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Each year in the United States, an average of 587,000 new small businesses are born. The bad news is that it only has a half-life of five years. And when you reach 10 years, that amount is cut to one-third. However, there are ways to increase your chances of survival. Working with a mentor has been proven to be an indicator of success. Here are five reasons why.
Business Mentors For Young Entrepreneurs
The survival rate of a new business is known to be intimidating for s, but these numbers can change drastically when you add a mentor to the equation. According to a survey by The UPS Store, 70 percent of mentored businesses survive for more than five years. That’s twice the rate of businesses that choose not to have a mentor.
Pdf) Mentoring Young Entrepreneurs: What Leads To Success?
New small business owners often lack one basic thing – experience. It takes years, and sometimes a lot of money, to gain the business experience to run a successful company. Mentors give you the opportunity to draw on these experiences directly – and for free.
Running or starting a business will never turn out exactly as planned. When you hit a roadblock, big or small, a mentor with business experience may have encountered something similar before and know the strategies to move forward. Harvard Business Review surveyed 45 CEOs with formal mentoring relationships, and 84 percent said as a result, they have avoided costly mistakes and become faster in their roles. In the same study, 69 percent said mentors helped them make better decisions, and 71 percent improved their specific company performance.
It can be quiet upstairs. Starting a small or medium-sized business means that you don’t have a boss above you who provides employee motivation and engagement programs, which can be crucial to the happiness and success of workers. Mentors can often fill this void, acting as coaches to provide support, motivation, validation and encouragement.
A good small business mentor can help define critical tasks and guide your business goals — and more importantly, help hold the company accountable for accomplishing them. Accountability not only helps the company to achieve its goals towards success, but also promotes a culture of self-reliance and self-confidence.
Call For Mentors
This is where mentoring becomes a two-way street. Keeping consistent meetings with your mentor is the only way to ensure accountability. You have to work hard to make the relationship work.
Potential clients, employees and other sources of advice – all these types of people, and more, can be locked in when you have a business mentor. A mentor brings his own network of invaluable people, and these contacts can be at your disposal. Have a specific business problem? A mentor can know the right person to ask for help. Looking for the perfect person for a new role in your company? They can also recommend contacts from their experience in the industry. Having a stacked contact list is important to your business in the long run.
No matter where you look for a mentor, connecting with the right one should be a key step in your business plan. The right mentor can guide you through difficult business choices and help you succeed in the years to come.
Jared is the CEO of Fundera, an online marketplace that matches small business owners with the best lenders. Prior to Fundera, Jared founded GroupMe, a group messaging service that in August 2011 was acquired by Skype, which was then acquired by Microsoft in October 2011. He is currently on the Advisory Board of the Columbia University Ship Organization and serves as an investor and advisor. for startups such as Codecademy, SmartThings and TransferWise.
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Globally, we have witnessed, business founders who have been guided by top performers are three times more likely to be top performers.
A business mentor is someone who has business experience and is willing to act as a trusted confidante over a long period of time with the aim of giving advice, consulting from a new perspective, collaborating and helping to stay focused on long-term goals. his efforts were successful.
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According to the market dipstick by Jupiter Business Mentors, 93% of young people felt the need to interact with mentors who are already there, done that, and see everything. Meanwhile, 80% of businesses mentored have witnessed long-term success, growth, and business profitability; double the survival rate compared to non-mentored businesses.
Globally, we have witnessed, business founders who have been guided by top performers are three times more likely to be top performers. Mark Zuckerberg of Facebook and Larry Page and Sergey Brin of Google received guidance from Steve Jobs and Eric Schmidt in the early stages of their business. The impact of mentorship on becoming a business is proven based on research by Kabbage, Inc., whose findings suggest:
Based on these findings, business mentors, while closing the mentoring gap, are very important to the success of businesses that help them pass important moments in their professional journey in the following ways:
1. Mentors act as navigators It is important for budding s to understand the right route to reach the destination when embarking on a journey. Success in any business is a combination of many factors and one of them is learning about your business. A business mentor can broaden your point of view, helping you with different perspectives to solve problems and giving you the ability and confidence to collaborate with trusted sources, so you have a smooth and safe drive to your goals.
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2. Mentors can provide unbiased views Business mentoring has a major difference from coaching. Your business mentor doesn’t have to be your best friend. With a development-driven attitude, a business mentor’s goal is to look at your business with fresh, unbiased eyes and guide you, rather than solve problems for you.
3. Mentors can help you mark milestones After the initial discussion of the roadmap, and the conscious effort and commitment of the mentor and mentee, the mentor’s role is to start setting goals, and celebrating important milestones. to help keep them engaged and enthusiastic.
4. Mentors can help invest Angel investors or individual venture capitalists and groups that finance promising startups. They will take positive action to invest in startups if they understand the potential of unproven but promising business ideas through the eyes of experienced industry professionals.
5. Mentor helps you not have to re-invent the wheel When young s means to work in a smart way and chucking the old-school approach, it is always advisable to have a combination of old experience and new thought processes. Business mentors can adapt to smart work techniques, as well as provide sound advice and constant guidance to achieve the right milestones at the right time
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Mentoring is a consistent process- when you don’t need it all the time, but just having experience that you can reach whenever you feel comfortable.
Renuka Gunjahalli is the Founder and Business Consultant at Jupiter Business Mentors, a homegrown platform dedicated to developing a community of startups and small and medium business enterprises with access to experienced executives and industry experts from various business fields.
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