Finding the right business mentor delivers benefits beyond what you can get from a consultant. Typically, mentors do more than provide business advice. They also offer the emotional support and encouragement that so many small business owners need.
In fact, the American Psychological Association says having a mentor can be “life-changing.” And it pays off. According to Bridget Weston, the CEO of SCORE, the country’s premier source for free business mentoring and education, “[Startup] entrepreneurs who work with a mentor are five times more likely to start a business than those who don’t have a mentor. And small business owners who receive three or more hours of mentoring report higher revenues and increased growth.”
Plus, running a small business can be lonely, and having someone in your corner who understands what you’re going through can make a huge difference. Mentors can help you stay motivated, hold you accountable and celebrate your successes.
Here are some additional benefits of finding a business mentor:
For new entrepreneurs, it can be challenging to adjust to being on your own. While the concept of not having a boss is enticing, reality can be quite different when there’s no one to offer advice or direction on a project. A mentor’s job is to do just that—to guide you through the unknown.
Mentors don’t tell you what to do but help guide you to make the right decisions. Every small business owner needs a sounding board, someone to run ideas by and commiserate with when things don’t go according to plan. And a mentor can help you regroup.
Similarly, solo entrepreneurs often miss having employees to brainstorm with or offer different perspectives when problem solving. Having experienced what you’re going through, your mentor can help broaden your perspective by challenging your assumptions so you’re not just relying on your own knowledge and experience.
Chances are your mentor has made plenty of mistakes on their success journey and can help you avoid making similar errors on yours. For example, new small business owners often take on too much, overextending themselves and in turn, don’t deliver on their promises. A good mentor can point out when you’re taking on too much, how to pace yourself and why sometimes the best thing for your new business is knowing when to say “no.”
Finding a mentor not only offers you immediate guidance but can have lasting ramifications as well. Through your mentor, you’ll gain access to a broader network you can tap into. Your mentor may introduce you to potential partners, customers, employees, professional service providers like accountants, lawyers, and even additional mentors.
A mentor from your local community will also have a vested interest in seeing your small businesses succeed. These mentors have faced similar challenges, overcome likely obstacles and are now ready to give back to their community by sharing experiences with new business owners.
The key to having a successful mentor/mentee partnership is to maintain an ongoing relationship with your mentor, even if you’re not actively working with them. Keep them updated on your progress.
Mentors are not one-size-fits-all. Some may specialize in a specific field or business function. For example, you may find the mentor you worked with during your startup phase isn’t the right fit as you scale. Or, if you worked with a mentor to create a marketing plan or some other specific action item, they may not be able to help you plan your HR strategy.
But if you keep your mentor in the loop, they may introduce you to a new mentor with the expertise to assist you in this new phase of your business. So even if you’ve not currently working with your mentor, meeting for an occasional lunch is a smart idea.
Your ultimate goal is to build a long-term trusting relationship with your mentor, so you can continue to tap their knowledge and expertise.
Another challenge for many small business owners is that they don’t have anyone to hold them accountable. At first, you may find it liberating not to have someone looking over your shoulder to make sure you’re on the right path to accomplishing your goals. But accountability is a good thing. It helps you focus on your goals and determine what steps to take to meet them.
Being accountable to someone helps you keep striving and feeling accomplished and confident when you do meet a goal.
Most mentors consider what they do as a way to “pay it forward.” They’re not in it for the money but for the satisfaction of helping an entrepreneur accomplish their goals. So unlike consultants and coaches, mentors typically don’t charge for their services.
If the mentor you’re working with tries to sell you their products or services or push you to use certain products, they may be in it for the wrong reasons. So, move on at any point that you feel uncomfortable with the relationship.