You might think finding a mentor is unnecessary. There is a lot of information available on the internet today. You can learn from the big minds and veteran entrepreneurs on YouTube, podcasts and online courses. Most entrepreneurs do this.
It provides variety in the content they consume and the perspective they think. Still, a mentoring relationship provides one thing these online resources can’t do – customization. A one-on-one relationship with someone who can advise you, your company, and your professional career can make a significant difference in your success.
The power of mentoring is a known fact in the corporate world. CNBC reports that more than nine out of ten workers, or 91% of workers with mentors, are satisfied with their job. Similar rates of mentoring effectiveness have been found for entrepreneurs of all ages dealing with mentoring relationships.
A study closely monitored by the after-school program Rocket Club. To better support 7-14-year-old student entrepreneurs and engineers developing their business ventures, they recently launched the Rocket Club Mentor Program, where successful entrepreneurs mentor club members at the start of their first business. One of the first mentors, Chris Zarou, is the Forbes 30 Under 30 receiver and manager of popular music artists such as Logic and Jon Bellion. Decisions to support young entrepreneurs and create a solid mentoring program are based on the following research.
Mentored Entrepreneurs Reporting More Business Growth
That’s right, a mentor can help you raise your bottom line. Because of their own entrepreneurial experience and objective perspectives, they can see where you’re spending cash or spark ideas for new business models or startups that will contribute to business growth. According to SCORE (Retired Executives Service Company), 30% of entrepreneurs who had only one interaction with a business consultant reported growth in their business, and 43% of entrepreneurs who had five or more interactions with a mentor reported growth.
Using this knowledge, look for a mentor who has scaled companies historically or successfully implemented growth attacks in their business if one of your goals this year is to grow your business. It often depends on a few key adjustments that can increase your company’s profits and the number of customers.
A Mentor Can Help Your Business Stay Much Longer
The average lifespan of a startup is just 20 months, or a year and eight months, according to Salesforce. While the reasons for a company’s failure are different, the most important reasons include not needing the market, running out of money, not having the right team or failing. These are all scenarios that an experienced business consultant can anticipate and help you navigate.
“We know that the presence of a mentor can at least double the lifespan of a startup,” says Ryan Freed of Rocket Club. UPS’s research revealed that 70% of mentored businesses survive more than five years. I believe part of this reason is due to the shared passion between a mentor and a mentee. Because of this shared passion, they come together in a mentoring relationship, and the mentor can re-ignite the mentees when they are tired or face significant challenges as usual.”
A mentor holds you accountable in ways your team can’t. Because they have a bird’s eye view of what’s going on and are not in the cover with you, they can provide the insight and motivation that is missing and thus extend the life of your business. Also, mentors have the foresight for future challenges in your business due to the feedback they have gained from their business ventures. Therefore, it is recommended that you find a consultant at least a few years ahead of where you want to be in your job.
Finding a Mentor can help you to Become the Best Performer
Top performers or high-yield entrepreneurs often follow a specific routine or stick to high-performance habits. A mentor will not only share with you what these habits should be, but they can hold you accountable for them.
TechCrunch shared that 33% of founders, driven by successful entrepreneurs, remain top performers themselves. If you are not clear on how to structure your days, weeks and months for best performance, a consultant that increases productivity and efficiency can guide you in the right direction and help you create a program that supports your best performance.
There are several self-help books and online resources that can help you create a morning routine or jot down details on how to create a performance-oriented program. However, a mentor can evaluate your specific responsibilities and help you create a routine tailored for you based on your personality and work habits.
A study of productive mentor and mentee relationships at the University of Toronto School of Medicine reported that unsuccessful mentoring relationships occur for several reasons, including lack of mentor experience, perceived or actual competition, conflict of interest, and poor communication.
Successful mentoring relationships had common values, personal ties, and mutual respect. Finding a mentor you trust and connect with may take some networking and trial and error, but it’s a huge paying time investment. A mentor is one of the greatest secret weapons an entrepreneur can have today.
Also read why finding a mentor is important for your business