Some of the most common advice for new entrepreneurs is to find a mentor.
It's understandable after all, it's good advice; having a mentor relationship is often a dream come true. A mentor is a teacher, a trusted advisor that a budding entrepreneur can turn to with questions and get valuable advice, tailored directly to their industry and specific business situation.
The survival rate of new businesses is understandably intimidating to entrepreneurs, but those numbers can change drastically when you add a mentor to the equation.
New small business owners often lack one fundamental thing -- experience. It takes years upon years, and sometimes lots of money, to gain the business experience to run a successful company. Mentors give you the opportunity to draw on that experience right away. The right mentor can guide you through tough business choices and help set you up for success for years to come.
Running or starting a business will never play out precisely as you planned. When you hit a roadblock, small or large, mentors with business experience likely have come across something similar before and know strategies to move forward.
It can be lonely at the top. Starting a small or medium-sized business means you don't have a boss above you that supplies employee motivation and engagement programs, which can be vital for worker happiness and success. A mentor can often fill this void, acting as a coach to provide support, motivation, validation and encouragement.
A good small business mentor can help define critical tasks and guide your business goals -- and more importantly, help the company hold itself accountable for meeting them. Not only does accountability help companies meet these goals toward success, it fosters a culture of self-reliance and self-confidence. This is where mentorship becomes a two-way street. Maintaining consistent meetings with your mentor is the only way to ensure accountability. You must put in the effort to make the relationship work.
Potential clients, employees and other sources of advice -- all these types of people, and more, can be unlocked when you have a business mentor. A mentor brings their own network of invaluable people, and those contacts could be at your disposal.
Our experienced team cover all circumstances and across a wide range of sectors. Our approach is to start with a clear understanding of the situation and design a bespoke model using proven methodologies and techniques. The advantages of our models include creating outputs and usability that are designed specifically for the user, as well as providing the flexibility of assumptions to perform sensitivity analysis.
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