5 Advantages Of Having A Good Business Mentor

They say the price of entrepreneurship is loneliness.

While undoubtedly rewarding, starting and maintaining a business can be a real challenge. In most cases, you alone will have to make tough decisions. You are also solely responsible for the outcomes of your actions, whether they be positive or negative.  

Your entrepreneurial journey, however, does not have to be lonely at all.

If you can find a good business mentor – someone who has “been there” and “done that” – you’ll be able to gain precious advice. Their words of wisdom can definitely help you overcome obstacles and avoid common pitfalls as you encounter them along the way.

Author and motivational speaker J Loren Norris once emphasized the importance of seeking a mentor by pointing out:

“If you cannot see where you are going, ask someone who has been there before.”

Meanwhile, former PepsiCo CEO and one of the world’s most powerful women, Indra Nooyi, put it this way:

“If I hadn't had mentors, I wouldn't be here today. I'm a product of great mentoring, great coaching.”

Of course, there are many other reasons why good business mentors can be of huge benefit to you, as a startup entrepreneur. Allow us to enumerate some of them!

#1. They can help you see the big picture

business mentor

As a new entrepreneur, you’ll want to seek counsel from someone who understands your situation and knows exactly how it feels to be there. An experienced mentor can guide you as you navigate through the difficulties of running a new startup. They can provide answers to most of your questions, and you can even learn from their past mistakes.

In fact, they’ll help you see the overall picture so that you avoid becoming discouraged early on. They’ll assure you that the struggles are normal and it’s possible to conquer them.

If you’re stuck with a business problem, for example, and aren’t quite sure about how to proceed, your mentor can be of great assistance. They can evaluate your dilemma with a fresh set of eyes and help you find new solutions.

#2. They can point you to the right resources

As a longtime entrepreneur, your mentor has surely made a lot of connections in and out of the industry. They can help you expand your network by directing you to their connections if you, say, need to find cheap suppliers in your area.

As an INC article tells us:

“A mentor may not have all the answers but he or she should be willing and able to connect you with other people who can help. A good mentor can help you find investors, clients, co-founders, or contractors who provide a valuable service.”

You’ll be surprised at how quickly you can grow your professional network if you just take the time to ask your business mentor the right questions.

#3. They can help boost your skill set

As a newbie entrepreneur, you will need to learn a lot of skills to succeed in your industry – from delegation and negotiation, to marketing and public speaking, and many others.

Your mentor can share tips and tricks to help accelerate your learning curve. Your skills can improve faster as you listen and apply your mentor’s pointers.  

And since he or she is familiar with your unique strengths and weaknesses, you can expect to get personalized support. This can be priceless for you as a mentee because you will know exactly what you need to do – and what you should stop doing – to be better than you are today.

#4. They can lend you a listening ear

Feeling frustrated about your recent earnings? Don’t know what to do with a problem employee? Your mentor would be more than willing to listen as you vent out.

Chances are, he or she has gone through the same issues in the past and can relate to your present dilemmas. More than lending a listening ear, your mentor can offer sound advice so you can know what steps to take moving forward.

Your mentor can also be your sounding board if you have some business concepts you want to test out. They can give you constructive and objective insights.

“When an individual has ideas, they can use a mentor as a resource to discuss or try them,” writes Indeed. “The mentor can provide unbiased advice or opinions using their relevant knowledge and experience.”

#5. They can inspire you to give back

Pamela Ryckman, author of the book ‘Stiletto Network: Inside the Women's Power Circles That Are Changing the Face of Business’, once said:

“We should all be learning from others (playing the mentee role) and teaching others (being the mentor) throughout our careers.”

As you learn from your mentor, you will probably feel inspired from their examples and be motivated to teach others, too. You will feel good about the idea of giving back, whether or not you’ve taught others before.

You will feel more patient when you teach and train new members of your team.

Conclusion

An effective mentor should share your vision and be genuinely interested in your improvement. When looking for a business mentor, you’ll want to keep this reminder from Forbes in mind:

“It is not enough for a mentor to be successful in your industry. To be a great mentor, they must also be a teacher who is driven to help you succeed.”

In addition to experienced entrepreneurs, you may also seek learning from other resources such as blogs, podcasts, and videos. There is a lot of great motivational content for business owners out there so feel free to look around.  

Other than that, using a coworking space may help you meet fellow entrepreneurs from different fields of industry. You may also network with them and other professionals as you make use of the great facilities in one of our New York-based locations.

The Farm SoHo has always been a hub for creatives, freelancers, innovators, startup owners, and more. So if you want to be a part of our vibrant community, don’t hesitate to give us a call via (917) 722-5027 or send us an email on [email protected] 

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