In the United States, 587,000 new small businesses open their doors on average each year. The bad news is only half survive five years. And when you reach ten years, that proportion drops to one-third. But, there are ways to increase your odds of survival. Having a mentor has been shown to be a sign of success. Here are five reasons why.
3 Tips to Find a Business Mentor | Brian Tracy
Why is having a business mentor important?
Having a business mentor is crucial because they can give you advice on the relevant industries. Your industry or field-specific management experience is something that business mentors have. You learn additional tactics and strategies from a business mentor that you won’t learn in school.
A business mentor offers practical suggestions and career guidance. Using your mentor’s career journey as an example will help you picture your own future because most mentors have faced comparable difficulties and set comparable goals.
You might run into concerns or questions as your business expands that you need to address. A business mentor offers you practical guidance based on their own experience.
What is a business mentor?
A business mentor is an accomplished expert in your field who can offer you helpful direction and advice. They set an exemplary example for you, mentor you, and assist you in achieving your professional goals. They act as advisors by offering insightful feedback on how you are running your company and what you can do to expand.
A business mentor frequently has prior management or ownership experience. They have years of experience in their field, and they are skilled at managing and leading others. They can give you invaluable insight into leadership and entrepreneurship due to their industry experience. Having once been mentors themselves, many mentors are familiar with the mentor-mentee relationship.
Business mentors dont receive monetary compensation from the relationship. They offer you advice because they are equally passionate about business or your particular field.
How to find a business mentor
It takes a lot of networking and professional conversations to find a business mentor. Finding a mentor can be done in a variety of ways, including through informal get-togethers or formal networking occasions. Consider taking these steps to find your business mentor.
1. Establish what you need in a mentor
A mentor addresses gaps you find in your professional development. They educate you on ideas you might not be aware of or provide advice you might not have heard. Therefore, identifying your needs first is a great way to ensure that you find a good mentor. Think about your career priorities and where you most need assistance. One of your objectives, for instance, might be to land a job with a higher salary. It might be a good idea for you to find a mentor who has made significant financial strides.
2. Network with professionals
The best way to meet other business people is through networking, which is also very beneficial when looking for a mentor. In order to network, you must ask several people about their professional background, abilities, and accomplishments. You have more options for potential mentors as you interact with more people and have more fruitful conversations. In particular, make connections with potential mentors in your industry to find someone who can help you with your business ideas.
3. Attend events and meetups
There are numerous professional meetups and community events that are ideal for networking with potential mentors. You will talk with people in the same or similar fields at a networking event or meetup, forging connections with like-minded professionals.
Look into joining organizations so you can get involved and meet people who share your interests. Your chances of meeting your next mentor will probably increase if you participate in events and meetups. Even if you don’t run into your mentor at a networking event, you can still form a number of professional connections that will be beneficial to you.
4. Consider your institutional connections
If you went to college, you probably have a network of former students. When looking for a mentor, take into account these organizations as well as former professors, instructors, and extracurricular advisors. These people are acquainted with you and are generally aware of your professional objectives. Numerous institutions have online communities and alumni-focused websites. University alumni gatherings and reunions offer great chances to network with potential mentors. Attend these events if you can to keep in touch with those connected to your institution.
5. Meet with potential mentors
To find the right mentor for you, take into account meeting with a few different candidates. Each mentor has their own strategy for managing a business and advancing their careers. It’s ideal to keep a mentor for a very long time, so spend some time getting to know potential mentors.
Even though a mentor acts as an advisor, you both gain knowledge from one another. Understanding one another’s experiences is advantageous because you each give the other a different perspective.
6. Think about logistics
Think about the logistics of keeping the professional connection going when considering your mentor relationship. Think about your schedules and flexibility in planning meetings. Choose a mentor who lives close to you if you decide you want to meet in person. Another aspect to consider is the time zone. If there is a significant time difference between the two time zones, you will need to take a little more time to schedule calls at convenient times.
7. Build a relationship
Sometimes mentoring develops naturally, and you find a mentor over time through shared experience. You and your mentor must put a lot of time and effort into this kind of relationship. When you are in college or at your first job, a mentorship can often come to you out of the blue. A manager, manager’s assistant, or professor may begin as an advisor before evolving into a mentor. Allowing for authentic growth will help you connect with each other more deeply.
What is a business mentor?
A relationship between a seasoned businessperson (the mentor) and a company owner or employee (the mentee) is referred to as “business mentoring.” It can be applied throughout the entire business life cycle and is advantageous for both mentors and mentees.
What does a business mentor offer?
They Provide Discipline Having a business mentor gives you someone to hold you responsible for achieving your career goals and to regularly check in to see how you’re doing throughout the process. This can spur you on to grow and discipline you to keep doing better and better things.
How much should you pay for a business mentor?
Sessions start at $50 an hour, though a quick look at the website reveals that many people charge more than $100 an hour. Sessions can be virtual, over the phone, or in person if the expert agrees.