Why Small Business Owners Need Mentors

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Mentorship has been the key to my results as an entrepreneur. I could not have accelerated my progress or succeeded without the many mentors who guided me along the way. 

Entrepreneurs are instinctive self-starters who are creative and very independent. Yes, business requires grit and resourcefulness, but I’ve seen many entrepreneurs suffer because they think they can do it all alone.  Personally, over the past 10 years of being in business, I’ve hired over 10 coaches!  I would absolutely not be where I am now without their guidance.  And frankly, it would be out of integrity for me to be a coach and not invest in being coached.  

Below I answer some of the top questions you may have about finding mentorship.  

1) What are the benefits of having a business mentor?

I think the biggest benefit in having a mentor is not having to reinvent the wheel, which saves time and money. Many DIY entrepreneurs will pride themselves on their grit to figure out everything on their own. But having a mentor can accelerate learning through guidance from someone who has already gotten the result you are looking for.

2) What benefits might small-business owners overlook/underestimate?

I think business owners underestimate the importance of mental and emotional support when building a business—which can be lonely, frustrating, and scary work at times. Many entrepreneurs give up during the “low times.” Having a mentor who can inspire you, motivate you, and boost your morale is crucial. Also, a mentor can remind you that you’re not alone, by sharing their own difficult times and how they overcome these challenges.

3) What should small business owners/entrepreneurs expect from a mentor?

Experience is essential. Just because someone has ten degrees doesn’t necessarily make them an expert. You want to know that your mentor has the results you want, and has struggled in their experience to get there (e.g., if they inherited the business, they may not have experienced the challenges most entrepreneurs face). In addition, I want a sense of service and goodwill from my mentor. I need to know that they are committed to my success, demonstrated by their compassion and kindness, and won’t see me as competition.

4) Do you think even more established entrepreneurs can benefit from mentors? 

Absolutely. Are you ever finished learning? If you feel you know everything already and don’t need to learn more, you are dead in the water in business. The most successful entrepreneurs are humble and in pursuit of the “next level.” Having a mentor who is always a step ahead keeps you moving toward greatness.  

5) How has a business mentor helped you?

Mentors have helped me in two ways:

1. They help me break down a large project or goal into actionable steps.
2. They provide emotional and mental support during my entrepreneurial journey.

I’ll never forget when a big project, into which I had invested a lot of money, flopped. After listening to me moan and cry, my mentor said with tough love: “We don’t have time for this. People need your medicine and your gifts. It sucks but we need to move on and not dwell on this blip.” It was the best coaching I had ever received. He helped me get back to the bigger picture, pulling me out of my self-wallowing so I could get back into aligned action.

6) What tips can you offer for choosing a business mentor?

Choose someone with experience and, most importantly, someone you connect with. A mentor will become close to you, so it’s important you feel aligned with their values, feel you “jibe” with their personality. It won’t serve you to work with someone who has the success that you want but who doesn’t support you when you talk to them. You want to feel that they could be your best friend.

Though there is no formula for finding the exact right mentor, don’t worry. As you look for a mentor, you will have a better understanding, after each conversation, of who you want to work with. Don’t settle! Let yourself find the right person for you.