Oprah Winfrey had Maya Angelou, Sara Blakely had Richard Branson, and Aristotle had Plato. In today’s evolving world, where ambition meets uncertainty, mentorship remains a compass to navigate unfamiliar frontiers. 🧭
Richard Branson, founder of the Virgin Group shared his take on the essence of this necessity:
"I have always been a huge believer in the inestimable value good mentoring can contribute to any nascent business. Ask any successful businessperson and, if they are honest about it, they will almost certainly admit to having benefited from the advice of a mentor at some point along the way."
A study by Envedour Insight examined the entrepreneurial advantage of thousands of tech businesses in New York. The study revealed an interesting pattern in the top-performing companies—mentorship relationships. Top-performing founders, such as Chad Dickerson of Etsy and Nat Turner of Flatiron Health, thrived under the guidance of accomplished entrepreneurs like Caterina Fake from Flickr and Brian O’Kelley of AppNexus.
The impact of mentorship on these companies was profound, as demonstrated below👇🏾
As seen in the study, 33% of founders mentored by successful entrepreneurs achieved top performance, surpassing the performance of other New York-based tech companies by over threefold.
Need more to convince? A 2018 study by Kabbage, Inc., found that a remarkable 92% of entrepreneurs who had access to mentors reported higher business growth rates, while 89% expressed a desire for mentorship.
Mentors are often an overlooked resource, yet they possess a wealth of knowledge and expertise to support your entrepreneurial journey. Here’s how:
- Their Experience is Your Guide: Having a business mentor means benefiting from their firsthand experience. They have encountered successes and failures, allowing them to understand the problems you face. With their guidance, you can learn from their past and develop effective solutions for your own journey.
- Open Doors for Vast Possibilities: With a mentor by your side, their network becomes your gateway to potential opportunities in the future. By leveraging these connections, you can expand your reach and create possibilities for your business.
- Fresh Perspectives on the Table: Having a considerable amount of experience, a mentor can provide context or perspectives that were not considered previously. For instance, a mentor can offer insights into how potential investors could respond to various strategies based on their past encounters.
- They Challenge You: It’s easy to lose focus or settle for less but the game changes when a mentor comes in! A mentor can push you to develop valuable skills, keep you motivated, and ensure you’re on the right track to success.
While emphasizing the value of having a mentor, it’s important to recognize that simply knowing the importance of mentors is not enough. We must also understand how to identify the right mentors for our specific needs, determine their level of involvement, and where to find them. 👀
In your quest for mentors, remember that they can be found in various forms: from industry leaders who have paved the way to peers who share similar experiences and even the wisdom found within the pages of influential books. The fact remains: