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The Benefits of Mentoring for Entrepreneurs

The Benefits of Mentoring for Entrepreneurs

I’m going to be real with you guys: running your own business takes a lot out of you, that’s how i’ve learned the Benefits of Mentoring. You work fifty hours a week, sometimes on weekends, and you have to know so. much. Even if you feel comfortable in one aspect, there are about twenty other things you will have to know if you want to make the most out of your entrepreneurial goals. And that’s where having a business mentor comes in handy. A business mentor will guide you through the appropriate steps one-by-one. And not only will you succeed faster, but you’ll always have someone to turn to when you are feeling lost.

On the other hand, there are benefits of mentoring as well. Becoming a business mentor goes to show that you have proven yourself as a leader in your line of work. So much so that people are trusting and wanting to monitor your success. There’s always so much that people can learn from books these days, and your real-life experiences are bound to teach them more.

Whichever aspect you’re looking into, there is really no downside to mentorships. A business mentor is crucial in helping you grow and stay in business. And the benefits of mentoring these new up-and-comers? Well, take a look for yourself!

 

Benefits of Mentoring

The benefits of mentoring those who are just starting out come in two-fold. According to a report by Global Entrepreneurship Monitor (GEM), 27 million working Americans are entrepreneurs. In today’s society, it’s instinct for these newly ambitious business owners to hit the ground running. However, they do this before they have a firm grasp on the concept of what it really takes to run a business. And that’s where you come in.

Job Satisfaction

If you see someone in need of a business mentor, or someone reaches out to you for mentorship, it won’t take long to weigh out the pros and cons. The benefits of mentoring these aspirational minds come with appraisals of your own business as well as some good old fashioned vanity. You can’t help it; having someone give you recognition for your work just feels good. It makes you feel as if you’ve “made it” and your job satisfaction couldn’t be higher.

 

Earn New Skills and Expand Your Own Brand

That kind of appreciation spills over into your own work. As a business mentor, you will feel empowered to grow your own brand; if only just to show your new disciple how it’s done. Having someone look to you for business-related goals and advice also earns you new skills that you may not have had before. It will strengthen your leadership qualities and it will bring you up to a whole other level when it comes to your interpersonal communication tactics. These new or improved skills only add on to the growing list of benefits for mentoring, all while simultaneously making you a better entrepreneur yourself.

 

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Benefits of Having A Mentor

 

I believe that it is so important to find a mentor. I have two great mentors for my side hustle and I will often ask their advice when making business decisions. The benefits of having a business mentor often get overlooked by eager entrepreneurs who want that instant gratification. But I’m here to tell you from personal experience, there is nothing that the internet can teach you better than a mentor.

Here are just a few of the upsides that a business mentor will provide you.

 

Networking Opportunities

Business mentors have been there and done that. They’ve already built up that circle of professionals that you are struggling to acquire. Having a mentor show you the ropes gives you room to expand your network. Your mentor will know whom to introduce you to and can help your business become that much more successful. All you have to do is show up to the meeting that your mentor might facilitate and have that elevator pitch ready!

 

Skill Growth

The benefits of mentoring are that they come with a brand new toolbox with a full set of new skills. Learning from a mentor will get you farther than going at it alone because they can teach you what skills you actually need to acquire. This saves you time and money in the long run. Business mentors are also there to give you a new and different perspective when it comes to the way you are running your business. If something is going wrong, chances are, their experiences will know how to fix it.

 

Encouragement

Business mentors are, if anything, there to encourage you. They can relate to your struggles, and quite honestly, they’re a great source to vent to. They can push you to do more than you might let yourself had you had no one to turn to. In some strange way, they give you that boost of confidence that is detrimental in being an entrepreneur.

 

Better Business Outcome

If you need to learn how to work to get your company off the ground, well, that’s one of the benefits of mentoring. A business mentor is there for you to seek advice from. Ask questions. Ask them again. A successful endeavor can never be solved by one person. Your business mentor will help you find new methods to solve a problem and come up with perennial strategies to give you better business outcomes. In fact, people who elicit the help of a mentor are more likely to create a long-standing company than those who don’t.

 

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How To Find a Business Mentor

 

If you’re convinced that a business mentor will help in the success of your business (they will), there are a few ways to find them.

 

Mentorship Programs

Mentorship programs are offered through various websites. The most sufficient source is the U.S. Small Business Administration. This is where protégés can find qualified mentors in case you don’t personally know someone you can turn to.

 

Social Networking

Believe it or not, a lot of entrepreneurs have found business mentors through social networking programs. Really. Twitter is a useful tool in reaching out to high-profile business owners whom you might admire. Slide into their DM’s and just keep being persistent. The worst they can say is no. In fact, if you’re really adamant about working with a particular person, don’t stop until you hear back from them.

 

Ask Someone You Know

This is the typical route that most entrepreneurs take. Whether you know them digitally or through real-life business encounters, there is no shame in introducing yourself. Tell them why you admire their work, what your business goals are, and if they would be interested in being a mentor. Chances are, they will see the benefits of mentoring and take to the opportunity gratefully.

 

How To Become a Business Mentor

The benefits of mentoring can’t go unnoticed. If you are looking to help your own protégé, here’s what you can do:

 

Have a steady portfolio 

Prove that you have something to teach people. Don’t go looking for a mentee simply in search of some self-satisfaction. Your portfolio and business outline will speak to your ability to guide and lead.

 

Join a program

Again, there are multiple resources you can use on the internet, but the U.S. Small Business Administration assures that all protégés are qualified in order to receive a mentor.

 

Offer to mentor those who reach out

More than likely, this is the scenario that will play out. If someone has reached out to you about becoming their mentor, the benefits of mentoring will probably entice you to say yes. Just be sure to listen to their business plan and see how you may be able to help the entrepreneur succeed. And of course, always be sure to see how this relationship will be beneficial to you as well.

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Have you ever had a mentor and what was the outcome? Tell me about it in the comments below!

Now if you’re ready to brainstorm how to build your personal brand, I am here to help you do that.  Learn about my private coaching and schedule a free consultation!

Claire Bahn

Hi! I’m Claire Bahn, a personal branding expert, and CEO and Co-Founder of Online Profile Pros and Stratus Branding. I have been helping people strategize and create their best personal brand for over 10 years. As an influencer with over 80k followers on social media, I’ve learned so much about the importance of creating and maintaining your personal brand. I want to help you leverage your personal brand to develop the authority, influence, and trust you need to exceed your business goals.

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