Let’s be honest: Running a small business can be overwhelming. There are a lot of decisions to make. Also, it can be hard to know if you’re making the right decisions and running your business the right way. That’s where finding a mentor can be invaluable for a small business owner: A mentor can help you navigate the waters of business ownership and can help give you confidence in your decision-making skills. In addition, can reduce your stress by giving you someone to talk to and turn to when you’re feeling unsure.
In fact, mentors have been proven to improve the success of small businesses. The scary statistic is that half of small businesses will be out of operation within five years. Businesses who partner with mentors do significantly better. A full 70 percent of businesses with mentors are still in business after five years. This is more than double the five-year success rate of businesses without mentors!
Here are some reasons having a mentor can help your small business succeed:
A mentor can boost your confidence.
As you get your business up and running, it’s easy to become riddled with self-doubt. Plus, you become overwhelmed with the feeling that you’re making all the wrong decisions. When you have a business mentor, you have someone to bounce your ideas off of and ask questions. You can see how they have handled the same issues you’re dealing with successfully. That support can provide you with confidence, and confidence brings success.
A mentor can provide you with a second opinion.
When you’re running a business on your own, you have nothing to go on but your business plan and your ideas of how things should be run. That can cause you to become hyper-focused on your business plan and your strategy. A mentor can give you perspective. We all know that two heads are better than one, and a mentor can point out weaknesses in your business plan or operations and help you find strategies for running your business better.
A mentor can help you to build your network.
No man is an island, and no successful business owner is, either. Successful small businesses are backed by a network of support. Your mentor can help introduce you to others in your business community and guide you in developing your network. The connections your mentor helps you to make can provide you with support, or they could even become your customers.
Once you’ve determined that your small business would benefit from a mentor, there are countless resources for finding mentors. There might be someone in the business community you already admire who might be willing to take you on. If not, you can find mentors through business groups like your local chamber of commerce, industry organizations or nonprofit organizations dedicated to helping small businesses, such as SCORE. With the right mentor, you can find your confidence, reduce your stress, and increase the likelihood of your business’s success!