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Originally Posted On: https://www.drdanschneider.com/the-importance-of-mentorship-for-startup-founders-and-entrepreneurs/

Of the small businesses that started in 2014 only 56% made it to year 5 (2018). The good news is that research suggests that having a mentor can impact entrepreneurial success.

So what is the importance of mentorship and how can you benefit? Read on to learn how mentorship can help you take your company to the next level.

The Importance of Mentorship for Entrepreneurs

Mentorship is the process of gaining knowledge from a more experienced individual in a semi-formal way according to University of Cambridge. Below are just a few of the reasons why mentorship works for entrepreneurs.

Gain Real-World Experience

You can only gain so much knowledge from books, webinars, and the internet. Some knowledge comes from having done it. That is where a mentor can help you. They have been through the process of developing and growing a company.

In a mentor/mentee relationship, that knowledge is shared which allows you to take a step ahead of your competitors.

Networking Opportunities

Your mentor can share valuable contacts with you which in turn can help your career. In addition, because your mentor believes in you and your company it lends credibility to your work. This encourages others in the field to support or invest in your ideas.

Mentors Help to Foster EQ

Emotional intelligence (EQ) is crucial to entrepreneurial success. The adage is true, with age, and experience comes wisdom. Experienced entrepreneurs can help foster EQ in young entrepreneur minimizing emotional decisions that can have negative impacts on your company.

Mentors Offer Encouragement

Failure is a part of building anything, but enduring that failure and overcoming it is difficult.  This is where a mentor steps in. They can help you understand mistakes and turn them into successes.

Mentors offer encouragement when things are difficult, but they also offer praise when things are done well. The later is something that is often not found in working for yourself when there is no boss to tell you “you are doing a great job”

Mentors can also help you see the long term outcomes of the short term challenges. Often entrepreneurs struggle to see the bigger picture with they are overwhelmed with the day to day of running the company. Mentors help to keep the long term goal in sight.

Running your own business can be lonely, you and you alone are making the decisions that impact your company. Having a sounding board in a mentor can help you to navigate through hard times.

Mentorship can bring so many more benefits to new entrepreneurs and start-ups. The key is to find a mentor that has the knowledge that you need and is willing to work with you.

Do You Need a Business Mentor?

I have built businesses, moved faster and more efficiently than others, and reaped the results. I now want to share that knowledge with you. I understand the importance of mentorship and want to help others succeed.

Contact me, and we can work together to grow your business.