A successful startup needs more than just a set of investors. Mentors are an integral part of the growth story of every startup. Without a doubt, they can be hailed as secret weapons of success. 

While there’s a huge rush towards setting up new ventures, most startup founders do not have the breadth of experience required for scaling your startup. That’s why leaning in on mentors and learning from their experiences can help founders get a deeper understanding of the gives and takes of a business. With a successful mentor by your side, you can even anticipate what could possibly go wrong and implement appropriate mitigation measures. 

This article will look at why business mentoring for startups is a non-negotiable aspect of doing business.

Reasons why you need a business mentor

Nothing can replace the first-hand experience 

The road to entrepreneurship is a difficult one. No matter how many hours you may spend reading or researching about setting up a startup, doing it on your own is incredibly challenging.

While you can certainly discuss your concerns with peers or other members of the startup community, having access to mentors’ first-hand experience can be immensely valuable. Mentors have been there and done that — learning from their perspectives will not only broaden your horizons but also prepare you to take risks. 

Besides, mentorship is an excellent option for first-time founders who do not understand the nitty-gritty yet but have a lot on their plate. Such entrepreneurs can rely on their mentors for input on a broader range of issues, including marketing, supply, design, and overall business operations.  

Mentorship gives you an entrepreneurial advantage 

Mentorship can significantly improve your abilities as an entrepreneur. The mentor doesn’t spoon-feed you any answers. Instead, they help you develop the ability to think critically so that you can come up with your own solutions. 

For instance, you may have gained the trust of your investors and managed to raise sizable capital. But various management issues such as cash flow management has completely taken your project off track and soured your relationship with the shareholders. Here’s where a business mentor can step in and guide you to get back on track. It’s hardly surprising that 93 percent of startups believe that mentorship has been instrumental to their success.

You can get an opportunity to network and expand your business

Networking is a powerful tool to outshine the competition and stand out. Tapping into your contacts can help you with word-of-mouth marketing and also lead to fruitful collaborations. 

Even though you can network on your own through dedicated networking platforms, having a mentor makes it more accessible. When the need arises, you can rely on your mentor to expand your network and get more visibility. 

Mentors help you develop emotional intelligence and stay in for the long run 

All entrepreneurs may have excellent business acumen, but only those with higher  emotional intelligence can optimally utilize their acumen to lead the organization. If all your business decisions are emotionally charged, you may find it challenging to achieve sustainable growth. Or worse — you may end up losing your business sooner than expected.

Making smart decisive judgments is a critical aspect of entrepreneurship. Mentors teach you how to navigate calmly through your emotions and make the right decision under such circumstances. 

Mentors make you feel confident

Dealing with investors can be stressful. High self-confidence and self-worth can be a powerful tool in the arsenal of entrepreneurs to get through tricky discussions. 

According to a survey, confidence is a more important skill than talent and competence alone for becoming successful. Unfortunately, these skills cannot always be developed in isolation. The experience of mentors can guide you to tap into your potential and recognize your strengths. 

A reality check always helps

Every business idea is not worth exploring. Starting something ground up need an extraordinary amount of resources, including your time. That’s why an honest perspective about various issues can help.

For example, you are planning to scale your business, but you are not financially or emotionally prepared to do so. Or you have a product that doesn’t address the pain points of your target customers. Trying hard to succeed in such circumstances may not be a wise decision, and an experienced mentor will never shy away from telling you the truth. 

Here’s the bottom line — Mentors provide a view from the outside that helps you to see things in a clear light, divorced from your own biased thoughts. 

Are you looking for a business mentor who can help you navigate challenges?

Business mentoring is not optional if you are serious about succeeding as an entrepreneur. Mentors can play a critical role in developing the entrepreneur within you and take your business to greater heights. Skipping on mentoring can prove to be a costly mistake.  

Finding a great mentor can make a difference to your professional and personal life as an entrepreneur. If you are looking for one, Jupiter Business Mentors is here to help.  We provide business mentoring services and connect the start-up community and small & medium businesses to experienced mentors. These mentors can offer you critical insights and make you a better entrepreneur. With their practical advice, you can hone your entrepreneurial streak and navigate your way to success. 

Subscribe right now to get  90 minutes of free sessions with any six mentors on our platform! In case you need multiple sessions, you can also opt for more than five sessions at discounted rates.