4 Reasons Why Mentorship is Important for Business Owners

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Is something missing in the running of your business? There are often so many things on our minds when we start a business, not forgetting the numerous tasks on our to-do lists. While getting caught up in the excitement and adrenaline of becoming an entrepreneur, there is one key ingredient we often miss out on — a mentor.

It’s Tough Out There

mentorship helps in tough times

Whether you have just launched your business or been in the business for some time now, you could always benefit from a Big Sibling who looks out for you. Running a business is no easy task and while pressure and stressors are aplenty, people in whom we can confide and who understand us are few.

A mentor is an experienced person who can guide you through your business processes, decision-making, and who can help push you and your business to your maximum potential. Your mentor is present to journey with you and to expand your horizons.

If you have not thought of getting a mentor or need the final push to secure one, here are four key reasons why you should take the plunge.

Why You Need A Mentor

1. You Can Ask Questions and Gain Practical Advice

Do you feel a little down after encountering an issue, or just have a burning question Google just cannot seem to answer? This is where a mentor can help.

Running your own business can feel lonely and frustrating, but having someone who understands the situation as a trustworthy pillar of support will be a massive help. As an experienced and trusted adviser, your mentor’s job scope can be summed up as such — answer questions, give practical, tested advice, encourage and inspire you, and most importantly, to support you in your chosen entrepreneurial path.

With their years, and maybe even decades of experience behind them, your mentor is well-placed to share their hard-earned knowledge and provide just the advice you might need to overcome any obstacles you face in your work.

2. You Can Learn from their Experiences and Gain a New Perspective

gain a new perspective with mentorship

Maybe your current method has been working, but not delivering the exact standards you were expecting. Trusted business mentors can help you look at your issues from the perspective of an objective outsider and since they have no stake in any idea or venture, you can safely share proprietary information with them without fear of theft. Being backed by a wealth of knowledge that comes only from experience, your mentor will not only generously share what they know, they will also help you to improve on your current business plan.

When you feel stuck, having someone experienced provide their perspective can often encourage you to look at things differently and to try something new. As a business owner, it might be tricky for you to put yourself in the shoes of a customer or potential investor, and to view your strategies through their eyes, but a mentor who has dealt with these groups of stakeholders can help you understand and rethink your methods.

You may have a tonne of ideas and no idea where to even begin. Your mentor is also a trustworthy sounding board from which you can bounce off ideas, and you can be certain that they will candidly tell you which of your plans will actually work.

Think of what a wise mentor who has survived a recession or two can contribute! Over the years, they would have developed keen business acumens and their garnered wisdom may very well help you avoid the same pitfalls.

3. You Can Improve Fundamental Skills

Other than the more obvious requirements of having an idea and the capital to run with it, it will be beneficial for you, as a business founder, to work on developing other skills.

A mentor will be able to identify these necessary characteristics, set some goals, and run tests to see if you have got what it takes. A good leader should not only have business skills, but also a certain level of emotional intelligence when it comes to reading the market and managing staff. These soft skills can be carefully nurtured by a mentor who is dedicated to helping you and your business.

For example, if your instructions to your staff seem to be getting lost in translation, a mentor, as an objective outsider, can troubleshoot your processes and advise you on the best way to improve on your company’s internal communication.

Beyond merely caring about your business venture, your mentor will focus on your character and values, thus holistically nurturing your personal growth, your business skills, and your leadership skills.

4. You Can Expand Your Network

mentorship lets you meet more people

A mentor is a connector, your key to unlocking a network of people within your industry who can introduce potential talents, offer their accumulated skills and expertise, and are keen on investing in your company. These factors work together to take you closer to your target audience and market.

A successful mentor not only has a ready network of people who can assist you in your business, they are also willing to generously share their contacts. Most investors prefer to trust and invest in startups recommended by friends, and your mentor is your way in. Since they have already invested in your success, it only makes sense for them to introduce you to their network to ensure your continuous profitability.

The math is simple. The more networking you take part in, the more people you meet. The more people you meet, the greater your chances of having a connection you can tap into to help you solve any issues that may surface.

This is undoubtedly an opportunity that you are unlikely to be able to benefit from without a good mentor.

Ready for Growth?

Thanks to the internet, finding a mentor is as easy as ABC. If you have no idea where to start looking for one, be sure to check out Lisnic and register as a mentee to get in touch with some of the best mind coaches and business mentors.