Why Every Entrepreneur Needs a Business Mentor

The world of entrepreneurship is one filled with resources. From online publications, to peers, to friends and family, advice about starting and running a business abounds. But a dedicated business mentor with experience in your field can make the most impact on the growth of your business. 

A true mentor relationship is a two way street–your mentor gets to learn about new strategies from you, while you gain wisdom from them. On top of that, it’s a (usually) free resource to help you start and grow your small business. 

To make it work, however, you need to find and maintain a relationship with a business mentor, and a few tactics are key to that success. .

What Do Business Mentors Do?

Business mentors are a must-have in any entrepreneur’s toolbox, from the day-one business owner to the established CEO. Mentors are usually experts in their field, often bringing decades of niche, industry knowledge to their mentees.

The key win of building a mentorship relationship is the unique and specific instruction you’ll receive. Far from the generic advice of online content or the well-meaning family member, mentors ground their advice in real-life experiences. A small UPS survey of customers found that 88% of business owners who reported having a mentor found it invaluable.

Mentors motivate you through actionable guidance and resources. For example, you may go to a mentor asking for help on your financial statements. A good mentor will not only provide their experiences but also may provide templates and a referral to an accountant for the next steps.  

But mentors certainly gain from their interactions with mentees as well. Many guide eager entrepreneurs as a way to give back to their communities. Further, they may use the opportunity to instruct a younger business owner as a way to sharpen their teaching or consulting skills. 

Benefits of Having a Business Mentor

Maintaining a relationship with a business mentor may be the most important step you take in building your venture. The benefits are numerous, but there are a few standout things that a mentor brings to the table. 

They’re an Ally You May Not Find in Your Company 

Your journey as an entrepreneur is one that may feel lonely and uncertain at times. Once you launch your business, there's no boss to turn to for advice or direction. Simply put, you are the boss, and you may not have any employees yet. 

Although you're flying solo, you don't have to be completely alone. A mentor can offer connection and support. Everyone needs a reliable sounding board, a second opinion, and emotional support when the times get tough (and they will).

They've "Been There and Done That"

Perhaps the most obvious benefit of finding a business mentor is that you can learn from their previous mistakes and successes. Your mentor's role is to share lessons from their experience in the hopes that you can learn those lessons with more ease. There’s no need to repeat the same mistakes someone else has made if they can guide you in a different direction. 

They’re (Usually) Free

Finding and getting support in the early stages of your business is often limited by financial considerations. Coaches and consultants can offer things that a mentor doesn't, but it comes at a price that can run into the hundreds of thousands of dollars. 

Mentor relationships are usually accessible no matter your financial constraints. Mentors are readily available and free of charge through several organizations, such as SCORE, a network of volunteer, expert business mentors under the umbrella of the Small Business Administration. You can also find potential mentors through networking events, industry associations, or online sites like LinkedIn.

If you do meet someone at an event, put your best foot forward and focus on building a relationship with them first—save the asks for later. 

You May Expand Your Social Network

Being an experienced businessperson, your mentor is likely to have an extensive network across different industries and departments. They may offer you access to far more senior decision-makers than you currently have in your contacts, yet another benefit of a powerful mentor relationship. 

Many mentors would also be more willing to open that network up to you than to a casual acquaintance from a networking meeting. That’s why it becomes so important to maintain your relationship with a mentor—you don’t want to become a passing connection. This relationship should be advantageous to both of you, as opposed to you always receiving and never giving.

You Can Build a Trusted, Long-Term Relationship

Most mentors have no ulterior motive—no service or product to sell you. Combined with their experience and other qualities, that creates a foundation for trust that grows as the relationship develops. Your time with them also becomes more efficient as they become familiar with you, your business, and your learning style.

As you can see, the rewards of having a business mentor can be great and the risk is minimal if non-existent. You have everything to gain by finding and maintaining a relationship with a good mentor, one that gives as much as it takes.

Frequently Asked Questions (FAQs)