The line between success and failure in business is often paper-thin. But, the more you learn from those who’ve walked both sides of that line, the better your chances are of staying on the right side of it. This is why we encourage our clients, team members and YOU to create a mentor network.
You might be wondering, what is a mentor network?
Well, let’s cover that first. As the name suggests, it’s a network of people around you who have attained the level of expertise or experiences that you seek in your own business.
You may or may not know them personally, but they add value to your life and your business in multiple ways. Perhaps you’ve participated in their training or courses. On the other hand, they could be someone you found on YouTube or a blog.
Whatever the case is, they bring value to your life.
They have taught you (directly or indirectly) to do some pretty incredible things. So, consider these people in your current network who do you look to for support, guidance, expertise or otherwise? Take note.
ARE YOU CREATING A MENTOR NETWORK AROUND YOU?
In 2018, an agency called Kabbage Inc. completed a survey in the United States of more than 200 small businesses (reported by Forbes). And, their findings were pretty unsettling. Our understanding of the survey was to identify the needs of entrepreneurs and small businesses participating in mentorship programs. And by our definition, creating a mentor network.
HERE ARE A FEW OF THEIR REPORTED FINDINGS;
Only 22% of small businesses had mentors when they started their business. Another 17% indicated they had an advisor, possibly a paid relationship for consulting and advice. This leaves 63% of business owners who do not have professional guidance at the onset of their business.
The statistics for new business failure are dire:
- 20% of small businesses fail in their first year.
- 30% of small businesses fail in their second year.
- 50% of small businesses fail after five years when their financing, enthusiasm, or both, dry up.
- 92% of small business owners agree that mentors directly impact the growth and survival of their business.
Of all respondents, 89% of small business owners who didn’t have a mentor wish that they did. These statistics highlight a need in the entrepreneurial community to find and connect with qualified mentors who can deliver solid advice to help a business over those shaky first years.
“A great mentor is someone who offers objective advice, provides counsel from a fresh perspective, is willing to collaborate, listen and learn, as well as helping you stay focused on your goals, your purpose and what you’re working so hard to achieve,” Amy Zimmerman, Head of People Operations at Kabbage.
And, we couldn’t agree more.
A FEW OF OUR MENTORS INCLUDE;
- Eric Worre
- Brendan Bouchard
- John Zolecki (Tony’s father)
Who is in your mentor network? And, if you are looking to expand that network, let’s connect! We would love to help you or, at the very least, point you in the right direction.