There is a information and assistance for company owners on the internet. Is it really necessary to have a committed mentor when you have so much knowledge at your fingertips? Without a doubt, the quick answer is yes.
The chance to get 1-on-1 coaching and to mentor from Lord Sugar, as well as his wealth of expertise, was the ultimate Apprentice award for me. Working in the same office with him for the first three years of my business taught me a great deal that I couldn’t have learned from a book.
The value of a good mentor in the corporate world is well acknowledged, and statistics back this up. According to CNBC, 91% of mentor employees are pleased in their careers. At the same time, SCORE found that 30% of entrepreneurs reported greater company growth after only one engagement with a mentor, increasing to 43% after five or more encounters.
There’s a strong correlation between good mentoring and great performance in the business sector, as seen by Bill Gates’ mentorship from Warren Buffet and Mark Zuckerberg’s mentorship from Steve Jobs.
Scaling and expansion
When you consider that, according to Salesforce, the average lifetime of a new start-up is just 20 months, having a competent mentor might be the difference between your firm succeeding or failing.
According to Inc.com, 70% of mentored small firms survive for more than five years, which is astounding when contrasted to the percentage of non-mentored enterprises during the same time. A skilled mentor can predict the frequent pitfalls of new firms and provide essential advice on how to avoid them, so it’s no surprise that 88 per cent of company owners consider having a mentor very beneficial.
Mentors who have had experience scaling their own companies can assist you in similarly implementing growth, as they will be better able to recognise changes that need to be done that will significantly influence profit.
When you work with an experienced mentor, you may learn from both their words and their actions.
In order to achieve your business goals, you may find inspiration in the successes of a skilled coach or mentor who has gone before you.
A mentor may also assist you in unlocking doors that might otherwise be closed to you. A mentee will profit from their experience in business since they will have a much larger circle of influence and a vast network of connections. They may not have all the answers, but they will almost certainly be able to put you in touch with relevant and mutually advantageous connections, service providers, and investors who can help you grow your circle of influence.
From a different angle
Let’s face it: your company is your child. It’s easy to become committed to a plan or a method of doing things, and tunnel vision may lead to stagnation. A mentor is similar to a drone in that they may hover over your company without becoming too involved, providing clarity and insight into areas you would otherwise ignore.
Mentors can more easily see issues, possibilities, and weaknesses with an objective viewpoint. On the other hand, it holds you responsible since people may question why you’re spending your time the way you are.
Friend and confidante
Running a company may be lonely and isolated, particularly in these recent unusual times. It’s no secret that business is difficult, but having a mentor with comparable experiences may be quite helpful in calming and guiding you through difficult times.
Most importantly, they may serve as a sounding board that will not only tell you what you want to hear but will also give you practical, tried-and-true advice. It also compels you to clearly and concisely express your concerns and thoughts, preventing you from being bogged down during difficult moments.
Having a high degree of emotional intelligence has been related to outstanding performance, despite the fact that we don’t often equate business with emotion. In business, knowing your strengths and shortcomings, forming good working relationships, and reacting under duress are all essential talents.
A good mentor can provide you with immediate feedback on how your words and actions come across. This advice will help you teach teams successfully, interact efficiently, and provide constructive criticism to your team.
Simply said, having a great mentor is a no-brainer. When it comes to business, no one is expected to know everything, but having the correct direction and support from an experienced mentor not only helps you get started but also helps your firm thrive.