Nov 26th, 2018
According to a survey done in 2017 by the UPS store, ongoing mentorship can have a huge impact on the success and longevity of a new business! In fact,70% of businesses that received ongoing mentorship support were still in operations at the five year mark. When the average failure rate for a new start-up business more than 50% by 24 months, this number is huge!
How can a mentor help?
- Provide guidance from an experienced perspective.
- Provide ongoing support and encouragement
- Provide opportunities for networking
- Lend a supportive ear. Beginning a new business is a stressful process and sometimes a person just needs the supportive ear of someone who is not an employee, business partner or family member
- Act as a sounding board for new ideas
Having a mentor is an invaluable asset to any new business but the impact doesn’t end there. Mentors also benefit from this relationship through increased networking, continued development of their own skills, fresh/new perspective,
“Volunteers don’t get paid, not because they’re worthless, but because they’re priceless.”
– Sherry Anderson