Did you know about 76% of people believe mentors are important, but only 37% actually have one? This is a stat shared by Janet T. Phan in her TEDx Talk, 3 Key Elements to Thriving Mentorship, that should make you start thinking. Most of us know how valuable mentors are, right? Yet so few of us actually have one in our corner. If you’re a small business owner trying to navigate the ups and downs of entrepreneurship, finding a mentor might just be the smartest move you can make.
Phan’s TEDx Talk is a prime example we’ll come back to throughout this blog, especially when we dive into tips on how to find a mentor and build that relationship. Her insights serve as a guiding thread to highlight just how impactful mentorship can be.
Mentorship is basically having someone who’s been there, done that, guiding you along the way. They’ve already made the mistakes, learned the lessons, and can help you skip some of the headaches. It’s not just helpful, it’s kind of a game-changer. Let’s go through the seven solid reasons why having a mentor can completely change your business growth journey. Plus, stick around for some tips on how to find one that’s a perfect fit for you.
Reason 1: Mentors Help You See What You Might Be Missing
Running a small business can feel like trying to solve a puzzle without the picture on the box. Mentors? They’ve got the box cover. They help you see opportunities you might have overlooked and steer you away from costly mistakes.
Say you own a bakery and sales are dipping. You’re scratching your head, trying to figure out why. A mentor, who knows their way around in the retail scene might suggest seasonal products or promos, even healthy menu options. They bring that outside perspective we all need sometimes.
Reason 2: Mentors Bring Experiences You Can Learn From
Nothing beats experience. A mentor has already walked the path you’re on, and they’ve got the stories (and maybe a few scars) to prove it. Instead of learning through trial and error, doing the guessing game, you somehow get to the shortcut of the process by picking their brain.
Maybe they’ve survived a rough economy, figured out how to hire rockstar employees, or cracked the code on effective marketing. Whatever it is, their experience is your cheat sheet. You’re learning from their wins and their failures, so you don’t have to repeat the latter.
Reason 3: Mentors Give You Confidence to Make Tough Decisions
Let’s talk about decision-making. It’s hard enough figuring out what to have for dinner, let alone making choices that could impact your entire business. As a small business owner, you can find yourself with decision-making fatigue, but someone has to do it, right? The good news is, a mentor provides reassurance and reduces the fear of making critical business decisions. They’re like your business BFF, helping you weigh options and cheering you on when you need it the most.
Thinking about expanding your business? A mentor can walk you through the risks and rewards, making it easier for you to take that leap (or hold it off if it’s not the right time). What if you’re unsure about hiring new staff or having to make the tough decision to lay off someone? They can help you evaluate the financial implications, understand the legal considerations, and assess the impact on team morale.
Their support boosts your confidence, so you’re not stuck second-guessing every move.
Reason 4: Mentors Help You Build a Valuable Network
You’ve probably heard the phrase, “your network is your net worth”. Mentors are like VIP passes to networks you might not even know existed. They’ve spent years building connections, and they can introduce you to the right people.
Mentors can open doors to opportunities you might not have access to on your own, whether that’s meeting potential clients, investors, forming partnerships, or connecting with industry experts who can help you take your business to the next level. It’s all about leveraging your network to grow your own. Who doesn’t need a little extra support in their corner?
Reason 5: Mentors Keep You Accountable and Focused
It’s easy to get distracted especially when you have a million things on your plate as a small business owner. Mentors help you keep you laser-focused on the things that matter. They hold you accountable, making sure you’re actually doing what you said you’d do.
And it’s not just about tough love. They celebrate your wins and remind you why you started in the first place when things get tough. A good mentor gives you that perfect mix of motivation and accountability to keep you moving forward.
Reason 6: Mentors Save You Time and Money
No one wants to waste precious time or hard-earned money, especially when running a small business. That’s where mentors come in; they guide you toward fewer missteps, smarter strategies, and better resource allocation to get the most out of your efforts.
Take marketing, for example. Rather than spending your entire budget on ads that may not bring results, your mentor could recommend tried-and-tested, cost-effective approaches they’ve seen work.
Reason 7: Mentors Help You Grow as a Leader
Here’s the thing about mentorship – it’s not about making your business better; it’s about making you better, too. A great mentor helps you sharpen your leadership skills, improve your communication, and build the kind of resilience you need to face challenges head-on.
Let’s say you struggle with delegating. A mentor can coach you through trusting your time and letting go of control, which ultimately makes your business more efficient and your employees happier, which then makes it a win for all.
How to Find a Mentor and Build the Relationship
Now that you’re sold on mentorship, how do you actually find one? Start by exploring your network. Think about colleagues, industry leaders, or even friends of friends who inspire you. Local business events, online forums, and professional groups are also goldmines for potential mentors.
Circling back to Janet Phan’s TEDx Talk, she breaks down the 3 key elements masterfully:
- ASK for That First Meeting: Don’t overthink it; just reach out. It’s natural to feel a little nervous, maybe even afraid of being turned down, but good things happen when you take the leap and just ask. Send a thoughtful message explaining why you admire them and how their insights could help. Keep it genuine. Even if they say no, it’ll be okay. You’ll learn from the experience and open the door for future opportunities.
- ACTIVATE the Relationship: Your first meeting is all about connection. Get to know their journey and share a bit about yours. In the talk, it’s described as a bit like asking someone out on a date – you don’t need to propose a full-on mentorship in that first meeting. Instead, focus on building a connection; ask questions, listen, and see if there’s a natural rapport. This initial effort lays the groundwork for a long-term partnership.
- MAINTAIN the Relationship: Show appreciation and keep them in the loop. Did their advice help you land a big client? Let them know with a thank you note. It’s a two-way street, and mentors love seeing their impact. In Janet’s words, “I promise you, there is nothing more rewarding to a mentor than to know that the time that they invested in you is valuable for you.”. Mentorship benefits them too; it’s an opportunity to give back, sharpen their own leadership skills, and gain fresh perspectives from you.
Once you’ve got a good rhythm going, aim to meet every three to five weeks. This cadence gives you time to act on their advice and reflect on your own progress before reconnecting. Over the course of six to nine months (or up to two years), you’ll develop a solid relationship that can eventually transition into a lifelong professional friendship.
If you’re still not sure where to start, SCORE is an incredible resource. They offer free mentoring sessions, workshops, and other tools tailored for entrepreneurs like you. Just remember, mentorship isn’t a one-and-done thing, it’s an ongoing relationship that grows over time.
Mentorship Is Your Secret Weapon
The journey of running a small business comes with its share of challenges, but having a mentor can make all the difference. They’ll help you explore opportunities, make smarter decisions, and grow both as a business owner and as a person.
So, take that step. Reach out to someone you admire, explore resources, and start building those valuable connections. A mentor isn’t just there to help you shape your business; they’ll also help you better understand your strengths and skills. When you grow, your business grows. With the right mentor, you’ll be more prepared to reach your goals.
A mentor is not someone who walks ahead of us to show us how they did it. A mentor walks alongside us to show us what we can do.” – Simon Sinek
