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5 Ways Good Mentorship Can Help Grow Your Business

As an entrepreneur, chances are you want to do everything by yourself. You are inclined to face the challenges and scale the obstacles ion your own. This could build your self-confidence but it could also be detrimental too and causes your business to fail.

While starting a business, a lot is usually on your plate. You’re faced with growing your business while at the same time you try to maintain relationships. And no matter how much you achieved at this early age, early convictions of assured success often fade, unfortunately, in the face of reality.

So as to keep up with reality and maintain a healthy business, you need a business mentor. Here are why getting a good business mentor would help your business grow;

1. Business Experience

Mentors have years of experience and have learnt from their own mistakes. They have walked the path and grown successful businesses themselves so they are fully aware of the pitfalls, which can help to prevent you from making the same mistakes. The insight that business mentors can provide because of what they’ve been through with their business ventures, and over time, is tremendously valuable from a practical standpoint. They can offer you expert advice and guidance based on actual experiences — successes and failures included.

2. Assessing Your Business Model

As an entrepreneur, it’s easy to become overly attached to a business plan or to have tunnel vision as to the best way to achieve your goals. A mentor can help you look past your original scope and see the weaknesses in your model.

A different perspective may help you decide that the time has come for your company to pivot or for you to upgrade outdated systems for new technology. Constructive feedback and criticism are expected from a mentorship, and accepting that input can pay dividends.

3. Networking

With all that experience likely comes a vast network of industry connections. Your mentor can help open doors so you can meet people – potential partners, customers and decision-makers in your target market.

Mentors tend to have a great network of contacts, friends and colleagues which they’ve built relationships with over the years. If there is good synergy between your business and a contact they know they may be willing to introduce you to someone who could help to open doors for you and grow your business. Having an introduction from someone like your business mentor can help strengthen that new tie more than simply meeting someone randomly at an event.

4. Skill Development

If you find that you’re struggling with a particular task in your start-up activities or are facing an issue with employees, bookkeeping, etc. in your existing business – a mentor can help.

Many business mentors have a particular area of advanced skills, so you can further your technical abilities while you gather bigger-picture insight.

5. Low Risk

Through many organizations and programs, consulting with a mentor is usually free, so you don’t have to worry about fronting cash to benefit. You also don’t need to be concerned with scams, because business mentors are available for one primary reason – to help you succeed.

But it’s a two-way street.  Business mentors learn from mentees as well, so the experience is mutually beneficial.

Smart small-business owners know that having an advantage like a mentor can be crucial in staying ahead of the market, and, in some cases, out of bankruptcy. Look for the helping hand of a mentor to open your mind to new ideas, your address book to new contacts, and your business to new opportunities. You’ve got nothing to lose – and a world of business insight to gain.

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Written by PH

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