Four Reasons Why You Need a Mentor in Your Business

The league of business owners is increasing by the day as many are realizing that to truly take their future in their hands they need to own their own business. However, owning a business is very different from working for a salary. As a new business person, you face the ups and the downs, some months you make money and others you don’t but they all even out. For the employee, in contrast, the end of the month almost always signifies payday without fail.

It can get discouraging for the budding entrepreneur, at least, in the initial stages. This is where a mentor comes in. Below are some five areas where a mentor can be helpful to a new business owner or entrepreneur:

1. The mentor has “been there and done that”. As they say, “experience is the best teacher”. The typical mentor has many more years of experience than the new business person so he can easily offer relevant advice to the new business operator. Chances are whatever challenges the business operator is facing now, the experienced mentor has faced one form of it before and is able to offer guidance.

2. The mentor has more contacts in the industry or field where the new business person is operating, and he is able to connect with his personal and industry network to help the fledgling business builder. This way, the mentor may be able to help the new business person get discounts on products, raw materials or advertising, for example. Apart from this, the mentor can help the business owner in building his own personal network too.

3. The mentor can be used as a “sounding board”. When the entrepreneur is brainstorming an idea to grow his business and needs a second opinion, he can always consult the mentor to find out what he thinks about the idea. This way he can save time and other resources by avoiding the pursuit of ideas that are not viable.

4. The mentor can actually partner with the entrepreneur if they are in the same or similar industry and their products/services are compatible. This way, it is a win/win situation as they can work out an arrangement in which they can cross-sell each others customers. For example if the mentor and the business person both use email marketing in their respective businesses they can do what is usually called a mail swap in which they both mail their promotions to each others list. The important thing to ensure when doing this is that complementary and relevant services are being offered to subscribers.