The biggest challenge in present corporate is to find right direction to do the business. As per present situation 70% of new company are shutting down in average 2 year time due to lack of guidance and funds. In beginning they are doing well but by coming to midway they are lost and not able to bounce back. The major reason behind this is, they are not having proper guide who can help them drive their business in right direction with accurate vision and step by step instructions to achieve their business objectives.
Most of business owner thinks that they have enough experience and they have learnt how to do business from business schools or place where they were working in past. Due to this unaspiringly many entrepreneurs and young founders do not seek out a mentor as hard as they try to find a co-founder.
You need to know that all successful business owners where mentored by someone at beginning stage and then only they were able to set-up the empire, Mark Zuckerberg was mentored by Steve Jobs. Steve Jobs was mentored by Mike Markkula. Eric Schmidt mentored Larry Page and Sergey Brin.
What makes mentors so crucial for business and professional success?
Here are eight reasons why having a mentor is important.
1. Real life experience:
Experience is a very most expensive asset and it’s crucial to business success. In books most of the authors are just giving you some knowledge and are not comfortable to share entire stuffs in details. Same happens when you are working with some corporates, they will never share the key success rules to avoid them self from self-developed competition. Some personal experiences may be too close to be shared, yet how they dealt with it can help an inexperienced entrepreneur’s career.
Mentorship is one guaranteed way to gain experience from others.
2. High Chance for success:
When you have mentor your chances of success in life and in business can be enlarged. Time to time advice, correction in your pattern of work, real life experience etc will always help you to be at more secure and successful stage.
From many researches and surveys it is proven that having a mentor is one of the most important part for any business success. Based on 2013 executive coaching survey, 80 percent of CEOs said they received some form of mentorship. In one other survey, 93 percent of start-ups admit that mentorship is influential to success.
3. Venture Capital opportunity:
There is a fact that investors trust start-ups who are recommended by their friends, a successful mentor will have a boundless network of people who can benefit your business. Since they are already investing in your success, they will be always happy to allow you and find way from their network to make your business successful and they do recommend you.
4. Creates positivity:
It’s proven from many survey and researches that if you have good mentor then it will create positive vibes around you. Having someone with whom you can share your worries and doubts to get practical solutions – often helps you to overcome your fears with their years of experience which will make sure that you’ll be successful.
At the same time self-confidence and motivation is key for success which you will surely get from mentor each time.
5. You can sustain in business for long time:
As I shared earlier, based on research, 70% of newly formed companies fail in first 24 months, out of which only 5% have the mentors and remaining 30% it’s interesting that out of this around 80% have mentors. Isn’t it cool to spend some cost on mentor to remain in business?
6. Help you to balance your emotions:
It is not mandatory that at maturity age you will have balance between your emotions and actions. When a young entrepreneur has a more mature and successful mentor who advises them, they are likely to have greater control over their emotions.
Every business need to take some risk and do some innovative thing to keep it self ahead from competitor. For doing this you need encouragement and proper motivation. If entrepreneur gets proper encouragement then success ratio gets higher. The impact of depression on entrepreneurs is often underreported. But entrepreneurs without mentors bear the brunt the most.
8. More Engaged Workforce
As a company if you are having mentor, mentoring programs will give you positive workforce because they contribute to the development of a better-trained and engaged workforce. Mentors help your employees to learn the ropes at a company, develop relationships across the organization, and identify skills that should be developed or improved upon.
Just find proper mentor for yourself and start enjoying success of your business.