Breaking Past The 50% - Business Mentorship In 2020

Reality is, fewer than half of all small businesses survive their first few years. So what is the difference between those who survive and those who thrive? The UPS did a survey and found that 70% of small businesses who received mentoring survived their first few years. Why is that an important stat? Let's take a look.

What Are The Benefits of Business Mentorship?

1. Asking Questions and Getting Advice

If you've ever been out on your own in business you know the sinking feeling of being alone at times. Many small business owners either don't need or can't afford to bring someone else into their business, but there is an invaluable benefit of having someone else to ask questions and get advice from. Having a business mentor is a must for those involved in business on their own.

2. Networking

Even if you're a born networker you still can't possibly know everyone. Having a mentor on your side gives you a whole new sphere of influence you didn't have on your own. They will have connections and know resources you don't which is worth its weight in gold.

3. Confidence In Decision Making

To some degree you need to be a confident person in order to start a business, but we've all experienced those seasons when you just lack confidence. Having a mentor who gives you input from their experience is like hooking yourself up to an IV of confidence so you can keep running your business.

4. Clear Strategy

One of the biggest benefits I've received from my mentor is a clear strategy forward. Especially during the first few years (when 50% of small businesses fail) I found myself lost in the weeds more often than not. That's when having someone on the outside looking in is invaluable. My mentor was able to see what I couldn't and provide a clear strategy forward, out of the weeds and onto a clear path.

Is There A Difference Between Mentorship And Coaching?

Officially: I have no idea. Personally: Yes, I think there is.

I have both a business mentor and a business coach. Every situation is different, but here is how it works for me.

• My business mentor is the one I go to when I'm stuck, when I need that fatherly business advice or when I just need to process something. I even called my mentor in tears once during the first few months in business, so overwhelmed with everything. My mentor does not charge me for his time, and I'm usually able to call last minute when I'm in a pinch.
• My business coach is who I go to for marketing input, strategy development and accountability to goals. I know I should have regular meetings with him, but I've gotten lax in that. I do pay my coach for his time and we normally schedule a meeting ahead of time.

How Do I Make It Actually Work?

There are plenty of ways to benefit from a business mentor, but here are a few of my favorites:

1. Just Ask

Chances are you already know a successful business owner. Try offering to take them out for coffee sometime and asking them if they would be willing to meet with you on a regular basis. Many business owners are busy, but many would also love the opportunity to mentor someone.

2. Get A Free SCORE Mentor

SCORE is an organization of volunteer business mentors who are trained, ready and waiting to help you reach business success. Visit

https://www.score.org/find-mentor to find a mentor in your city or browse their library for tons of free resources.

3. Wait, then plan your questions

I like to wait until I have a few burning questions before I reach out to my mentors. Then I'm getting the most out of our time together. I find it best to plan a list of questions and things to discuss, and even send my mentor some documents to review ahead of time if applicable.

4. Utilize Video

Especially in the Covid-19 season we’re in, utilize the power of video for coaching and mentorship. Free services like Zoom help make meetings possible, even if your mentor is half way across the country like mine is.

So when you're ready to take your business to the next level, or you just need a sounding board for some tough decisions, reach out to someone and start a business mentoring relationship. There isn't much to lose and a whole lot to gain.