the answers to the questions you raised, but they can tap into their network and connect you to people with relevant knowledge. Those opportunities can be the next trigger for sales.
Building up a new business is really hard. Even the most successful businesses went through rough patches, and as a small business owner, you might be mentally or even emotionally fatigued. A supportive mentor can be a cheerleader. They can encourage you and help you stay confident, which is instrumental for a successful entrepreneur. According to The Telegraph, those who appeared more confident “have access to more resources, get better information, and enjoy a variety of benefits.”
At the moment, you might be thinking about how to get the right mentor. Here are 10 places to find mentors for entrepreneurs. Before you make the call, remember that you don’t make these 7 mistakes with your mentors. Good luck!