A mentor serves many purposes, and there is no doubt that one of the secret ingredients to a successful startup is a reliable mentor. Across over 700 startup founder interviews, Endeavor Insight concluded that 33% of top-performing founders all had a successful entrepreneur mentor.
92% of small business owners agreed that mentors have a direct impact on the long-term growth of their business, and 89% of owners without a mentor wished they had one. This suggests that there is a need in the startup community for mentors to help businesses through the uncertain first few years of establishing themselves.
A mentor is someone who provides support for you and your startup on a number of levels. They can provide professional and business advice, expand your network through their contacts, provide an outside perspective when you are going through challenges, and act as emotional support when things get tough. As an added bonus, receiving seasoned advice will ultimately save you time and money.
Sometimes they offer hard advice, like pointing out weak points in your business plan, address skills you need to develop, or acknowledge inefficiencies in your startup. Over time, the role of a mentor can change as you and your startup go through different phases.
At the end of the day, a mentor should be someone who you trust and will be there in the long-run as you evolve.
Three Essential Reasons To Have A Mentor
- First and foremost, mentors can bring you into your local startup community. Mentor-mentee relationships are long-term and they often lead to other long-lasting partnerships. Having strong ties are invaluable, even after your startup succeeds because from these relationships come community. By mentoring others, more founders will have access to the knowledge and expertise needed to launch their startup. This creates a stronger startup community full of connections and new businesses that are less likely to make mistakes and more likely to thrive. More long-term relationships in the community leads to more connections overall, which means more support. A more resilient and connected community can directly impact not only your startup but later and early stage startups too.
- A major responsibility of a mentor is to introduce new people who contribute to your success, like employees, long-term clients, other mentors, new investors, and more. Drawing on the established network from years of experience by a mentor is a vital way to quickly find resources and share knowledge. Enlarging your network might be Business 101, but a mentor acts as a shortcut, finding the people who unexpectedly might help you the most. Although mentors provide introductions, remember that reaching out and starting a conversation is up to you.
- Finally, mentors provide much needed advice, expertise, and guidance on challenges you might not have expected or are not equipped to deal with. In summary, they can put years of experience at your fingertips to help you make the best decision possible. That said, a good mentor will not tell you what to do, but will offer different techniques, opinions, or paths so you can learn to deal with challenges confidently. By providing guidance, a solid mentor can help you grow professionally and meet difficulties with a more open mind.
All in all, a mentor is one hidden component to startup success. Don’t be part of the 89% of owners wishing they had a mentor. Finding one can be easy! At Startup of the Year, you can join our thriving community for free and have a host of mentors, investors, industry leaders, and entrepreneurs in your hands. Join us here and give your idea the best chance of success!
________________________
Author: Miriam Attal | Miriam is receiving her M.S in Communication with an eye on social media for social good. She is inspired to build connections and promote justice online through creative strategies.