Like most things in life, it “takes a village” to succeed as a startup. Entrepreneurs are always breaking the rules and making mistakes in an effort to succeed in their businesses. For this reason, having a mentor is crucial.
Without a savvy model, in the form of a mentor, you may make critical early mistakes that would have otherwise been avoidable. Here are five benefits of having a good mentor.
1. Success with a mentor is inevitable.
Research show that having a mentor is crucial to success. In a 2013 executive coaching study, 80 percent of CEOs revealed they received some type of mentorship. In another study, 93 percent of startups admit that mentorship is instrumental to success.
Your chances of achievement in life and business improve by having the right mentor. The valuable connections, timely advice, random check-ins will catapult you to success.
2. Gain experience not shared in books.
Experience is a precious asset — yet it’s vital to business success. There’s only so much you can gain from reading about a leader in books.
Mentorship is one sure-fire way to get experience from others.
Facing the impacts of failure on your own can set you back and affect your productivity. In hard times, having a mentor will help you keep your head high. Entrepreneurs often suffer from depression when they are unable to meet their goals and expectations. The impact of depression on entrepreneurs is overwhelming. But entrepreneurs without mentors bear the brunt the most.
A mentor who has experienced running a business is in the perfect position to give positive words of advice to you when things fail to go as planned. And not only do they have the right words to share, but they would also have ideas to help you steer your way to success.
4. Network opportunities.
Aside from the fact that investors trust startups who are recommended by their friends, a successful mentor has an extensive network of people who can benefit your career. A good instructor will let you tap into their network when the need arises.
5. A mentor can help prolong your business.
When you imagine the number of companies that become insolvent, you will greatly appreciate having a mentor. According to SBA, 30 percent of startups may not last past the first 24 months, and 50 percent of those may not make it past five years. However, 70 percent of mentored businesses survive longer than five years.