5 Reasons Why Every Entrepreneur Needs a Mentor

Mentorships allow entrepreneurs to build their businesses using a tested and proven strategy that’s based on the experience of others. However, not all entrepreneurs get the opportunity to utilize a mentor, as finding one can be a challenge. Here are a few reasons why entrepreneurs should strive to find a mentor:

Navigating the World of Business

Mentors act as navigators, and for budding entrepreneurs to understand the right route to take on their journey, they need training and guidance from industry-leading experts. Success in business is usually a combination of many factors, and key among them is learning the inroads, challenges, and opportunities of your industry. Some entrepreneurs can decide to use mentoring software applications, but even with this, a human mentor can have a direct impact and help an entrepreneur expand their viewpoint.

Unbiased Views

Mentors often provide unbiased views, and it’s the responsibility to guide the mentee without bias. Entrepreneurship mentoring is different from normal coaching, and when an entrepreneur makes decisions from a biased point of view, such as illusion of control, overconfidence, and optimism that a mentor fails to point out, it can lead to losses or even business collapse. An entrepreneur’s confidence should be high, but when the confidence in judgments, predictions, or inferences is too high compared to the corresponding accuracy, the business may suffer.

With a success-driven attitude and experience in entrepreneurship, a business mentor aims to give budding entrepreneurs fresh, unbiased views and guide them through their entrepreneurship journey rather than solve their problems. This allows the entrepreneur to understand the different aspects of business and solve the problems through a mentor’s guidance.

Marking Milestones and Achievements

Mentors often initiate goal-setting and stay close to the entrepreneur mentee to celebrate important achievements and milestones. Such celebrations improve the mentee’s commitment, engagement, and enthusiasm to continue going.  Celebrations are a demonstration of a successfully completed task or milestones. Having a company scoreboard with real-time metrics can help an entrepreneur focus on the company’s key performance indicators, then celebrate when the team reaches a milestone.

Support in Finding Investments

While many individual organizations support and fund promising startups, getting the information or even time to look for the information can challenge the entrepreneur. A mentor can use their networks to help a startup find funding, or even invest in your startup by using their business resources. This allows every entrepreneur to grow and expand.

Application of Experience and Proven Strategies

Mentors help budding entrepreneurs reinvent the wheel and use strategies that have worked before. While young entrepreneurs often work hard and use book or school approaches in their business, using mentors to combine old experiences or techniques and new thought processes can help reach success quicker and with stability.

Endnote

Every budding entrepreneur must find a mentor to guide them through their business journey. Finding the right mentor can help an entrepreneur follow the right path using proven industry strategies. It’s also an opportunity to sit with an experienced industry voice for better decision-making.

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About Dequiana Jackson

Dequiana Jackson, Founder of Inspired Marketing, Inc., helps overachieving women entrepreneurs conquer limiting beliefs and create marketing plans that grow their businesses. This includes one-on-one marketing plan development, digital product creation, web design and content marketing. Dequiana is the author of Know Your Business: How to Attract Ideal Clients & Sell More and runs the award-winning blog, Entrepreneur-Resources.net.

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