7 Reasons You Should Have A Mentor For Your Business

During these economically challenging times, it can be difficult for business owners to navigate through the market and economy so that their businesses can thrive in whatever industry they are a part of. Wouldn’t it be so advantageous if each business owner took the opportunity of consulting business mentors?

According to a survey of over 20,000 businesses, “entrepreneurs who have a mentor are five times more likely to start a business than those who don’t have a mentor.” In this blog, we will discuss how having a mentor for your business proves to be practical. We will also tackle shortly on questions you can ask your mentor.

The Importance of Having A Mentor For Your Business Today

Having a good mentor, especially during the pandemic, will help you keep your business afloat despite the challenges. Chioma Iwunze says that having a good mentor will help us pick the right marketing strategy and the best remote work policy for your business. Further, each business mentor has various specializations where they could improve certain areas in your business. So don’t limit your options!

With that said, here are 7 key reasons that highlight the benefits of having a business mentor help you with your business:

7 Key Reasons Why Having A Mentor Is Beneficial

1. They have more entrepreneurial experience.

With their timeless business wisdom, you will likely increase the chances of your success. Many business mentors have claimed that there are things they regret not doing early on in their venture. Learning these practical aids will definitely help you maneuver towards your own business goals.

2. They can personalize advice fitting for your business.

In different stages of your business growth, there are specific mentors that can specifically help you in that particular situation. Instead of the generic pointers, you would get from other sources, they can target specific problems in your business and will help provide solutions as soon as possible.

3. Consultations are usually free.

The best part of imparting business knowledge is that it’s usually free of charge! Many business executives or business mentors offer a free consultation to both startup entrepreneurs or those who have long-established businesses.

4. Have the opportunity to expand your network.

Successful mentors have great connections to people who can benefit your business. They will be willing to help you make some casual acquaintance from other senior business executives and experts that would also be invested in your success.

5. They will warn you about potential dangers for your business.

They will help you avoid making the same mistakes and strategies that did not bring any benefit when they were starting or managing their business. Fewer mistakes get you to your goal much faster.

6. Develop a long-term and trusted business relationship.

Most business mentors are deeply invested in your success and will help you until you reach your goals. They only offer you their advice and wisdom. Really, you have “nothing to lose but everything to gain”, as one article says!

7. They will support you with your venture.

Just having someone there to support you, especially at your lowest moments, can be very helpful. Temporary setbacks can often affect your productivity. They are in the best position to help you get through obstacles, as they have been there too!

7 Questions To Ask Your Mentor

If you had the opportunity to connect with a good mentor, here are essential questions you can ask them:

• What advice can you offer on how to progress in my chosen industry?

Particularly for startups, it can be very helpful to know how to start on the right course or maintain a steady pace. If you fly solo, a second opinion can prove to be valuable.

• Which area/s in my business that needs to be improved or changed?

We are often blind from our own weaknesses, so having someone point out the things we need to do is great!

• What are other ways, aside from asking business mentors, you can get personalized advice?

Great tips come not only from business mentors, of course. So, take time to explore other sources too!

• Who are the people I need to network within this industry to achieve my goals?

Being with the right crowd will help you even more, and as we discussed earlier, your mentor is willing to let you tap into their connections.

• What are some of your failures and how have you handled them?

A person’s past failures may not be our proudest moments but it’s packed with valuable lessons.

• What are some of the long-term benefits you had from having business mentors?

They will help you stabilize your business in the long term setting! It’s good to know that they too have benefitted from mentors themselves.

• What’s the most important lesson you’ve learned throughout your career and how is it valuable?

Every mentor has learned their own lessons as they struggle to reach their goals. This question will bring out what they’ve been through and it’s filled with lessons that might help you now or later in life.

The Role Of A Mentor

With the modern world’s advanced technology, unlimited valuable information and data are available wherever you are. Friends, family, business publications, and other sources can offer good advice to you as a business owner. But, only a mentor can effectively help you target your specific problems and provide invaluable solutions.

We highly encourage you to seek out a mentor for yourself, or if they have one, be consistent in communicating with them as you are constantly growing and changing. We need all the help we need.

As always, we wish you great success for your business!

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