Our chief want in life, is somebody who will make us do what we can
Ralph Waldo Emerson (American essayist and philosopher)
Studies have shown an increase in entrepreneurship around the world, including Southeast Asia. As an entrepreneur myself, this is encouraging news as entrepreneurship is key to a successful economy in any country, especially with SMEs making up more than 90% of enterprises in Singapore.
With the increase in number of potential entrepreneurs comes an increase of guides, online videos and workshops for people to listen to established entrepreneurs give tips and share their stories – all in hopes of educating potential entrepreneurs.
While not taking away the benefits of these opportunities, there is something else that is vital to the success of an entrepreneur that many seem to overlook – a personal mentor.
I’ve had the privilege of being a mentor to a number of start-ups from around the world spanning a wide array of sectors. From Change, the one-stop cryptocurrency platform for financial services based in Estonia, to Stork Express, a global crowdsourcing logistics delivery and buying platform, I’ve learned first hand just how important a mentor can be for a new business and the difference between a start-up that has a mentor and one that does not.
Mentors are people who are not only invested in seeing the success of your business, but also invested in seeing you become a success. In fact, some of the biggest and most successful entrepreneurs had mentors – Marc Zuckerberg had Steve Jobs, Eric Schmidt had Larry Page, there are countless examples.
While a huge amount of their success can be attributed to their own talent and hard work, it would be foolish to say their mentors had no part to play. There are many benefits when it comes to having your own personal mentor and, in this article, we’ll look at some of the major ones.
First-hand experience
Many might take the lessons learned from experience for granted, but it is not only a very expensive asset, but a crucial element to the success of a business as well. Although you may have many authors who share their entrepreneurship experiences in a book, there’s only so much you can learn from written words on pages.
In fact, many may not share everything they have learned, whether it be too intimate, or they just don’t want to, the knowledge you receive may not always be relevant or specific to your issue.
With a personal mentor, these experiences will be shared, and the mentee will receive life lessons without having to repeat the same mistakes as their mentor. With the knowledge that mentors have, they can help to look at problems from perspectives that may not have occurred to a new business owner.
Networking
Just like how you would purchase an item after a trusted friend has recommended it, investors tend to lean more towards investing in start-ups recommended to them by someone they trust. Mentors not only have years of experience, but their time in their respective businesses has allowed them to develop a network of contacts that could benefit you. An entrepreneur could attend networking events and attempt to establish one on his own, but it would make more sense to tap into your mentor’s network of people when the need arises.
The more networking you do, the higher your chance of meeting an individual who could benefit you and your business in the long run. By having a mentor, someone who understands not only your business but you as a businessman, you will have opportunities to network with the right people who will help to make your business a success.
Acteva Stars 