IdeaSquares.com – Blog

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The Importance of a Good Business Mentor

Following successful recognition of your business idea with IdeaSquares, utilising funding to maximise the potential of your startup will be facilitated by the adoption of a business mentor. In a survey of over 11,000 small and medium sized businesses (SMBs) across 17 countries statistics revealed that ‘93% of SMBs acknowledge that mentoring can help them to succeed’ whilst ’28% of SMBs currently make use of business mentors’ (Sage). Entrepreneurs therefore understand the value of receiving expert advice, relevant to their service or product yet only one third pursue this opportunity. Business mentoring varies depending at what stage of the venture-cycle is placed; here are some of the topics usually covered. Advice on business and operational strategy, establishing a team, funding options, and scaling up. These fundamental aspects of early-stage businesses can benefit from the expertise offered by a transparent trustworthy mentor. As a sole founder or small team it becomes inevitable that your perception of decision making will be skewed by your personal attachment to the business. Acquiring an objective opinion from an outsider can provide constructive criticism of your current business model from a strictly unbiased viewpoint. The Department for Skills and Innovation in the UK has found that ‘twice as many mentored businesses report an increase in turnover compared to non-mentored businesses’. Established entrepreneurs are ordinarily happy to share their experience and expertise with first-time founders due to the buzz of becoming part of an exciting business idea. They are inherently aware of the struggles faced by the overwhelming workload of bootstrapped, early-stage startups. The abundance of individuals offering to distribute their skillset means you must be selective as to the mentor that will provide concise support for your business. Specifically, choosing a mentor familiar with your industry sector and familiarity with both success and failure. An honest, trustworthy mentor will be beneficial for your Startup’s development, glossing over your weaknesses will dampen any chance of success. Conversely, a business seeking mentorship should not allow an inflated ego to supersede any benefits their advice may bring. An equal standing with well-matched personalities will be the most conducive to establishing a relationship benefiting the future of your Startup. If you require further information regarding mentorship, please contact us.

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One comment on “The Importance of a Good Business Mentor

  1. Pingback: 3 – Read our latest blog highlighting the importance of a business mentor | blog.offeryour.com

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This entry was posted on February 2, 2015 by in business mentor and tagged , , .
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