Entrepreneurship is one of the most rewarding journeys a person can undertake, promising independence and even the potential for outsized financial returns. However, obstacles are likewise an inevitability along the way, especially as schools and universities typically don’t prepare learners well for entrepreneurship in real-world circumstances. As such, finding a suitable mentor to guide you and share the benefit of their experiences could make or break your business.
For example, when I launched my first business, a waterproofing company called Future Seal, I did so without any professional business guidance. I had the ambition and work ethic, but lacked the necessary experience. The result was that the business hit roadblock after roadblock. Cash flow issues nearly sank me, and my market timing was completely wrong.
A mentor would have been a significant asset in guiding me through those early days, and helping to avoid the mistakes that cost me time, money, and many sleepless nights.
How a mentor can help you grow as an entrepreneur
A mentor’s role is to challenge your thinking, push you out of your comfort zone, and force you to confront the hard truths about your business, using the benefits of their real-world experience and hard-fought business knowledge to provide practical advice.
Additionally, in business, your network is your net worth. The more people you know, the better your chances of growing your company, reaching more clients, and securing the best deals. The longer someone’s been involved in the business world, the bigger and more valuable their network will be – which is also where a mentor can also play a role by putting you in touch with the right people to grow your business or get it back on track.
How to find a mentor
The main reasons most people don’t have a mentor are that they don’t know any successful businesspeople, don’t know how to find them, or simply don’t know how to approach them. This said, today’s business landscape is very different from ten years ago. Most successful businesspeople are online. Many share their journeys on social media, and nearly everyone has a LinkedIn account – which offers an easy and professional platform to connect with potential mentors.
To take advantage of this trend, start building your personal brand online and on social media. It’s free and easy to do – all you need is time and something to say. Share your business-related posts on relevant entrepreneurial groups, interact with other users, and regularly comment on other people’s posts.
Once you’ve established a presence, start reaching out to businesspeople to ask if they’d be willing to mentor you. Finding a mentor living within your physical vicinity is best for developing face-to-face relationships, but even a mentor who is willing to provide guidance digitally can add enormous value to your business.
Reasons to become a mentor
Then, once you’ve eventually achieved your own success as an entrepreneur, consider paying it forward. Somewhere out there, a young entrepreneur will need your help just as much as you once did. Take everything you’ve learned from your mentors and your business dealings over the years, package it thoughtfully, and transfer that knowledge to the next generation.
Remember that mentoring can benefit you personally in a number of ways. There’s so much you can learn about business by teaching others. Plus, mentoring could also help you expand your business, as the entrepreneurs you assist today may be in a position to help you one day in return. And finally, by participating in the mentorship system, you can play a meaningful role in contributing to the economy, and strengthening your own market environment.