Entrepreneurs Need Mentors Too

You've got the big idea, the drive, and the passion to make your business a success. You're devouring blog posts, listening to podcasts, and reading all the books you can get your hands on about entrepreneurship. But even with all that knowledge, there's one thing you really need to take your venture to the next level: a mentor.

Having someone who has been there and done that can be absolutely invaluable for an entrepreneur. A good mentor provides guidance, advice, and wisdom from their own experiences that you just can't get from books or videos alone. Don't go it alone - mentors can help grow your business and boost your confidence as an entrepreneur.

The Psychological Benefits of Having a Mentor

Let's face it, being an entrepreneur can be incredibly stressful, lonely, and filled with self-doubt at times. Will this idea really work? Am I making the right decisions? Why is nothing going right? These are the kind of questions that can keep you up at night.

A mentor can be your sounding board, pressure relief valve, and kick in the pants when you need it most. They understand the psychological rollercoaster of entrepreneurship because they've ridden it themselves. A mentor can commiserate with your struggles, but also provide the outside perspective to see things you might be missing. Their confidence in you can help reinforce your own self-belief.

Multiple research studies have shown mentors can provide big psychological boosts like increased confidence, greater career satisfaction, improved psychological well-being, and even higher levels of overall happiness. Having someone you can open up to about the unique challenges of entrepreneurship is invaluable.

The Business Benefits

Of course, the main reason to have a mentor is for the business impact they can provide. Entrepreneurs with mentors have significantly higher survival rates.

Businesses with mentors are 70% more likely to succeed after 5 years compared to non-mentored businesses.

A mentor offers proven strategies, candid feedback, a wealth of hard-won knowledge and connections that can accelerate your growth. As an objective outsider, they may be able to spot potential issues or new opportunities you've overlooked. Their advice can save you from costly mistakes and steer you toward the most effective ways to market your product, manage teams, raise funds, or anything else vital to your business.

How to Find a Great Mentor

So you're convinced—you need to get a mentor ASAP. But how do you find the right match? Start by looking in your own network—former professors, professionals you've worked with, or other entrepreneurs further along than yourself are all possibilities.

You can also tap into local business associations, entrepreneurial meetups, or even go through formalized mentorship programs. When evaluating potential mentors, look for people with extensive relevant experience, who are willing to be candid yet supportive. Ideal mentors are generous with making connections and sharing their time.

Don't be afraid to date around to find someone whose personality and experiences are the right fit before committing to a mentor/mentee relationship. You want to vibe with their communication style and ensure they have the expertise suitable for the stage and type of business you are in.

Once you've found a great match, make the most of the mentorship. Come prepared with key issues you want insight on, but also be fully open to the mentor's perspectives. Implement their guidance, update them on your progress, and keep learning from their journey. A mentor should challenge you to up your game while providing empathy during the tougher times.

Grow and Scale with Mentors

Building a business is one of the biggest challenges you'll face, but you don't have to go it alone. Successful entrepreneurs understand the value of learning from those who have gone before them through mentorship.

Don't let pride, imposter syndrome, or a desire for self-reliance prevent you from accessing the gold mine a mentor can provide. By finding someone a few steps ahead of you who can share their wisdom and lessons learned, you'll gain insights to shortcut your way to growth and resilience. You've got this - and a mentor to guide you along the way.