According to the ‘Executive Coaching Survey’ of 2013, 80% of the CEO admitted to have benefitted from the guidance of a mentor. Another research was conducted by Sage and it revealed that 93% of the entrepreneurs believe that startup mentorship is crucial for their success.
Importance of a Mentor in Start-up Business
- Valuable Advice
A startup mentor can analyse the facts from an objective point of view and can provide the entrepreneurs with useful advice regarding their business operations, brand and financial management.
- Keeping on the Right Track
An entrepreneur may fail to achieve the goals or more growth due to being busy with running a business. A mentor can keep an entrepreneur on the right track with experts’ advice.
- Learn from Their Experience
An entrepreneur can learn from the experience and knowledge of a mentor for startup business.
- Breaking Self-Imposed Limitations
A successful businessperson can encourage a new entrepreneur to take calculated risks, to make the best use of his/her potential and resources in order to achieve more growth in business.
- Unbiased Opinion
An entrepreneur can receive constructive criticism regarding the overall business operation from a mentor.
- Get Through Roadblocks
A business mentor will hold a client accountable for their actions or inactions. Thus, an entrepreneur tends to resolve more issues and accomplish more with a mentor’s guidance.
- Introducing Fresh Ideas
A business mentor can encourage the new entrepreneurs to diversify the business and achieve more growth.
- Overcome Challenges
Entrepreneurs can confidently navigate through challenges using the insights of mentors.
- Building Network
Entrepreneurs may benefit from utilizing the network of a successful business mentor.
- Stay Longer in the Game
Entrepreneurs being coached by mentors have been found to successfully run business operations for years.
Essential Role of a Mentor
Business mentors are not just consultants for business plans. They can assist the entrepreneurs by –
- Developing workable business strategies and assisting with business management
- Building their leadership skills
- Empowering them to discover their abilities and insights
- Listen to their ideas and answering their questions
- Providing emotional support in difficult times and practicable business advice
- Challenging them to achieve more growth
- Identifying resources and developing new contacts