Reasons why you need a mentor as a young entrepreneur

A mentor is that one person who can guide you, help you, take you under his or her wing, and nurture your career quest. A mentor is often in a position you’d like to be in and has the clout and connections to guide you to a similar position. He or she is someone you probably have unusually good chemistry with who will share stories with you of his or her own climb to success. An effective mentor isn’t afraid to criticize constructively. Here is why you should invest in one;

Seeing the Forest for the Trees

An outsider can view a situation more objectively and more clearly. They aren’t emotionally invested and they won’t get bogged down in the details. In larger companies consultants, external hires and shuffling of upper management are all tactics used specifically to gain this objective view. Mentors are a great solution for the small business owner who cannot see their business clearly since they work in it every day.

Shortening the Learning Curve

Mentors are often selected based on matching your needs with their experience. In most cases they are either retired, or entrepreneurs and business executives who have decided to help other entrepreneurs. Having a mentor who has insights and information gained from their past experience as well as existing contacts in their back pocket, will help you shorten your learning curve significantly. If you don’t know how to do something, you won’t have to face as much trial and error. Just ask your mentor who has already been through it!

Learning to Play Nicely with Others

Working by yourself and being your own boss has its upside. You have control . You make decisions and move forward without worrying about the opinions of others. However, sometimes this independence can erode important traits such as being humble, listening, and being a team player. Eventually you will need to work with investors, customers, and suppliers, so you need to remain a team player. Working with a mentor can keep, and even enhance, this skill set.

Much Needed Emotional Support

Being an entrepreneur can be a lonely experience. Often the business colleagues that we build relationships with are not the people we confide in. We will never tell employees or customers about our financials and our accountants won’t cushion us emotionally when it comes to the books. Eventually even a spouse, family members and close friends get tired of hearing about the business. Over time, everything that seems mind blowing or life changing to the entrepreneurs becomes wearisome to their support centre.

Having a mentor who plays a supporting role is important. The ins and outs of finances as well as dealing with the unknown, can sometimes feel like too much for one person’s shoulders.

 Better Business Decisions

It has been proven statistically that two heads are better than one. When a team takes a test, versus an individual taking a test by themselves, the team almost always scores higher. The same reasoning can extend to business decisions. The decisions you make with your mentor will be better decisions. For instance, you may forecast your sales but your mentor may forecast them differently. The average of your forecast is often closer to the actual number.

Getting More and Better Referrals

Your mentor believes in you. They have to otherwise they would not spend their time helping you. This makes them part of your fan club, and they will tell people about your business. You choose a mentor because they are respected in your industry and many people turn to them for advice. When your mentor tells people about your business, people will respect their positive opinion of you. Referrals are the natural next step.

Making the Best Practices Stick

When you problem solve with your mentor, you are learning how to handle similar challenges down the road. Learning by reading and video has at best a 20% retention rate. Working with a coach or mentor raises your retention levels to 75% or more and ensures you are more prepared for the future.