BCDF shares its experiences and observations about the benefits of mentorship for budding entrepreneurs.
Mentors use their own knowledge to help entrepreneurs move faster and avoid making common errors that will hold them back, streamlining and simplify objectives, helping entrepreneurs see a more direct route to success.
They know from experience what works and what will not.
For start ups, the average lifespan is 20 months. The reason they often fail differs from one company to the next, but is often down to inexperienced management, running out of cash, or choosing the wrong customers/ market. These are all issues that a mentor can anticipate and help you to navigate. Research finds that 70% of mentored businesses survive beyond the five year mark.
For more established businesses, growth success is often achieved via small margins. The barrier between entrepreneurs and their success comes down to a few key adjustments that amplify their company, increasing the number of customers and profits. A mentor may help uncover what these adjustments are.
A mentor can see things the entrepreneur can’t. Not just because they are more experienced, but because they have a birds eye view of the company. They have an objective perspective unclouded by emotional attachment or sentimentality, allowing entrepreneurs to see things from a whole new unbiased perspective giving them an advantage that other businesses don’t have.
The mentor will also know the entrepreneur both as a person and as a business owner. Allowing them to guide them in line with their vision, knowing when they are losing direction or momentum. Without a mentor, these moments could break the business.
Accountability is also critical for high performers, but it is difficult to always hold yourself accountable. A mentor can remind entrepreneurs of why they started, where they are going and what they need to do next. Motivating and inspiring entrepreneurs to develop routines and habits that allow them to be consistent, giving them a framework they can use to help realign themselves with if they loose their way.
Mentors will be there when the going gets tough, and can be tough when entrepreneurs need that extra motivation.