Ask any successful businessperson to list the reasons for his or her success, and most are bound to mention their mentors and the way they made a huge difference to their careers.
The contribution of a mentor can help you climb up the corporate ladder and allow you to become more fulfilled in your work.
When you hire a business mentor, they support you every step of the way – they concentrate on furthering your agenda, discuss the state of your business, ask questions to expand your understanding, listen to your inputs and suggestions, provide feedback and offer a unique perspective.
Most importantly, they share their experience and knowledge with you, providing a level of inspiration, encouragement and motivation that is unprecedented.
You reap numerous benefits when you hire a business mentor, but some of the most promising ones are listed below.
1. Experience You Will Not Find Anywhere Else
Experience, especially in the world of entrepreneurship, is a priceless commodity. But you require it if you wish to succeed in your business.
Sure, you can absorb some knowledge and experience from studying books on the subject, but there’s a limit to how much you can gain from book learning.
The truth is, most authors who write about entrepreneurial success are not comfortable with sharing everything in books.
Some of their personal experiences might be too valuable to be circulated in print, yet the way they handled the situation might prove to be a turning point in the career of an inexperienced entrepreneur.
This is why mentorship works – it allows you to gain insight into the experiences of others who have already made their mark in business.
2. Improve Your Chances of Success
Mentorship is crucial to success. Don’t think so? Well, you can’t refute the numerous surveys and research that have come to the same conclusion.
For example, an executive coaching survey conducted in 2013 found that 80 percent of business CEOs claimed they received some sort of mentorship.
Another 2014 survey by The UPS Store saw 88 percent of business owners agree to the fact that having a mentor is invaluable to success.
You greatly improve your chances of success, not just in business but in life as well, when you have the right mentor to support and guide you. Their impressive connections, occasional checks, and timely advice put you on the fast track to success.
3. More Options for Networking
Leaving aside the fact that investors are partial toward the startups that are recommended by their peers and friends, successful mentors open up a whole world of possibilities when it comes to networking.
They’ve been in the field for a long time, and have surely built up strong networks of people who can be advantageous to your career.
Since you’ve hired your mentors to find more success in your entrepreneurial career, it makes sense that they would put you in touch with the right people when necessary.
This is a one-of-a-kind opportunity that is possible only when you have a mentor on your side.
4. Increase Longevity of Your Business
Bloomberg mentions that eight out of 10 entrepreneurs who start business initiatives fail within the initial 18 months.
That means an astounding 80 percent crash and burn, and we bet plenty of them wished they’d had mentors of their own.
Entrepreneurs like Sam Ovens are an inspiration to us. He is a young New Zealander who’s mentored several digital marketing consultants, and already created nine millionaires and 130-plus six-figure consultants.
In fact, having a business mentor increases your chances of staying in business for a longer period of time. According to SBA, a mentored business has 70 percent chance of surviving for more than a period of five years.
5. Greater EQ Translates to Better Business
“There’s no room for emotions in business,” goes a popular saying. But in reality, it’s quite the contrary.
Emotional intelligence has been linked to entrepreneurial success, but the problem is EQ is gained only through maturity.
How does a fledgling entrepreneur develop greater emotional intelligence? Hire a mentor, of course.
When a young entrepreneur has someone more successful and mature in their corner to advise them, they are likely to have more control over their emotions. This does not, however, mean that you’ll be making vital business decisions on the basis of your emotional feelings.
No, that’s a surefire recipe for failure. Mentors can show you the right way to react in any circumstance. They help you regulate your emotions so that you can be emotional when the situation demands it, and make smart decisive judgments at the same time.
Mentors have experienced all the highs and lows that come with running a full-fledged business. This makes them the perfect candidates to provide you with positive encouragement and meaningful words of advice when things aren’t going your way (as is common in the entrepreneurial sector).
Hiring a business mentor is probably the smartest investment you’ll make as you navigate your route to success.