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Why There’s a Growing Need to have a Mentor for Your Business

An experienced mentor is a pro who can offer the right advice as well as knowledge regarding the particular industry which, even, the well-researched market reports fails to decipher.
BY Jaspreet Kaur
Feature Writer, BusinessEx
Mar 26,2019

Mentoring in business is similar to a teachers role in a students life. A teacher helps the student imbibe hard things, sharpens her/his skills and facilitates in one becoming an intelligent beingwho is ready to face the challenges of the world. Similarly, a mentor performs endless jobs to keep the A-level status of the business intact. She/he foresees events, steers the business in the right direction and gives advice on important matters.

Why Seek a Mentor?

If a first-time entrepreneur kicks off the business then there are numerous elements that the entrepreneur needs to know. An experienced mentor is a pro who can offer the right advice as well as knowledge regarding the particular industry, which even the well-researched market reports fails to decipher.

Aside from the investment, the mentor helps in various other areas of the business. Further, it should be known that sometimes one mentor may not be sufficiently equipped to steer the business and consequently, a businessman needs to approach two or more mentors to resolve business-related problems.

Reciprocating Channel between the Entrepreneurs and Mentors

After finding the right mentor, the business owner should not completely rely on the mentor for trivial matters. The exchange between the two pros, entrepreneurs and mentors, should be intellectual and mostly relatable to the business.

The entrepreneurs should not ask lame questions from mentors such as what to do now, or whats the solution of a specific business problem. Like mentors, the entrepreneurs should also possess certain knowledge of the industry. The grasped knowledge later helps out to find immediate solutions to the business-related problems. In case the accessible knowledge is not apt to resolve a particular issue, its then the company needs to consult the mentor for guidance.

In such kind of situations, the veterans of the industry, mentors, give good pieces of advice to the companies which ultimately ensure smooth functioning of the business, without hampering its growth.

Things to Learn From a Mentor

Owing to an individual zest and focused nature, many times entrepreneurs do not feel to approach or take guidance from mentors. It is perceived that the business outline and associated business partners are sufficient to help the company if a problem arises. Though, that is not true in reality. Guidance or suggestions by the veteran are always fruitful and generates positive outcomes.

  1. Experience Teaches Vital Lessons

Tons of lessons are taught when a mentor narrates his past experiences. The experience originally incorporates fiascos, cash crunches, recession, business closure and many more events like these.

The ability and mindfulness that can be used in dealing with such risky scenarios can only be taught by mentors. Thus, the influence of the mentor is significant for earlystartups.

  1. Help Keep the Business Afloat

The first five years of startups are the crucial ones as the future of the company fully relies on the performance made during that time span. Thus, the startup company has to testify its mettle in the industry and for that, a mentor help is needed.

A mentor increases the chances of success by rendering well-thought decisions and monitoring the companys growth. In this way, the mentor helps lead the company in the right direction.

  1. Gives a True Picture

When an entrepreneur steps in the industry, the newcomer envisions glittery images of earning millions as revenue and lots of recognition in the market. Mostly, new entrepreneurs are not prepared to meet fatal business disasters.

With the guidance of a mentor, the entrepreneur comes to know the real image of the business ecosystem. Aside from accessing the knowledge of the business fiascos, the entrepreneurs are also taught the vital ways to deal with problems.

These reasons state the importance of having a mentor for the business. The way a ship cant attain stability without an anchor; likewise, a company cant be directed properly without a mentor.

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