The early years of a business are most often the make-or-break period. Considering that, 92% of business owners agree that having an entrepreneur mentor significantly impacts the survival and success of their business.
A mentor relationship with someone who’s been there before you can be a valuable experience for every entrepreneur stepping into the industry. If you are a true learner, working under a more experienced and supportive individual can help unleash your true potential. Take the examples of two master duos: Bill Gates & Warren Buffet and Mark Zuckerberg & Steve Jobs.
At GrowthMentor, we have a team of expert business mentors willing to transfer their decades of institutional and professional knowledge to aspiring and talented young individuals. In addition, these professionals have years of wisdom, knowledge, and experience in critical business areas to help newcomers reach the pinnacle of success.
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What is an entrepreneur mentor?
Entrepreneurship mentoring is a relationship in which an experienced and established entrepreneur supports, teaches, and prepares novice entrepreneurs for potential business challenges.
By using mentor services from a reputable platform, like GrowthMentor, you let a seasoned entrepreneur assess your personal and professional business model. Our mentors provide support and encourage an individual’s personal and professional growth. These expert business mentors prepare you to achieve your goal with constant feedback and advice.
A business mentorship and entrepreneurship program can help:
- Evaluate your personal and professional ability to highlight opportunities and fill gaps in your growth
- Train you to clarify your business goals and objectives (or identify your Big Hairy Audacious Goals)
- Provide a realistic perspective and solutions to your business success
- Cultivate adaptability, teamwork, and leadership skills in you
- Help you identify the target audience and market competition to make your business succeed
- Expand your network and introduce you to new opportunities
Even if you’re someone who always gets the task done, a mentor can help you set higher expectations of yourself to achieve greater things.
Key areas that entrepreneurship mentorship focuses on
The mentorship opportunities extend from professional to personal development. Thus, enrolling in a business mentorship and entrepreneurship program can help you in 4 different areas, including:
One of the most common and crucial areas every mentor focuses on is skills development. These professionals help individuals learn specific skills and talents to add value and progress to their career paths. Some common skills that a mentor enables you to develop are leadership, adaptability, resilience, and self-evaluation.
Goal establishment & career planning
Many young individuals don’t know how to establish and set realistic personal and career goals. Choosing a career path and brainstorming how to execute it is difficult.
GrowthMentor’s mentorship services can help you develop a comprehensive approach called “goal establishment.” It encourages you to work towards turning your vision into a reality. This process includes mentorship opportunities that enable you to define your objectives and business goals. Mentors can act as a sounding board for you to run ideas by.
Most of the time, people choose a career because it pays them well and has better job security. They don’t consider their likes and dislikes. In fact, stats reveal that 25% of people would have been more contended if they were given a chance to do what they do best.
An experienced mentor can help you build a thorough career plan. They can help you determine what you are truly capable of and which career path can lead to long-term satisfaction and reward.
Your mentor might not have answers and solutions to all your problems. However, they open the path to expanding your professional network. A mentor can connect you with their personal network, which could be people who can add value to your business, such as investors, contractors, clients, etc. Mentors can also invite you to networking events or industry conferences that you may not otherwise know about.
One of the most common mistakes entrepreneurs make is expecting their mentor to run their business. However, that’s not the case. A mentor is a gateway to opportunities; if you want fruitful mentoring relationships, you must talk to them.
A successful business model requires a clear and organized roadmap. When it comes to young entrepreneurs building startups, roadmap development is the most crucial aspect. If you’re building a business with no clear objective, a mentoring session with a professional mentor can help you develop one.
The business mentorship and entrepreneurship program evaluates your current plans, gives recommendations, and helps you develop a blueprint for a successful business model.
Why should you choose a business mentorship and entrepreneurship program?
As a new entrepreneur or owner of a startup business, it’s common to expect hurdles, challenges, and obstacles to prevent your startup from thriving. However, with a sense of independence and self-confidence, your startup can move toward achieving long-term success.
Entrepreneurship education has become an inescapable strategy for building and fostering successful business startups. GrowthMentor provides a comprehensive mentoring program curated by professional business mentors. It allows you to work with and under a mentor, building a solid connection with experienced, successful entrepreneurs.
Here is why you should choose mentors services for your startup:
Mentors as a guideline
Even if you run by the books and follow a specific roadmap, the chances are that you’d still need direction to tackle potential challenges. Let’s keep it real: every startup faces hurdles and financial crises when they are starting out.
That’s where counselors and mentor services help you out.
As reported in Market Dipstick by Jupiter Business Mentors, 93% of new entrepreneurs felt the dire need to interact or associate with an experienced mentor.
For example, Andrew Paradise, the CEO and Founder of Skillz and the Council Member of Forbes, was confident about starting his capital venture. However, he had no idea or direction on how he would accomplish his goals.
To summarize his situation, let’s use a quote by J.Loren Norris, a motivational speaker.
J.Loren Norris - Motivational Speaker
“If you cannot see where you are going, ask someone who has been there before.”
His first break happened at a private equity firm. At the firm, he was trained under a great visionary who created his fortune by buying, selling, and contributing to 50+ businesses, each at over $100 million. One trait that Andrew seemed to admire in the visionary was that he is self-made.
Andrew went on to work for another successful business leader. He was the head of private equity at an asset management firm. This person was work-oriented and enthusiastic. So, when Andrew began building his own company, he continued to search for people who could help him grow.
This shows us that working with the right mentor can give an entrepreneur clear direction and a roadmap to follow.
A new entrepreneur can achieve career clarity, improved performance, commitment, and adaptability through business mentorship and entrepreneurship programs.
Relevant industry experience
Many business mentorship and entrepreneurship programs are conducted by individuals who are professional entrepreneurs with a strong record of building their own businesses from scratch and making them successful.
Hence, mentorship programs can help you share your thoughts, ideas, and plans with another business owner. Moreover, by assessing your ideas and plans, your mentor can easily help you understand whether your business can survive and grow within a particular market.
Strategic business & goal planning
Every entrepreneur has a different way of establishing business objectives, funding, and industry. There is no one-size-fits-all solution to make all aspects successful. Business mentorship and entrepreneurship programs evaluate your goals, challenges, and specific needs to help you achieve them.
These seasoned professionals understand that every person has a unique way of approaching a business, so they adapt to their actions and needs according to the expectations of each client.
For example, suppose you’ve launched a fast-food restaurant offering a range of breakfast, lunch, and dinner menus. Your menu highlights are roasted chicken, cheeseburgers, hamburgers, sandwiches, coffee, etc.
Let’s assume you want your brand to highlight that you use organic products. In addition, you want to stand out from other restaurants with your organic food menu.
Good mentors will help you formulate effective strategies to convey your “organic foods” message to the audience. With effective entrepreneurship mentorship, you’ll know who your target audience is, on what platforms your customers are most active, and how you can better reach them out with your brand message.
Deep knowledge is often stored in our minds rather than in books. But unfortunately, not everyone has the time to pen down the lessons and experiences they have learned. Instead, sharing it with someone who encounters the same is much less excruciating. The same applies to the entrepreneurship mentor mentee relationship.
As a new entrepreneur, you will face scenarios many people have already experienced and overcome. When you find one of those people, they can help you structure a better solution. In addition, they provide ultimate support through different forms such as role modeling, counseling, networking, guidance, sharing, feedback, and much more.
Entrepreneurship mentorship can help business leaders and newcomers examine a problem or situation from a different perspective than you would not usually think of.
For instance, as a new entrepreneur, you may have difficulty perceiving your business through your consumer’s eyes. Or perhaps you may have trouble identifying your target audience. Finding a mentor with relevant experience can help you in this regard. Your entrepreneur mentor is someone who has encountered these situations before and can assist you with a broad and solid solution.
A wider perspective
Various key factors can double the chance of your business success through entrepreneurship mentorship. For example, 84% of the US Fortune 500 companies with mentoring programs have had better sales profits during the COVID-19 economic decline. In addition, a good mentor can identify and address the roadblocks and weak spots in a business model.
As a business owner, you may have a limited vision of the best way to accomplish your goals. A mentor can help you look through different hurdles and identify areas for improvement in your business model.
Smart people change their strategies and plans when presented with challenges. An obstinate one sticks to one perspective. Your mentor is likely to challenge you. They will test you to reexamine your overview.
With the help of score counselors and mentor services, you will have a different perspective. So, you can decide when is the right time for your business to pivot or upgrade.
Exposure to diverse market and resources
As an entrepreneur, it’s quite hard to access broader market trends and audiences in the early stages of your business unless you have allocated thousands of dollars for your market research team. But since startups have limited budgets and resources, it’s almost impossible to have a professional team of market researchers available.
Score counselors and mentors are experienced professionals. They have access to valuable market insights and resources that can help you run your business operations smoothly and achieve success in the long run.
How much does a business mentorship and entrepreneurship program cost?
Business mentorship and entrepreneur programs are training and development programs involving an individual with lesser experience in a specific field and seeking professional guidance from an experienced professional in a similar niche.
Since the mentoring programs have remarkable benefits to both the mentee and mentor, charging a fee is justifiable. Moreover, the total cost of these mentorship programs depends on the mode of payment. For example, some score counselors prefer charging by the hour, while some mentor services are paid on performance-based or time-based fees.
Some factors that fluctuate the costs of mentorship programs could be:
- The experience level of the mentor
- Your specific goals and objectives
- The duration of the program you need (one time or a particular time frame)
At GrowthMentor, we offer comparatively affordable prices. By subscribing to our membership plan, you will be charged $60 per month for the annual program and $75 per month for the quarterly package. In addition, upon joining our community, you will have access to top-rated mentor services worldwide.
Build a successful career with GrowthMentor
With the right approach, business mentorship and entrepreneur programs can direct you to the path of long-term success. Entrepreneurship mentorship allows people to transfer knowledge from one to another. A mentor tailors a customized approach to advance your professional and personal development.
This article highlights why enrolling in mentorship programs is essential to starting your career as a young entrepreneur. One of the best platforms to find an entrepreneur mentor is GrowthMentor. You can make huge strides in your career with affordable prices and easy access to top-rated mentors. Find potential mentors here.