The Role of Mentors in Entrepreneurship
By Jeffrey Moore, Chapter Chair, SCORE Northeast Indiana SCORE is a not-for-profit organization, partially funded by the SBA, that assists small business owners start and /or grow their businesses. SCORE […]
By Jeffrey Moore, Chapter Chair, SCORE Northeast Indiana
SCORE is a not-for-profit organization, partially funded by the SBA, that assists small business owners start and /or grow their businesses. SCORE provides vast resources both online and in-person, including workshops, articles, and access to mentors.
Mentors provide a cost-free, impactful resource to entrepreneurs wanting to start and/or grow their businesses. Some of the benefits of mentorship include:
- Entrepreneurs with mentors report greater business growth
A mentor can help you raise your bottom line. Because of their own entrepreneurial experience and their objective perspective, they can see where you may be draining cash, or spark ideas for new business models or initiatives to contribute to business growth. According to SCORE, 30% of entrepreneurs who had just one interaction with a business mentor reported growth in their business, and 43% of entrepreneurs who had five or more interactions with a mentor reported growth.
- A Mentor can help your business stay afloat far longer
The average lifespan of a startup is only 20 months, or one year and eight months. While the reasons companies fail differ, top reasons include no market need, running out of cash, not having the right team, or being outcompeted. These are all scenarios that a seasoned business mentor can anticipate and help you to navigate.
A mentor holds you accountable in a way that your team can’t. Because they can see what’s going on from a bird’s eye view and they aren’t in the trenches with you, they can provide the insight and motivation that’s missing, thus prolonging your business’s lifespan. Call your local SCORE office today!