Nearly two-thirds of all business start up failed in the first year according to conservative estimates. It might be time to see how a mentor can help you fight the trend.
Whether you only reflect on your business, or a little further, the mentor can give you a chance of struggle for success. Their actual advice is down-to-earth, great insights born of experience, and business years can help you and your business develop.
Think carefully about what you want from a mentor:
· You might benefit from working with someone who has a different attribute from you.
· You need someone who will challenge some of what you want to do but who has the best business interests.
· Opinions and good reasons; You don’t want people “yes” who agree with everything you think, say and do.
· You might want a mentor for the short term to help you with a certain aspect of your business like recruiting employees.
· You can even choose different mentors to help with various aspects of your business such as sales or cash flows.
Sometimes family and friends, with their own business, who know you personally, can make a perfect mentor but as a rule that must be avoided. It’s harder for them to impartial, they might worry about hurting your feelings and there might be a bad effect on relationships. Look further.
Perfect candidates are people with the knowledge and experience of the type of business you are running and the sector that you operate. Being a local for you can be very profitable for both practical reasons and knowledge about your field / market. Local mentors can introduce you to a wider network of people and help you promote yourself locally.
When you have chosen someone and get their approval that they will guide you, decide how the setting will work. You do not have to compile formal documents but if each party knows what they get in it will help avoid misunderstandings such as how much time they can give you and how much they will have in process decision making.
Remember that your mentor has life, business limitations and time too. There are only so many you can expect realistically from them and only a lot they can give. Don’t bombard them with more than agree but also keep them involved and involved. They also learn from your mentor.
As someone who is guided, you must be open to advice, new ideas, new ways to work and give feedback and review. Be receptive on whatever your mentor suggested. You don’t have to agree or even accept their advice – it’s your choice and your business – but you have asked them to be there for you, so listen.
Your mentor can only advise you if you open with them about your business. Don’t hide something if it’s relevant because this can obscure their judgment and make you worse. Mentors don’t grow in trees but here are some places you can see:
· Local or known – you may already know someone or can find it through your own network. People are usually flattered to ask.
· Formal guidance scheme. See if they charge or not and be careful to avoid expensive services that are truly consulting services.
· Ask for the UK Bizkit. They ask their members whether they will be happy to arrange other members and then they fit you with someone who has the same business experience in the same sector. You can continue to continue your experience by guiding fellow members.
Don’t learn in a difficult way. Get mentors and let them help grow your business. And one day you can return the favor.