As an entrepreneur, building your own business is both exciting and challenging. Getting your first few sales, growing a team and working towards big aspirations. But whether you’re a few months or a few years in to your business, you’ll need a mentor if you want to succeed in the long-term.
No matter how much you think you know, having someone there to constantly challenge you, inspire you and develop your decision-making skills will take you further. Take it from the pros: even Mark Zuckerberg and Steve Jobs had mentors throughout different seasons of their business.
Here are 5 reasons why you need a mentor, according to our Executive in Residence, Alan Foster:
1) Mentors act as a sounding board for business ideas and decisions. Before executing on a new business decision, wouldn’t it be nice if someone would give you advice on how to proceed? Mentors provide guidance and coaching on how to deal with new business situations and offer a fresh perspective on your options before you take the plunge.
2) Mentors help you develop a plan for the growth of your business. When you’re starting out it’s important to have a plan. Mentors can help you look beyond the short-term and create a roadmap to help grow and scale your business to make sure it’s still around 10 years from now. A good mentor will help you establish an executable plan that realizes the vision of the business and acknowledges the realities of the business capacity to achieve them.
3) Mentors identify blind spots before you run into trouble. Short of having a crystal ball, hearing from someone who’s been around the block a few times is a great way to avoid common pitfalls as an entrepreneur. Mentors can point out your blind spots and identify weak points that commonly cause companies to fold, whether your company is in early-stage or high-growth.
4) Mentors connect you with networks beyond your reach. Even if you network like a pro, you can’t beat the wealth of connections from someone who’s been around longer than you. Connecting with a mentor can extend your reach to potential customers, partners, industries and opportunities you wouldn’t otherwise have access to.
5) Mentors introduce you to new business concepts and tools to leverage. When you think you’ve got all your processes and systems figured out, turning to a mentor will help enrich your understanding of relevant business planning tools and concepts, and how to apply them.
Need a mentor to guide you on your business journey?
Enroll in one of Wavefront’s Acceleration programs to get access to our network of seasoned business mentors.
Applications now open for the Fall 2017 cohorts! Questions? Contact us today!
- If you’re early stage: Venture Acceleration Program (BC residents), or the National Entrepreneurship Program (Greater Toronto Area and Halifax).
- If you’re in high growth: RevUP Program
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