Mentoring is Essential to the Mental Health of Business Owners
Experience is an expensive asset, yet a very crucial aspect of business success. There’s only so much you can learn from books. Most authors are not comfortable sharing everything about themselves; some experiences may be too personal to share in a book. But how they deal with it and sharing through mentorship can help an inexperienced person’s career. Mentorship is a guaranteed way to gain experience from another.
Research proves that having a mentor is vital to success. A 2013 executive coaching survey showed 80% of CEOs received some form of mentorship. Other studies by Sage showed 93% of start-ups claimed mentorship was instrumental to their success.
Having the right mentor can be the catapult to your success in life and business. The spiritual and moral guidance you will gain from having a mentor and the valuable connections, accountability and timely advice will boost you to success.
Research proves that a quality mentor has a positive effect on young entrepreneurs by having someone to guide you practically and share any worries and fears. They can appease any concerns with their years of experience, keeping you reassured that you are on the right path to being successful.
Business owners tend to trust start-ups who are recommended by their friends. A successful mentor will have a vast network of people who can benefit your career goals. As a mentor is guiding you to success, it only seems natural that they will allow you to tap into this network of people when the need arises.
Self-confidence is also vital to success as an entrepreneur; having high levels of confidence contributes significantly to career success, even more so than talent and competence. Mentors can help young start-ups tap into their self-confidence and see challenges as opportunities.
Mentorship will help to stay in business longer. According to SBA, 30 percent of new companies may not last two years, and 50 percent may not make it past five years. However, on the flip side, 70 percent of mentored businesses survive longer than five years.
A mentor will assist in developing higher levels of EI; emotional intelligence is crucial to entrepreneurial success. When a young entrepreneur has a mature and successful mentor guiding them, they are likely to have greater control over their emotions. Those start-ups who are inexperienced, often make decisions based on emotions. By having a successful mentor, they will be able to overcome hurdles by making smarter decisions.
Entrepreneurs without mentors bear the consequences of failure on their own and can have a significant impact on productivity. They often deal with depression when they are unable to meet goals and expectations. The effect of depression on young entrepreneurs often goes unreported. A mentor will help you keep your head above water during the hard times.
To sum it all up. A mentor who has experienced the ups and downs of running a business is in a perfect position to give real advice when things aren’t going as planned. With their wealth of knowledge and experience comes a multitude of ideas to help navigate your way to success.
Robert Elrington can help you navigate the challenges you may face in business, having been through them himself. Get in touch with Business House Australia today to find out more.