# Why mentoring does more for your business than you think Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-08-02 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Is Having a Dedicated Mentor Worth It? Meta Description: Discover how a mentor can impact your business growth and success, with insights from BBC Apprentice Winner Mark Wright and statistics on the benefits of URL: https://financedigest.com/why-mentoring-does-more-for-your-business-than-you-thinkhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/img9073-498-sbi-300726536-1736838087157-compressed.jpg) _By_ **_Mark Wright,_** _BBC Apprentice Winner and Founder of digital marketing agency,_ [_Climb Online_](https://climb-online.co.uk) The internet is awash with help and advice for business owners. With all this information at your fingertips, is it worth having a dedicated mentor? The short answer is yes, without a doubt.32 For me, the [ultimate Apprentice prize was the opportunity to receive the 1-2-1 guidance and mentorship from Lord Sugar and his wealth of experience](https://www.financedigest.com/adverty-releases-unity-sdk-4-0-with-2d-games-support-and-a-refreshed-suite-of-high-quality-ad-assets-for-the-ultimate-in-game-advertising-experience.html "Adverty releases Unity SDK 4.0, with 2D games support and a refreshed suite of high-quality ad assets for the ultimate in-game advertising experience") that came with it. Working in the same office as him for the first years of my [company taught me so many invaluable lessons](https://www.financedigest.com/companies-should-heed-the-wellbeing-lessons-of-lockdown.html "Companies should heed the wellbeing lessons of lockdown") that couldn’t simply be gleaned from reading a book. In the [business world](https://www.financedigest.com/exclusive-qatarenergy-boss-says-world-cup-tension-will-not-impact-german-business.html "Exclusive-QatarEnergy boss says World Cup tension will not impact German business"), the power of a good mentor is a known fact, and the statistics back this up. CNBC reported that 91% of workers with a mentor are satisfied in their jobs, while [SCORE found that 30% of entrepreneurs reported increased growth in their business](https://www.financedigest.com/5-ways-to-grow-your-business-despite-a-bad-credit-score.html "5 Ways to Grow Your Business despite a Bad Credit Score") after just one interaction with a mentor, rising to 43% with five or more interactions. With the likes of Bill Gates receiving mentorship from Warren Buffet, or Mark Zuckerberg from Steve Jobs, it’s [clear to see a direct link](https://www.financedigest.com/new-ozone-study-demonstrates-clear-link-between-quality-of-attention-to-content-and-quality-of-attention-to-accompanying-ads.html "NEW OZONE STUDY DEMONSTRATES CLEAR LINK BETWEEN QUALITY OF ATTENTION TO CONTENT AND QUALITY OF ATTENTION TO ACCOMPANYING ADS") between solid mentoring and high performance in the corporate world. [**Business growth**](https://www.financedigest.com/which-kpis-should-a-budding-business-focus-on-for-sustained-growth.html "Which KPIs should a budding business focus on for sustained growth?") When you consider the average lifespan of a new startup is just 20 months, according to Saleforce statistics, having a good [mentor can be the difference between your business](https://www.financedigest.com/why-do-the-famous-names-in-business-rely-on-mentors.html "Why do the famous names in business rely on mentors?") making it or not. Inc.com reported that 70% of mentored small [businesses survived more than 5 years](https://www.financedigest.com/why-the-new-year-is-the-best-time-to-start-your-dream-tech-business.html "Why the New Year is the best time to start your dream tech business"), which is staggering when you consider that it’s almost double the rate compared with non-mentored businesses over the same time period. A good mentor can anticipate the common downfalls of new [businesses and offer precious guidance on how best to navigate them, so it’s unsurprising that 88% of businesses owners](https://www.financedigest.com/5-reasons-why-you-need-to-step-into-your-ceo-role-as-a-small-business-owner.html "5 Reasons why you need to step into your CEO role as a small business owner") have said that having a mentor was invaluable to them. Mentors that have successfully scaled their own [businesses can help you drive growth in a similar way](https://www.financedigest.com/3-ways-to-go-about-testing-your-business-ux-design.html "3 Ways to Go About Testing Your Business’ UX Design"), as they can readily identify any adjustments that need to be made to ensure a positive impact on the bottom line, without affecting your product or service delivery. **Experience and networking** Experience truly is the greatest teacher and working with a seasoned mentor gives you the opportunity to [learn lessons](https://www.financedigest.com/learning-the-lessons-of-the-bangladesh-bank-heist.html "LEARNING THE LESSONS OF THE BANGLADESH BANK HEIST") not just through what they say, but how they act in business. It’s difficult to not be inspired by the achievements of a good coach or mentor, and this can be a strong motivator for achieving your own [goals in business](https://www.financedigest.com/how-to-create-financial-goals-for-your-business-in-2021.html "How To Create Financial Goals For Your Business In 2021"). A mentor can also help with [opening doors](https://www.financedigest.com/doors-open-to-a-luxurious-new-sunninghill-address.html "Doors Open To A Luxurious New Sunninghill Address") that might otherwise be shut to you. Their time in [business will usually come with a much greater circle of influence](https://www.financedigest.com/5-business-ideas-influencing-the-travel-industry.html "5 business ideas influencing the travel industry") and a long list of contacts that a mentee will benefit from. They may not have all the answers, but will most likely be able to connect you with relevant and mutually beneficial contacts, [service providers](https://www.financedigest.com/unprecedented-constructive-disruption-to-drive-the-sleep-service-providers-market.html "Unprecedented, constructive disruption to drive the Sleep Service Providers Market") and investors, that will assist in expanding your own circle of influence. **Challenge your perceptions** Let’s face it, your business is your baby. It’s easy to [become attached to a particular strategy or way](https://www.financedigest.com/ways-to-become-a-millionaire.html "Ways to become a millionaire") of doing things, and risk stagnation due to tunnel vision. A mentor is like a drone, they can hover above your business without being entrenched in it, [offering clarity and insight](https://www.financedigest.com/future-market-insightss-detailed-report-on-cat-litter-market-offers-projections-of-potential-impact-of-corona-virus-outbreak.html "Future Market Insights’s Detailed Report on Cat Litter Market Offers Projections of Potential Impact of Corona Virus Outbreak") in places you might otherwise overlook. Having that objective perspective allows mentors to more readily recognise problems and opportunities, whilst also identifying weaknesses. On the flip side, it also keeps you accountable, as they can [challenge you on why you’re spending your time in a particular way or on areas of the business](https://www.financedigest.com/the-maserati-100-one-hundred-business-disruptors-challenging-the-establishment.html " ‘The Maserati 100’ One Hundred Business Disruptors Challenging The Establishment") that are struggling because of a certain line of approach you’ve decided to take. **A sounding board** [Running your own business](https://www.financedigest.com/ceo-riggs-eckelberry-of-originclear-discusses-the-power-of-intuition-in-running-a-successful-business.html "CEO Riggs Eckelberry of OriginClear Discusses the Power of Intuition in Running a Successful Business "), especially during these recent unprecedented times can be a lonely and isolating experience. It’s no secret that [business is tough](https://www.financedigest.com/tough-times-and-risky-business-which-emerging-market-assets-are-a-bet-worth-taking.html "Tough times and risky business – which emerging market assets are a bet worth taking"), but having a mentor with similar experiences is invaluable in reassuring and navigating you through the tougher periods Most importantly, they can [act as a sounding board that won’t just tell](https://www.financedigest.com/uk-tells-eu-without-flexibility-we-will-act-on-n-ireland.html "UK tells EU: Without flexibility, we will act on N.Ireland") you what you want to hear, but will actually provide you with useful, experience-tested feedback. They also force you to articulate problems and ideas in a clear and concise way, stopping you from getting bogged down in the irrelevant detail during times of elevated stress. **Business EQ** We [don’t often link business](https://www.financedigest.com/pitiless-machines-will-kill-your-business-if-you-dont-respond-now-warns-servion.html "‘Pitiless machines’ will kill your business if you don’t respond now, warns Servion") with emotion, but having a high emotional intelligence is directly correlated with high performance. Being aware of your own strengths and weaknesses, developing productive working relationships, and how you act under pressure are all key [skills in business](https://www.financedigest.com/5-essential-leadership-skills-for-family-owned-businesses.html "5 essential leadership skills for family-owned businesses"). A good mentor can give you direct feedback on how you come across through your [words and actions](https://www.financedigest.com/how-to-move-from-words-to-actions-in-gender-equity.html "How to move from words to actions in Gender Equity"). This guidance is invaluable in enabling you to effectively coach your [leadership team](https://www.financedigest.com/tailify-bolsters-leadership-team-with-addition-of-julia-burton-brown-as-commercial-director.html "Tailify bolsters leadership team with addition of Julia Burton Brown as Commercial Director") and in collaborating and delivering constructive feedback to your employees on an individual or group basis. **Conclusion** Put simply, having a solid mentorship is a no-brainer. No one is expected to know it all when it comes to [business but having the right guidance and support from an experienced mentor doesn’t just help you on your business journey, it helps you to put your business first so it can flourish and grow](https://www.financedigest.com/5-considerations-when-trying-to-grow-your-business-during-a-pandemic.html "5 Considerations When Trying to Grow Your Business During a Pandemic"). --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---