When you start your own business, you have no one to turn to for help or direction when you are in a bind. You may not even have any staff at this point. Despite the fact that you are flying solo, you do not need to be alone. When things go tough, everyone needs a solid, dependable sounding board, a second perspective, and sometimes just emotional support to get through it. That’s why it is important to have a trusted mentor when running your own business.
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They have already been in your position
The most obvious advantage of choosing a business mentor is that you will be able to learn from their previous failures as well as their previous accomplishments. No prior expertise in your field is necessary for your mentor to be effective; nevertheless, having prior industry knowledge is advantageous so that you may leverage important connections to your advantage. They do not need to be up to date on the latest fad or technology; there are plenty of alternative resources for that. In order for you to absorb lessons from their experience fast and readily, your mentor’s responsibility is to share lessons from their experience with you. It might be something as simple as helping you with where to find your limited company SIC code.
Increasing the effectiveness of key skills
Mentors are not the same as counselors and consultants, who are exclusively concerned with the success of the company enterprise. Instead, business mentors assist you in honing your entrepreneurial talents. For example, if your employees are continuously complaining that they do not understand project directions, your business mentor can work with you to enhance the way you communicate with your personnel. You will gain a better grasp of how to interact effectively with your employees both now and in the future as a result of this.
Increase the size of your network
Due to the fact that your mentor is an experienced businessperson, it is probable that he or she has a large network and can provide you with access to far more senior decision-makers than you presently have. And they will be significantly more eager to offer up their network to you than a random contact from a networking meeting would be.
Being able to moan to someone you can trust
Business ownership can be difficult and unpleasant at times. As a business owner, you will find yourself needing to rant to someone you can rely on. Business owners cannot express their frustrations to their partners, staff, or customers without producing instability in the organization’s structure. However, once you have aired your frustrations to a mentor, you can often begin the process of working with the mentor to find a solution to the source of your dissatisfaction. Suppose you have a problem with unmotivated employees in your company. You may need to lament to your mentor before you can stay positive about the employees and devise a strategy to encourage them.
As you can see, the benefits of working with a business mentor can be substantial, while the risks are virtually non-existent. Finding an excellent mentor is a no-risk, high-reward endeavor in which you stand to gain greatly. Every entrepreneur should have at least one of these.