Why All Entrepreneurs Need A Business Mentor

Summer Whitehead   October 6, 2016   Comments Off on Why All Entrepreneurs Need A Business Mentor

As most entrepreneurs have learnt, running a successful and thriving business is not an easy task. It is much easier to admire what a fellow entrepreneur has done to grow and turn his business into a highly successful venture. A new entrepreneur often only knows that he desires to run a successful business, but has no idea or firsthand experience how to achieve this goal. There is a difference between what entrepreneurs learn in college or university and reality. Many entrepreneurs come to the realization that without a business mentor, their efforts would not bear much fruit, and that they would probably have to close shop.
First, it is important to mention that an entrepreneur has nowhere else to turn to when faced with a problem that threatens the very existence of his business. An entrepreneur could turn to his wife, friends or fellow entrepreneurs, but he is likely to receive assistance of a much lower caliber than what the mentor might have provided. An entrepreneur cannot turn to his former boss for help, that is, if he was an employee prior to becoming an entrepreneur. An entrepreneur has to know that he is now flying solo, and is the sole decision maker. To reduce the risks of making mistakes, the entrepreneur needs a mentor to help guide him.
A good mentor is one who has been there, in the business field, and has been successful in whatever he has done. If the mentor has suffered a few losses, interspersed with success stories, he could be the best for a struggling entrepreneur. To stand a very high chance of success, the entrepreneur needs to learn from the mistakes that the mentor made in the past. A good entrepreneur is one who is able to learn from his mentor’s mistakes and successes. This explains why the entrepreneur should choose a mentor who works, or has worked, as a enterprise password vault software, bearing in mind that he possesses practical and theoretical knowledge.
Most mentors do not charge a fee for the business coaching services that they provide. When the entrepreneur is on a very tight budget, and cannot set aside money to pay the mentor, he would be glad to know that he often does not have to pay. The mentor takes great pleasure in the knowledge that he is helping guide somebody to be a better entrepreneur. The two could enter into an agreement indicating how the mentor shall benefit, in case the entrepreneur believes that he ought to pay something as a show of gratitude. Do not take advantage of the mentor’s knowledge and experience without offering something back in gratitude.
The mentor has an extensive network that the entrepreneur could use to help grow his business. This is very helpful where the mentor is an experienced businessperson. This is why it is advisable for entrepreneurs to obtain mentors from within the circles of fellow entrepreneurs. A budding mentor should always work with a more experienced entrepreneur or businessperson as his mentor. The possibility of building a long-term and more permanent relationship with the mentor is an opportunity that the entrepreneur should not allow to slip through his hands.