AddThis Feed Button
AddThis Social Bookmark Button
Free Newsletter Signup

Whether an entrepreneur is grappling with the inception of an idea or its execution, the significance of having a mentor for sound advice and proper guidance cannot be denied. A good mentor helps an entrepreneur think through the business idea, suggests various ways to generate capital for the business, offers the benefit of his experience, and makes up for the know-how that the entrepreneur may lack in the field.

A helpful mentor will be sincerely invested in your entrepreneurial success. Having a mentor who believes in your business idea is a great confidence booster. Finding a mentor who genuinely cares for your success is rare, and there’s nothing quite like actually having one by your side.

Here are five great ways in which mentors invaluably help inexperienced entrepreneurs.

  1. They Impart Practical Knowledge Not Found in Books

There’s no doubt that motivational books help momentously in boosting the confidence of young entrepreneurs. Various autobiographies of business stalwarts also offer great insights into their experiences of running a successful business. But it is an unstated truth that most authors are not comfortable with revealing everything in their books. A mentor, on the other hand, is your guaranteed help in dealing with challenges during your entrepreneurial journey. He/she has practically dealt with the obstacles of running a business and fought through them, which is why he/she can offer you hands-on advice when you face dire situations.

The combination of motivational books and the comradeship of a mentor can prove to be great for your fascinating entrepreneurial journey and keep your entrepreneurial spirit high.

  1. They Help Develop Connections within Industry

Starting from the bottom of the line and finally breaking into an important industry circle can be intimidating, especially if you do not have prior contacts. A successful mentor comes with an unlimited network of connections that can help a newbie enter the industry circle. Since a mentor already believes in your idea and is working with you for the success of your venture, he will introduce you to his connections in the industry and also recommend you.

It is also a well-known fact that investors trust a start-up that is recommended by a successful connection or friend. So, having a mentor helps both ways – building network connections and establishing credibility in the industry circle.

  1. They Assist in Better Financial Management

One of the hardest parts of maintaining the start-up course is to monitor its cash flow and stick to the business plan. More often than not, business execution does not go exactly as planned on paper. Numerous practical situations are responsible for the drift from the initial plans for your business. Only a mentor who has faced such situations and dealt with them can help a budding entrepreneur with the practical know-how of dealing with complex financial and maintaining a sustained cash flow.

From hiring employees to investing in business development, a mentor helps in better utilization of financial resources and provides a good understanding of business management.

  1. They Can Develop Better EQ and Reassurance

Implementing decisions with an emotional mind-set can prove fatal for a business. There’s no doubt that emotional maturity is crucial for the success of a business, but passion for your dream can often bring emotions into the picture. Having a mentor will help you keep emotions aside and think practically when taking critical decisions.

During the initial stages of the business, inexperienced entrepreneurs may need mental reassurance that their chosen path will lead them to success. A mentor helps the entrepreneur in dealing with inhibitions, worries, uncertainties, and promotes self-confidence that reassures a bright future.

  1. They Aid Longer Business Sustenance

As per statistics, more than 30% of new ventures do not survive for more than twenty four months, and 50% don’t make it past five years. An entrepreneur with a mentor should consider himself lucky. It is a proven fact that more than 70% of businesses guided by a knowledgeable mentor survive for more than five years. One of the biggest reasons for this success is that a mentor is invested in your business right from the start. He helps you design a good business model, and improves your skills through constructive criticism and positive mentor-ship.

With the help of a mentor, entrepreneurs can build businesses that are more organized, and grow their professional and personal skills through the mentor’s experience.

As a young entrepreneur, there may be several occasions when doubts about achieving success come to your mind. Having a mentor gives the encouragement to run the business with refined intellect. Mentors are essential to the success of a business and if you don’t have one yet, it’s time to be proactive and find a mentor who believes in you and your dream.

About the Author

Nicola Reynor is a passionate blogger who loves to blog about business, entrepreneurship, finance, health and lifestyle trends. When in leisure time, she prefers to spend time in traveling with friends and family.



Comments are closed.

Have an expert opinion on issues entrepreneurs and small business owners face everyday? Join the Experts Network and share your expertise with the community!

The new GE Experts Network is inviting seasoned entrepreneurs and small business owners to come on board and contribute small business advice to our community of aspiring entrepreneurs. If you have an effective way of generating sales or you know how to use social networking to connect with your customers, join us in providing wider entrepreneurial content that would benefit small business owners worldwide.

Click Here to Learn More >>

Free BIZNESS Newsletter
Ever wanted to be the CEO of your very own Starbucks or Fire your boss and be your own boss? Now you can, with BIZNESS! - the free weekly business newsletter about new business ideas, opportunities and innovations from around the world. More than just new business trends, BIZNESS! helps the aspiring entrepreneur (you!) with small business advice, business tips, and entrepreneur resources and opportunities.

   Subscribe for free now!    Subscribe now

  Meet Our GE Network Experts!

Meet Our GE Network Experts!

Recent Comments

About is a small business blog dedicated to providing business advice and resources to our community of aspiring entrepreneurs. Our specially hand-picked panel of Network experts regularly contribute entrepreneurial content and professional tips for small business owners worldwide.