Mentors have been in the business industry to provide entrepreneurs valuable insights that they’re unlikely to find in the books or within the walls of a classroom. Although there is no one magic formula that can help you succeed, a mentor can provide you with unbiased feedback and unwavering support that will take you there.
While business entrepreneurs have their own style and tactics on how to run their business, it is always ideal to have a reliable mentor at your side that tells you if your business plan is going to be a success. They can be likened to a trustworthy companion who sees through the mistakes of your business and teaches you how to handle them the right way.
Some people prefer to rely on their expertise and follow their instincts. But most of the highly successful business entrepreneurs prefer to have mentors. It is because having a mentor gives them the confidence and drive to work hard. If you’re not quite sure about having one of your own, maybe these reasons below will help change your mind.
Reasons a Mentor Is Good for You
1. A good mentor helps you accomplish your goals.
Mentors help you focus on your company’s goals and see to it that you are doing what is needed to be done in order to accomplish them. They will help you create your business plan and find ways on how to successfully execute them. They will also help you make effective strategies for your projects and even give you advice on how to properly manage your finances.
If you are not quite sure about your ideas, you can ask for their opinion and they will provide you with useful advice. Always keep your mind open and ready for opinions and suggestions.
2. You get to connect with a network of business entrepreneurs or investors.
Mentors know a number of people that can help you with your business. Whether you need capital for your start-up or marketing campaign, funds to move to new premises, or resources to support your business, a mentor will always have a network of people willing to be working with you anytime.
They also know a number of investors who can invest in your business and have an idea of the funding options available for you to choose. Plus, they can connect you with other business entrepreneurs who are willing to share their experiences and secrets on how to succeed in the business industry.
3. They will help you find weakness and holes in your business plan.
Having a business plan allows you to see the overall structure of your business and allows you to see if your plans are on course. As an entrepreneur, it is so easy to rely on your business plan when it comes to achieving your company’s goals.
A mentor’s job is to help you look past the structure of your business plan and see the weaknesses of each data. They will encourage you to re-examine your business plan and take a course of action before it all goes down to waste. Your mentor’s perspective may help you decide what is right for your company.
4. Your mentor will help your business grow.
It is said that 90% of start-up businesses are bound to fail in their first 2-4 years. In a study by Statistic Brain, they asked companies their reason for failing in the first few years of business operation. Here are some of them:
- Lack of passion and motivation.
- Lack of concentration.
- Unwilling to see past their mistakes.
- Not having enough funds to support a particular project.
- Lack of good mentorship.
- Lack of general business knowledge.
If you have a mentor, they will see to it that you are motivated enough to execute your goals and provide you good mentorship to help you grow your business. If you have all of these things listed above, they will see the root of the problem and find ways to steer you in the right direction.
5. Your mentor will encourage you in times of struggle.
When all else seem to fail in the way you handle your business, your mentor will be there to support you and encourage you to strive harder than you did yesterday. In hard times, your mentor will help you build your confidence and push you to keep your head high. This is because many young entrepreneurs undergo depression when their goals are not fulfilled or have experienced too many mistakes in handling their business.
A mentor has had many experiences when it comes to coping up with struggles. They have experienced smooth and rough roads in their previous mentorship, which is why they are the best people to help you out. Apart from motivation, they will also give you ideas on how to achieve your goals.
What characteristics make a good mentor?
An ideal mentor should be successful in his own business or from his past mentorship. They should have the ability to see through the challenges that your business is facing and assist you in creating a course of action. Lastly, a good mentor should be a good friend whom you can trust and who will continue to support you in your endeavor.
How do you find the right mentor?
Finding a mentor is hard but it is important that you understand what you want them to do for you before you find one. Do you need advice on where to get funds for operational resources? Do you need ideas on how to improve or develop your product? Do you need advice before executing your business plan? Each entrepreneur has their own needs and a mentor should be able to fulfill them.
Witnessing first-hand how difficult it is to start a company, Brian Gaister is a reliable mentor you can work with. He became a business and investment advisor for reputable companies and has been assisting fellow entrepreneurs and investors on their way to success.
He serves on the investment committee for reputable companies of Pennington Partners & Co. and Saas ventures. Brian Gaister earned a Bachelor of Science in International Business degree when he attended the University Of Maryland Robert H. Smith School Of Business and has been awarded as a Certified Management Analyst and Private Wealth Advisor in partnership with the University of Chicago Booth School of Business and Wharton School of the University of Pennsylvania.
Having Brian Gaister as a mentor will help your business grow and drive you to success. He can provide you with the assistance and guidance you need.