Setting up a business is a task of humongous proportion. There are a million factors that have to be dealt with starting from the actual business proposal to management to finances and more. One can learn a lot on paper but figuring it out on an actual field is a completely different ball game. Nothing trumps experience is this field and getting help from a professional is the next best thing one can do to set up and run a business. There in comes the need of a business mentor who would help manage your business for its smooth run and success. Just like a mentor in any field a business mentor is someone with whom you develop a personal relation and this is profitable for both of you. There are more than one way of maintaining a business mentor. Some might prefer to opt for getting tutored online. There are numerous tutorial videos which speak about the pro and cons and methods of a business set up and its proper functioning. This might help you in the short run but one cannot take suggestions and deal with problem on a daily basis with the help of these. There in comes the nee of a proper business entrepreneur who would be able to guide you through every aspect of it.
Take a look at some of the upsides of hiring and consulting a business mentor which will impact your business in the long run:
- Higher Success Rate– Everyone aims to set up a business with the hope of succeeding and expanding. However the rates of success are quite low and most start-ups end up on the losing side and eventual closure after the initial 5-6 years. Although a business mentor does not guarantee you the chance of success however the odds are more favouring when you hire one. According to surveys one has seen a 70% higher chance for a start up to survive the initial testing time with the mentor.
- For Boosting Your Morale– Setting up a business is not only a difficult task because of all the technical challenges but also because people lack confidence in themselves and their ideas. There will always be negative comments and rejection of ideas but sticking to your own idea and looking for ways to improve on it might seem like an impossible task with criticism around. At testing times like this you might need someone who would invest their time to show you the right path and provide much needed encouragement.
- Experience Matters– No matter how good your ideas are and how well-organised you are one always needs to helping hand for managing all the aspects of business. You might have an in depth knowledge about a particular field but running a business requires you to look into various aspects and one needs immense experience to juggle it all. A business mentor is exactly what you need at that time. Being in this field has taught them about every situation that can arise and how to cope up with them. This would make your job much easier rather than figuring it all out by yourself. Being a novice you might miss out on important details or ignore a few issues that seem unimportant. A mentor would bring to your notice everything that you would miss out one and help you learn from their mistakes as well as your own.
- Managing Finances– There is a huge cost involved in setting up a business and has to make a huge investment not only on the initial set up but also for running a successful business. A lot of people opt to take business loans for the purpose. Although it may seem like a lucrative offer at the beginning but there are various aspects that one has to consider like the business loan eligibility criteria and the loan amount required. One can get flustered by the magnanimity of it all and take wrong decisions. But if you have a business mentor by your side they would help manage your finances from procuring the loan to worrying about the interest rate on business loan.
- Learning Trade Secrets– If you have hired an experienced individual who has been in touch with other business set ups in the past you would be in luck. They could share useful information they have come across in the past and share some trade secrets that would do wonders. Not only that they might actually help you get in touch with some of top contacts in the business world. Networking is the key to a running a successful business and a mentor may help you get connected with suppliers and contractors in the field too.
Also Read: Benefits of Business Loan