Ask any successful entrepreneur about their most influential mentor and you may receive a variety of answers ranging from “my mom” to “Elon Musk.”
The fact is that mentorship is one often cited source of entrepreneurial success. Bosses, venture capitalists, peers, or professionals in your network can offer a single piece of advice that can set an entrepreneur on an entirely new path.
The discussion around mentorship begs the question: Do you need a business mentor to be successful as an entrepreneur? Why or why not?
We asked a community of entrepreneurs about whether a business mentor is necessary. Here’s what they had to say.
“How Did You Get to Be So Great at ____?”
I think we can all benefit from working with a mentor or guide in all aspects of life and business. Just ask any successful (and well grounded) person you know, “how did you get to be so great at _____?” I’m willing to bet they will attribute their success to the people who held their feet to the fire and helped pave the way.
Karen Nowicki, Business Radio X
Entrepreneurial Operating System
Mentorship is always encouraged for the business and the members of your team. Inviting a professional support individual into your experience can be scary, but incredibly rewarding. Our leadership team decided to use the Entrepreneurial Operating System (EOS) process and our mentor helps identify areas to grow or celebrate. Consider the knowledge of a business mentor and ways to incorporate lessons learned. As an entrepreneur your way of thinking is unique, but a mentor can share insights from a new angle.
Kelly Greene, SciTech Institute
They Deepen Your Perspective
I believe that having multiple mentors is imperative. Gaining perspectives from various leaders in different facets of business allows you to expand your knowledge as well as your depth and breadth of wisdom on a multitude of topics. Additionally, mentors can help you to avoid major pitfalls and setbacks, while still allowing you to chart your own course within your business.
Jodi Low, U & Improved
Blindspots
Mentorship is a vital piece of personal and professional growth. It is powerful to learn from someone who is where you want to be or has accomplished what you want to accomplish. Mentorship can take many forms but the best mentors are the ones who push you, challenge you and support you on your journey. The key to entrepreneurship is to be continually learning. A mentor can help you see your blind spots so you can grow stronger and faster than if you try to do it alone.
Jennifer Burwell, MAC6
Experience
I truly believe that anyone can accomplish anything they put their mind to, in spite of the doubts of others or the lack of support you might receive. But I do believe that some of the best entrepreneurs only became successful with the help of a mentor. When times get tough for entrepreneurs, as they often do, don’t be afraid to reach out to someone that has more experience than you to help you through the rough time. A mentor can offer perspective and advice that can put you back on the path to success.
Kimberly Kriewald, Avana Capital
Your Future Path Could Be Someone’s Current Situation
My perspective may be different than others on this question as I am also co-founder of a 501c3 Non-Profit that provides Mentoring to Veterans. I know my success has been possible because of the influence Mentors have had on my career. We can’t see the future but our future often travels a similar path of others. Mentors bring experiences and perspectives different than ours which allows us to receive honest feedback and guidance beyond the thoughts we have in our own heads 24/7. As an entrepreneur, I constantly battle the internal conflict of “am I going to succeed” or “how am I going to make it work”. The time with my mentors allows me to reflect on those thoughts outside my subconscious to work through challenges and overcome obstacles.
Joe Pusz, The PMO Squad
External Support System
I believe that all entrepreneurs should either have a mentor, or belong to groups that are put together with other business owners, if for no other reason than to be able to have a support system with other people that understand how hard it is to build a business. Spouses or significant others are not always able to fully understand the struggles and it can lead to problems in the relationship. Vistage Worldwide has been a great support system for me.
Austin Peterson, Backbone Financial
Avoid Common Pitfalls
You don’t need a business mentor to be successful per se, but having one can certainly help you avoid common pitfalls when first opening your business. If you are navigating this path without a mentor, I recommend performing lots of informational interviews with people in the industry. Doing so can give you an unparalleled level of insight before making a significant investment in your business.
Vanessa Molica, The Lash Professional
Honest Feedback
It’s very helpful in one’s development to have an individual who can inspire you and also provide honest feedback. There is no one path to success that works for everyone. It’s really important to figure out what you really want for yourself.
Jonathan Cohen, Generated Materials Recovery
View Data the Supports Mentorship
Looking at the data, 70% of mentored businesses survive longer than 5 years, which is when most small businesses fail. While technically speaking, 30% of small businesses can be successful without the help of a mentor, I’m not willing to take those odds. Having a mentor helps with encouragement, networking, and advice. They help keep you on the right path and share the burden of building a business. I truly believe in the power of mentoring!
Chris Dunkin, Portable Air
Have ‘Secret Mentors’
As the owner of my own company, I have made it to where I am without a formal business mentor. But I do believe every business owner should have someone to look up to through their journey! A lot of hard work and learning have paved my way through the ups and downs of entrepreneurship. The mentors that have truly shaped my business though have been other designers that probably don’t even know who I am. With the rise of social media, I have followed other business owners that do exactly what I do in other areas of the country and have looked to them for advice and guidance on how to handle problems we all face. I call them my ‘secret mentors’. I have mentors that I have followed for years that I could probably contribute a lot to the success of my company. No one needs to reinvent the wheel; having a formal mentor or ‘secret menor’ can help you succeed!
Alisha Taylor, Alisha Taylor Interiors
They Validate, Advise and Give Opinions
Starting a business can feel like a lonely journey. When you feel like you are innovating and developing something entirely new, it can be hard to feel like anyone has gone through your same struggles or frustrations as you. Reaching out to a business mentor is one of the most important things an entrepreneur can do on their journey! A mentor will be able to validate you on your feelings, advise you on how to move forward and give you their opinion when you are too invested to see clearly. The entrepreneurial process shouldn’t be a lonely one! Find a business mentor you trust can put you on the path to success.
Kayla Centeno, Markitors
Positivity and Encouragement
Our brand is all about being confident and thriving. When I started this company, I received many raised eyebrows and comments about the business I was going into. It was hard at times, but I didn’t just have one mentor that helped me through the process, I had a whole group of supporters with friends, family, and the medical community encouraging me to keep going. For every nay-sayer, I had 5 more positive ones that eventually led me to where I am today. Entrepreneurs need a support system to keep them going when times get tough!
Stephanie Schull, Kegelbell
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