The Advantages of Having a Business Mentor
Written by Christopher Smith // June 10, 2011 // Business // 2 Comments
Rarely does a business sprout from inexperienced hands and thrive. Those entrepreneurs who spend time working with a business mentor gain invaluable insight into the complex facets of running a business, and ultimately have a much smoother experience when they finally decide to go out on their own.
Oddly enough, the best business mentor relationships may not even be in the same field or industry. Those who are seeking a business mentor relationship should first attempt to clarify what type of business they would ultimately like to have. Do they visualize a small business? An off-shoot of a corporate venture? A medium sized regionally-based firm, or a contractor-based company that does its business primarily online? Although this may require a great deal of consideration, launching a business is no trivial matter. Having clear goals from the start is one of the tenets of successful entrepreneurship.
A person who chooses to work for a mentor who runs a large architecture firm, for example, could take the lessons learned from that experience and apply it to virtually any other industry, such as aftermarket automotive manufacturing. Management, hiring, morale, and the basic principles of economics—namely, that income must always be more than overhead—are applicable anywhere. The basic mindset of any entrepreneur must be one of enthusiasm and innovation, balanced by a realistic appreciation of market forces. Running a business is hard, regardless of the economic climate. Keeping a clear head and an unwavering set of goals helps. Working closely with someone who has already been through the process of starting up and running a company can make all the difference between problem solving and failure.
This advantage shows up in terms of pay. According to mentoring studies, those who work with a mentor earn between $5,610 to $22,450 more than those who go it alone. This is primarily because mentees already have an idea of what lays ahead in terms of common mistakes or hazards, and can move more rapidly through the initial start-up period. Mentors, for their part, also benefit from the relationship by being able to help someone who reminds them of themselves at that age.
2 Comments on "The Advantages of Having a Business Mentor"
Some good insight into what can be a harrowing experience. One must not be too careful though in assessing “realistic market forces” as they along with everything else can change
dramatically overnight. As the term venture implies one must be willing to venture forth onto unchartered waters to make the total experience worthwhile.
Agreeably goals are crucial for maintaining direction but its believed that they should be made adapatable to changes in the long term. Purpose on the other hand, once self recognized will always guide one past those forks allowing greater fullfillment from the venture as it all balances out.
Sounds like great advice, Mark. Perhaps you would make a good mentor someday.