5 Reasons You Need a Mentor for Entrepreneurial Success

Success can stem from a number of things including hard work, connections, and the right attitude. However, an asset very often forgotten is having the right mentor. A perfect mentor is needed for guiding students on the right path, and in helping and aspiring them to progress in their life or career.

 

New ideas are on a roll and so are start-ups in the UAE. Merely having an idea without proper mentorship can be disastrous if not properly nurtured. This makes the role of accelerators, incubators or mentors all the more crucial.

 

Research confirms that mentoring can have powerful and positive effects on young people across academic, professional and personal situations. Yet, one in three young people will grow up without any support, role model or mentor in life. Mentoring can establish a learning relationship with young students and adults. It can help in boosting skills and accomplishing goals. It also opens doors to countless learning opportunities and individual growth.

 

Here are some of the benefits of having a mentor:

 

  1. Success – You are more likely to succeed with a mentor. By having a mentor, you can gain valuable connections, timely advice, occasional checks along with some spiritual and moral guidance. This will quite literally lift you up to success.
    In a 2013 executive coaching survey, 80 per cent of the CEOs said that they received some form of mentoring. In a research by Sage, 93 per cent start-ups have admitted that having a mentor to guide you through is very instrumental to success.
  2. Out-of-the-book Learning – Experience is an expensive asset and is crucial for success in any field. It gives you what books don’t. Experience is the undocumented truth that most authors find uncomfortable to reveal in books. Some personal experiences might not get shared. Yet, knowing how the person dealt with those can play a very vital role in an entrepreneur’s success.
  3. Stay in Business Longer – A lot of businesses fail and this number is so high that it would make you feel that they should have had a mentor. According to a survey, about 30 per cent ventures without a mentor don’t last beyond the first 24-month period, and more than 50 per cent businesses are unable to make it through the first five years. On the other hand, 70 per cent of businesses that have a mentor, survive much longer than five years.
  4. Strong EQ – Maturity brings about emotional quotient (EQ) which is instrumental for business success. If a young entrepreneur has a matured mentor who advices him or her through the entire process of building a business, the entrepreneur is likely to have a better control over emotions and thereby, have a better shot at success.
  5. Networking – Investors trust start-ups that are recommended by their friends. However, a successful mentor has an infinite network of people who can benefit your career. It makes sense for them to let you tap into their contacts for developing your business. This is the kind of opportunity which you cannot tap into if you don’t have a mentor.

 

A mentor who has experienced the highs and lows of running a business is in the perfect position to give positive and soothing words of advice to you when things refuse to go your way. They have the right words to share and, also, they have ideas to help you navigate your way to success. Be a keen observer during the mentoring sessions. And the most important thing is, making the most out of all such sessions.

 

 

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