The one secret to building a successful business is a mentor

27 October 2022

People often imagine successful business owners as individuals who have achieved this by their own effort. But the people who are most successful in business don’t go at it alone. Even if they are starting with a business idea. Whereas, a business professional will spend a lot of time researching and bouncing ideas off of colleagues, teammates, friends and family members.

More times than not, sustainable businesses are created by motivated and educated people that have gained these traits through personal experience, which most start-ups usually lack. This is where mentors come in. The lessons you can learn from a mentor will help improve your business practices, ethics and, hopefully, overall success.

So Why a Mentor…

First, They Know More Than You

Find a mentor that has been in the industry for a while or runs their business the way you hope to. They can help by teaching you to do business plans, budgeting tactics. And day-to-day operations for a successful business. Business mentors can share tips and tricks that they’ve gathered over the years. They will support you through the ups and downs of operating a business. They’ve lived through this before, learning from their mistakes and successes. They can impart some of the valuable lessons they’ve learned over the years.

Second, They Are Objective

While self-observing yourself and your experiences it is hard to be objective. What you don’t know, you don’t know. Mentors can give you an honest review of areas in your business that need improvement. As well as point out the areas that are doing well. You’ll want to find a mentor that is very honest with you. One who knows how to offer constructive criticism. The outcome is to make you a better businessperson.

Third, They Will Support You

Having a business mentor means there’s someone to keep you on track in achieving your business goals. They will check-in regularly to see how you’re doing through the process. This can motivate you to make progress and discipline you to continue to improve and grow. At times they will be more passionate about your success than you will be.

Forth, They Have Connections

The saying goes, “It’s not what you know, it’s who you know.” Although education does play a significant factor in the success of a business. Networking is also a major factor. Mentors that have worked in business for many years have valuable connections. They may introduce to you to future investors and contributors to your business. As well as help specify your target audience. Can connect you with high level decision makers that you may not have had access to without your mentor. They can guide you with relationships to grow both you and your business.

Looking for a mentor? Contact the Business LEAP team today on 1300 249 482 or for free business mentoring and assistance

Related Posts

Is starting a business right for you?

Written by Susanne Golding Starting a business can be one of the most rewarding and fulfilling experiences of your life. But before you take the plunge, it's important to ask yourself if starting a business is the right choice for you. Here are eight ways to tell if...

The Importance of conducting a competitor analysis

As a business owner, you're always looking for ways to improve your products, services, and overall business strategy. One important tool in your arsenal should be conducting a competitor analysis. A competitor analysis is an evaluation of your competitors and how...

What business structure is right for you?

Choosing the right business structure is a critical decision that can be the difference between success and failure for your business, as each structure is treated slightly different legally, and by the tax office.  The most common business structures in Australia...

Managing the Workload

written by Ross Anderson, Entrepreneurship Facilitator How to simplify one's workload and get extraordinary results with less effort and time. Simplifying one’s workload is essential for success in today’s world. With so many tasks and obligations to juggle, it’s hard...