What is one of the key factors that leads to business success? If you guessed “mentoring,” you are absolutely right.
Entrepreneurship can be very isolating. When you start a business, being your own boss can seem exciting. However, success doesn’t come easy and it’s tough to face all the business challenges on your own.
Global research found that 93% of small and medium sized businesses regard mentoring as crucial to success.
Women’s Enterprise Centre (WEC) has carried out extensive research into mentoring programs and the needs of women who are new to self-employment.
WEC offers one of the few mentoring programs available for early stage entrepreneurs. Our research shows that 95% of WEC mentees are still in business after 5 years!
A mentor is your key to business opportunities and connections. Here are 10 ways a mentor can make a difference to an entrepreneur’s business.
- Knowledge sharing: You do not need to make and learn from mistakes if a mentor is willing to share her experience and knowledge. A mentor is a great resource for invaluable advice and support.
- Making connections: A mentor can introduce you to her networks and open doors for you. A mentoring relationship may lead to future collaborations.
- Sounding board: A Mentor is your sounding board and can offer unbiased feedback. It is difficult to get such objective feedback from your friends and family. Nothing can beat the importance of timely and correct advice from an experienced mentor.
- Brain train: When nothing seems to work as per your business plan, a mentor can keep you on track by helping you focus on your short term and long term goals.
- Confidence levels: Uncertainty, self-doubt and low self-esteem are natural for new business owners. A mentor’s presence and words can be reassuring in challenging situations.
- Role model: A successful entrepreneur is a great role model to someone who is new to the business environment and is struggling. A good mentor empowers a mentee and raises confidence levels.
- Professional growth: A mentor will push you out of your comfort zone and encourage you to think outside the box. A mentor may introduce you to new business processes, leadership programs and other opportunities to develop your skills.
- Accountability: We all tend to go easy on ourselves when we are not accountable to anyone. A mentor will hold you to account when you are not meeting deadlines or not following up on your to-do list.
- Goal management: Strategic goal management is one of the important keys to business growth. A research study found that “you become 42% more likely to achieve your goals and dreams, simply by writing them down on a regular basis.” A mentor can help you fine tune your business goals, make it more realistic and keep these in writing. Writing down your goals will keep you accountable to your mentor.
- Support system: As you begin to scale your business, your mentor provides an important support system to help you deal with growth challenges. Having been there and done that, a mentor can nurture you well and open doors for you.
We have all heard of the adage, “Two heads are better than one.” This is certainly true in case of mentoring connections.
Don’t know where to start? Learn about our mentoring program. Sign up for our eBlasts to receive updates on our one-to-one mentoring program and future intakes.