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70% of entrepreneurs that receive mentoring stay in business for five years or longer. This is twice as likely to survive as founders who don't get mentoring. Here are a few explanations why mentors might greatly benefit your project:
Many businesses fail. Undoubtedly, lack of experience is among the main causes of that. It's certain that you will make mistakes as a first-time founder. A significant amount of time, effort, and money may be lost as a result. An early-stage startup typically lacks the extra capacity needed to endure such inefficiencies.
Experience: An Important Factor
Entrepreneurs over 60 are three times as likely than founders under 30 to create a successful business. Additionally, founders with at least one prior entrepreneurial success have a 30% success rate compared to an 18% success rate, which is a 50% better likelihood of success for a new firm.
While reading books and articles on the subject can help you become more knowledgeable, it is not a foolproof way to steer clear of starting blunders. The majority of your issues are situation-specific. This makes applying the broad lessons you can learn from reading a challenge.
This is why having counsel specifically customized to your problem from someone with first-hand experience starting initiatives from scratch is priceless. A majority of small company owners who receive mentoring survive for five years or longer, according to a recent survey. This is twice the rate of survival as founders who don't get mentoring.
Like parents or lending institutions who help pay for your tuition, having a mentor can help when you need it the most. So, here are a few explanations of why mentors can really benefit your project:
1. Good Advice
An experienced mentor is first and foremost knowledgeable about the fundamental concepts of startups. Although you might not be an expert at thinking lean and empirically testing your ideas as a first-time founder, startup veterans will understand these fundamentals. By guiding you on the right path from the very beginning of your business venture, a competent mentor would help you save a lot of time.
2. A Network of Professionals
Your professional network is probably not as strong if you're new to the field. This could make connecting with new clients, investors, partners, or workers challenging, which would delay your business' growth.
The resolution to this issue is a knowledgeable mentor, who can introduce you to people who can greatly benefit your project.
3. Reputation
Finding the appropriate contacts is only half the battle. Once you get their attention, you need to persuade them of the value of what you're doing and the likelihood of your success. However, being independent is really difficult because your opinion lacks credibility due to your lack of expertise. Fortunately, this issue goes away with the help of someone with a good reputation.
4. Guidance and Emotional Support
The mentor's expertise is helpful for both emotional support and logical guidance. An experienced founder, in contrast to most people in your life, would be aware of the challenges of launching a new project. Having someone who knows you, encourages you along the journey, and sometimes even pushes you on is vital when times are rough.
