1. Learn Beyond Reading Books
When seeking a career in business, it’s important to know that not every lesson can be learned from a book. While books can provide a foundation of vast business knowledge, firsthand stories about business experiences often give deeper insight.
2. Increase Chances of Business Success
Listening to a mentor increases the chances of success because it gives the entrepreneur access to knowledge on paths to avoid that can slow down business development. A recent survey by Sage found that 93 percent of startup owners say mentorship is crucial to success.
3. Expand a Network of Business Contacts
An experienced mentor from any field usually represents a wealth of valuable contacts. That means the mentor has access to contacts that can be shared to build a powerful network. Friends and colleagues can have a major impact on recommending people. That’s why investors have a tendency to put the most trust in companies recommended by friends.
4. Gain Confidence Through Expert Feedback
Working directly with a mentor provides the advantage of getting answers to direct questions and having conversations that clarify issues of concern. Direct feedback may lead to learning details about business ideas that might not be known otherwise.
5. Better Odds at Business Longevity
Sticking with a mentor over a long time frame will help ensure business longevity. A mentor contributes to the resilience of others by steering them toward focusing on responsibility and goals. According to the Small Business Administration, 70 percent of mentored businesses last longer than 5 years. That’s quite an accomplishment since 30 percent of new firms don’t survive longer than a year.
6. Develop Strong Emotional Intelligence
Emotional intelligence, also known as emotional quotient, is about controlling emotions, which is crucial to business success. Mentors can give tips on how to resolve heated conflicts with employees or customers.
7. Get Motivated From Encouragement
Another way that a mentor can help someone succeed in business is by providing encouragement, which can accelerate business goals and growth. Encouragement can be the catalyst that drives an entrepreneur toward taking the steps to build a business and map out milestones that measure success.