Why Entrepreneurs need Mentors?

Mentoring Best Practices
Published on
April 30, 2018

Behind every successful Entrepreneur is a good mentor who backs and supports the Entrepreneur on his or her entrepreneurial mission.

Here are 7 reasons why every entrepreneur should have a mentor:Learn from their experienceMentors have gone ahead of you in their journey, they have seen the ups and downs of  Entrepreneurship. Having a Mentor helps your navigate through the uncertainty of Entrepreneurship. This will help you bring a positive influence and direction both in your business as well as in your personal life.Increases your Odds of SuccessThe statistics of Entrepreneurial failure is already high. More than 50% of Startups fail within the first 5 years of their launch. (Source: https://www.statisticbrain.com/startup-failure-by-industry/ ), having a Mentor highly increases your odds of success. Their experience will help you steer away from bad choices and avoid those teething problems.A Mentor will tell you the TruthSometimes it is important to have someone tell you the truth about things. Having an Entrepreneur will provide you with someone who will tell you the truth of the matter. You know you have found a true mentor , when they don't mince the truth for you.They are also your bona fide cheerleaders ,who observe you in your meetings and calls and coach your performance. When you are busy complaining about frivolous matters or are limiting your success because of your beliefs, a mentor will guide you. They will tell you the truth even if it hurts.Leverage your Mentor’s NetworkYour Mentor has over the years built his or her network and when they choose to Mentor you, they also open up their network to you. You will now have access to their network too. Not only their network but also their social currency. They bring along with them a lot of promising business contacts as well as years of experience and help you point in the right direction to procure start-up funding,seed and operate capital.A Shoulder to Cry OnThe path to Entrepreneurship is one that is lonely. The odds of failure are higher than the odds of success. Your mentor becomes your shoulder to cry on when things don’t seem to go the way you want.When you are tired and ready to give up a mentor will help you rebuild your spirit and confidence and help overcome our challenges.Look at your Business More ObjectivelyYou are close to your business. For most entrepreneurs their business is their baby and that makes it hard to look at your business objectively.Since we are emotionally invested in our business we lack the objectivity when making decisions.A mentor can help us stay grounded and keep us away from making emotional decisions and show us the blind spots and  limitations Having a good mentor will allow you to look at your business more objectively. Seeing things objectively is the key to success of your business.Mentor will hold you accountableSince your goal have been set clear now and you are discovering your way to achieve them, you mentor also encourages you to track your achievements. They help you measure your achievements and if required revisit your goals and strategies.Having someone hold you accountable through your Entrepreneurial journey is key.

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