Why You Should Have a Business Mentor

Updated on November 16th, 2021
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Whether you’re starting or expanding your business, there may come a point where you’re unsure of your next steps. Having a business mentor will help diminish the doubts you may have regarding certain decisions.

Who Exactly Is a Business Mentor?

A business mentor is an individual who possesses several years of experience in the entrepreneurial arena and is capable of guiding others with their business ventures. This person becomes your trusted confidante as you maneuver your way through the ups and downs of your business. This mentorship may last for several months or years depending on the type of counsel you’re seeking. Business mentoring services are usually provided free of charge as a means of giving back to the community at large.

What Are the Benefits of Having a Business Mentor?

Having a business mentor can significantly transform the way you conduct business. Building such relationships will help you do the following things.

 

  • Learn from Your Mentor’s past Mistakes

 

Your mentor has achieved his high ranking business status due to mistakes made in the past. He may have made decisions without having a clear idea of what direction he should take. In such cases, he may have made decisions that cost him lots of money. You may be wondering, how someone who is not in your field can provide you with advice on your business. The key of mentorship lies in the knowledge that your mentor brings to the table. He is in the position to share his personal business experiences with you, so that you can avoid such setbacks from occurring in your business. This will allow you to establish or expand your enterprise in less time.

  •  Manage Your Emotions

You’re no longer in a job setting where you take orders from a boss. Therefore, you’d have nobody to turn to for advice on what’s your next task. Now that you’re a business owner, the ball is in your court. Although you’re alone, your entrepreneurial journey does not have to be desolate. Your mentor can fill the gap by providing you with emotional support. If you require a second opinion on a matter, he can provide you with the clarity required to move forward.

  • Save Money on Coaching or Consulting Services

If you’ve just started your enterprise, you may be strapped for cash. While hiring a consultant or coach would be an asset, you may have to settle for a mentor. This will not only serve as a platform for establishing your business, but also as a way to keep your vision alive. A coach or consultant can cost you anywhere from a few hundred dollars to several thousand dollars depending on that individual’s level of expertise. Furthermore, due to the high demand of these coaches and consultants, you may find it challenging to secure a spot with them. Mentors, on the other hand, are readily available to share their expertise with you at no cost.

  • Expand Your Business Network

As your relationship with your business mentor develops, you may have the opportunity to meet other business owners in his network.

William Lipovsky

William Lipovsky

William Lipovsky owns the personal finance website First Quarter Finance. He began investing when he was 10 years old. His financial works have been published on Business Insider, Entrepreneur, Forbes, U.S. News & World Report, Yahoo Finance, and many others.

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