“One of the greatest values of a Mentor is the ability to see ahead what you cannot see and to help you navigate a course to your goals.” — John Maxwell, Author
Mentor Topics: 2x Survival, Support, Motivation, Accountability, > Network, Where to Find: SCORE, SBDC, WBC, Vets, MBDA + more.
Every year in the United States, an average of half a Million of new Startup businesses are born. The bad news is only 1/2 survive 5 years. And by the time they get to 10 years, that number is cut to 1/3. But, there are ways to increase your odds of survival. Working with a Mentor has proven to be an indicator of success. Here are five reasons why.
1. a Mentor will Double your chances of Survival.
The low survival rate of Startups is understandably intimidating to some entrepreneurs. But those numbers can change drastically when you add a Mentor to your Team. According to a survey by The UPS Store, 70 % of Startups with a Mentor survive more than five years vs 33% without. That’s 2x the rate of businesses who choose not to have a Mentor.
Get “free” Experience. Startups often lack one fundamental thing — experience. It takes years upon years, and sometimes lots of money, to gain the business experience to run a successful company. Mentors give you the opportunity to draw on that experience right away – for Free !!
Mentors have been thru it. Starting & running a business will never work out precisely as you planned. When you hit a roadblock, small or large, Mentors with lots of business experience likely have come across something similar before and know strategies to move forward.
Verified by Survey by Harvard Business Review of 45 CEOs with formal Mentor relationships, found 84 % said as a result, they have avoided costly mistakes and became proficient in their roles faster. In the same study, 69 % said a Mentor helped them make better decisions, and 71 % were certain company performance improved.
2. A Mentor’s Support & Motivation can be “invaluable”.
It can be lonely at the top. Starting a small or medium-sized business means you don’t have a boss above you that supplies employee motivation & engagement programs, which can be vital for worker happiness and success. A Mentor can often fill this void, acting as a coach to provide support, motivation, validation & encouragement.
3. Mentors offer “accountability” for Entrepreneurs.
A good startup Mentor can help define critical tasks and guide your business goals, But, more importantly, help the company hold itself accountable for meeting the goals. Not only does accountability help companies meet these goals toward success, it fosters a culture of self-reliance & self-confidence.
Two-way Street is the best way with a Mentor. Maintaining consistent meetings with your Mentor is the only way to ensure “accountability”. You must put in the effort to make the relationship work.
4. Working with a Mentor multiplies your Network.
Potential clients, employees, your network are other sources of advice. All these types of people, and more, can be unlocked when you have a business Mentor. They bring their own Network of invaluable people, and those contacts could be at your disposal. Have a specific business problem? A Mentor may know the right person to turn to for help. Looking for the perfect person for a new role in the company? They could also recommend a contact from their experience in the industry.
5. Where to find a Mentor.
There are several places you can look for a Mentor.
- SCORE: Partnering with the U.S. Small Business Association, SCORE is a non-profit that helps connect small businesses with volunteer Mentors of both active & retired executives across 62 industries. There are 300 chapters across the country, so you can connect with a local Mentor to meet in person, or you can set up Video or Email relationships.
- Local Networking events: These events are designed to connect you to other business professionals. Look for conferences or networking events for both your specific industry and Startups in general, and try to connect to as many people as you can.
- SBDCs: Small Business Development Centers provide assistance to entrepreneurs & small businesses by way of Training sessions and free business Consulting. Host networks for SBDCs are located all across the U.S. and its territories. Search for a location near you by using a tool on SBA.gov.
- Women’s Business Centers: The Association of Women’s Business Centers sustains a network of 100 business centers across the United States – each of which supports female entrepreneurs with Mentoring, as well as training, business development & funding opportunities. The AWBC also runs conferences, which can be great places to connect with potential Mentors.
- Veterans Business Outreach Center: VBOCs provide many entrepreneurial development services, including Mentorship, to USA Veterans, transitioning Service members, National Guard & Reserve members + military spouses who are starting or growing a small business. You can search for locations near you on the SBA.gov website.
- MBDA Business Centers: As an agency with the Department of Congress, the Minority Business Development Agency works to promote the growth of minority-owned businesses, in part through business centers located across the country in areas with the highest concentration of minority populations & minority business owners.
- Professional & Trade Associations: For a $$$, you can join a professional or trade association in your industry. Those dues go toward investments in many things, including education & networking — usually with experienced business leaders in your industry.
- Social Media: Don’t neglect your own personal network when it comes to finding a Mentor. LinkedIn & Twitter can be great resources for connecting with other professionals & potential Mentors.
Conclusion. No matter where you turn to find a Mentor, connecting with the right one should be a key step in your business plan. The right Mentor can guide you through tough business choices and help set you up for success for years to come.
Comments: Do you know any other Advantages or Sourced for a Mentor?
from Entrepreneur.com 18 Aug 18 enhanced by Peter/CXO Wiz4biz
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