Most aspiring entrepreneurs setting up their business are usually excited to get out of the corporate rat race and be their own boss. Often, they value their newfound freedom so much, they veer away from any road that would require them to follow another person.
If you think you don’t need a mentor as you begin to traverse the road to entrepreneurship, think again - because doing so can lead to financial self-sabotage without you even realizing it.
In an article for Entrepreneur, Media Mentions founder and CEO Sheila Eugenio says having a mentor allows an aspiring entrepreneur to learn valuable lessons not found in books. Mentors have learned about entrepreneurship through experience, and listening to their advice and guidance puts an aspiring entrepreneur one step ahead of competitors.
Having a mentor also opens up an aspiring entrepreneur to network opportunities. Not a lot of business newbies has stable connections to people or institutions that can help in the growth of a business. This is why a mentor’s network can do wonders for a new venture.
Technology entrepreneur and CEO Rod Ebrahimi also talks about the importance of having a mentor who has expert-levelexperience and entrepreneurial success.
“The best mentors offer practical, timely advice and encourage you to take action,” Ebrahimi says in his contributed article for Forbes. “This tendency towards candor is so important because as an entrepreneur you have limited time to get your company off the ground and reach profitability and long-term growth.”
Most importantly, a mentor will be there to encourage you throughout all the phases of your business, especially during the setting up stage. There are many ups and downs in building a business from the ground up, and you would need someone to look over your shoulder and guide you in making the right decisions.
“Enduring the consequences of failure on your own can set you back and impact your productivity,” Eugenio writes in her article. “In hard times, having a mentor will help you keep your head high. Young entrepreneurs often deal with depression when they are unable to meet their goals and expectations. The impact of depression on entrepreneurs is often underreported. But entrepreneurs without mentors bear the brunt the most.”
Setting up a business requires investing time and hard-earned money. Plunging right in to entrepreneurship without proper guidance can lead to a waste of valuable time and resources.
Founder, Singapore Business Village | Helping Working Professionals Build Their Dream Business