When starting your own business, the challenges that you will face may seem daunting and difficult. For many young entrepreneurs, not knowing what to do or what steps to take can be discouraging. Though seeking out a mentorship is one of the most common pieces of advice for young entrepreneurs, few individuals actually follow through.
The benefits of having a mentor are many, and much like cultivating a network of connections is essential for entrepreneurial success, finding a trustworthy and competent mentor should be a staple for young entrepreneurs who are beginning their journeys.
One of the most significant benefits of participating in a mentorship is gaining access to another individual’s wealth of experience in an industry. New entrepreneurs may have a bounty of ideas, innovations, education, and more, but the one thing they always lack is experience. Working closely with a mentor can temporarily fill this gap while the entrepreneur works to gain experience and advance his or her own career.
Getting started as an entrepreneur can leave inexperienced individuals feeling isolated and alone, especially when putting in long hours or making difficult decisions. With a mentor, entrepreneurs have a valuable resource to voice their concerns, ask questions, and receive encouragement. When entrepreneurs don’t have all the knowledge necessary to be certain in their thoughts and choices, having an experienced, successful mentor by their side to encourage them can help boost their confidence and guide them in a productive and prosperous direction.
It has been shown that entrepreneurs who work with mentors tend to stay in business longer than their peers. More than a quarter of new businesses whose owners lack a mentor fail within a year. Conversely, roughly 70% of businesses owned by individuals with a mentor are successful enough to last at least five years. Mentors are an invaluable resource who can help entrepreneurs navigate challenges, hardships, and difficult business deals; without a suitable mentor, entrepreneurs may make unnecessary mistakes or simply give up.
Finding a mentor can be challenging; because the best mentors will be successful entrepreneurs in their own right, they will likely be working with busy schedules. There are many online resources to identify individuals who are willing and eager to serve as mentors you inexperienced entrepreneurs. Connecting with your network to find individuals who are interested in the experience is also a great way to find a mentor.
Young entrepreneurs should make finding a mentor a priority. Doing so could lead to a more successful career.