Mentors are great contributors to the startup ecosystem and having mentors give entrepreneurs an unfair advantage. The following are extracted from an article written on www.entrepreneurship.com.
Some reasons why having a mentor is important:
- Gain experience not shared in books. A mentor who has experienced the highs and lows of running a business is in the perfect position to give positive and soothing words of advice to you when things refuse to go your way.
- Entrepreneurs are more likely to succeed with a mentor. In a research by Sage, 93 percent of startups admit that mentorship is instrumental to success.
- A mentor helps entrepreneurs stay in business longer. According to SBA, 30 percent of new businesses may not survive past the first 24 months, and 50 percent of those may not make it past five years. However, 70 percent of mentored businesses survive longer than 5 years.
- A mentor helps entrepreneurs develop strong EQ. A story on Business Insider reveals how Schmidt worked with then inexperienced Page to manage the affairs of running a fledgling startup. An inexperienced CEO often makes decisions based on emotions, but one with a mentor like Schmidt is able to overcome critical hurdles by making smart decisive judgments.
So, if you are an entrepreneur and you don’t yet have a mentor, find one that is good for you. Or look to our J.A.D.E Sharers as your mentors. All our J.A.D.E Sharers have extensive experience and you would be surprised that they are more than willing to help.