Business Mentors & Where To Find Them

When you think of entrepreneurs, you may describe an independent and charismatic businessperson like Richard Branson, Oprah Winfrey or Bill Gates. While many entrepreneurs do not fit into that mold, they do share many common characteristics with these business titans. One of the most important traits is the ability to learn from others. For instance, many entrepreneurs find that they – along with their business – experience exponential growth through working with business mentors.

Advice for Entrepreneurial Challenges

The sage advice from business mentors can help entrepreneurs navigate a number of business challenges. In fact, one study reported that 70 percent of entrepreneurs with a mentor have a business that survives past the five-year mark. This rate is significantly higher than the business survival rate of small business owners who do not have a mentor.

Finding an Entrepreneurial Yoda

How can you find a business mentor who can offer wise and timely advice? An Entrepreneur.com article suggests considering three types of mentors:

• A mentor who provides knowledge at a distance – While you may never meet this person, you can glean insights from them through their websites, books, TED Talks, podcasts or webinars.

 

• Industry-specific mentors – Industry-specific business mentors offer expertise in your chosen industry and are available to meet periodically in person or by phone. You can identify these potential mentors through the Chamber of Commerce, Small Business Development Centers or professional organizations.

 

• Personal mentors – Like an industry-specific mentor, a personal mentor can be met through your networking opportunities. However, a personal mentor does not have to be in a related industry. The traits of a successful entrepreneur are typically universal, regardless of the business you are in.

 

A great way to source possible mentors is to either a) ask successful entrepreneurs who their business mentor is, or b) research your idols and find out who their mentors are. Many of the entrepreneurs in our Master Mentor program are referred to us from others who have experienced success. People who know you and also have their own mentors are well-equipped to offer referral suggestions and are a great place to start.