November 24, 2020  
 
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Mentoring Programs

 

The Value of Mentors for Entrepreneurs

Written by Kathryn Lang for Gaebler Ventures

Mentors can be the difference between success and failure for many entrepreneurs. The experience and knowledge of the right mentor can provide the edge necessary to take the entrepreneur to the next level of success.

Mentors help entrepreneurs get the experience, training and help necessary to drive success.

Jumping into the world of entrepreneurism can be difficult even with the best of circumstances on your side. Finding a mentor can make the journey a little less precarious and even give you insider tips that you might not otherwise discover.

Entrepreneurs tend to be risk takers by nature. That daring quality often has an entrepreneur running after a project without all the right tools. Mentors help provide those stabilizing tools.

Evaluations and Reviews

Mentors will have experience in the industry or field or maybe the experience will be in the entrepreneurial venture itself. The things that a mentor has learned from education and trials will translate into an ability to evaluate ideas offered up by the less experienced entrepreneur. A life spent in the business world or in a particular field can translate into fewer mistakes for the one being mentored.

A strong mentor will also have the knowledge and skills to provide reviews of a business plan. Education can give the mentor insight into the expanding fields or technology of a particular field. This information can make it easier to see any potential flaws in the business plan being formulated by the up and coming entrepreneur.

Finance

The right guidance can lead a new entrepreneur to investors. Entrepreneurs that have been in the industry have connections that can be introduced to new entrepreneurs. These introductions can provide entrepreneurs with partners or other interested parties with the financial ability to move the business into the right direction.

The lending industry has tightened down on loan practices. Business owners or at the least, mentors can help entrepreneurs formulate a solid plan that will make it possible to get financing from conventional avenues. Having the guidance of a mentor can give the entrepreneur the edge needed to get the financing necessary to make the needed loan a reality.

Value of Experience

The entrepreneur steps into the workplace alone. The employer that once carried the responsibility had been replaced by the entrepreneur. Mentors can offer the direction that sometimes may be needed during a solo flight. Experience in a particular industry can be beneficial because there may be knowledge about tends and technology in that industry.

It can also be as valuable to get the lessons from mistakes and successes made by the mentors in their own entrepreneurial endeavors. There are some things that can never be taught in classes. Having the guidance of a mentor that has "been there, done that" keeps the entrepreneur from making the wrong turn during the progression of the business.

Entrepreneurs can look to the local business community to find a mentor. Many of the Chamber of Commerce or other business organizations will offer opportunities to meet industry leaders and business owners in the area. Through these connections, the entrepreneur can find a mentor that will help navigate the launching of a new business or the expansion of an existing one.

Kathryn Lang is a professionial writer and motivational speaker. She enjoys writing about a wide variety of business topics including youth businesses and finance.

Related Articles

Want to learn more about this topic? If so, you will enjoy these articles:

How to Start a Mentor Program
Finding a Mentor


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