{"id":697,"date":"2012-04-20T16:18:46","date_gmt":"2012-04-20T16:18:46","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=697"},"modified":"2012-04-29T21:17:55","modified_gmt":"2012-04-29T21:17:55","slug":"want-to-start-your-own-business-get-a-business-mentor","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=697","title":{"rendered":"WANT TO START YOUR OWN BUSINESS? GET A BUSINESS MENTOR"},"content":{"rendered":"
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Lots of boomers are eager to start their own businesses.<\/div>\n
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The desire may stem from the frustration that sits in your gut when the hunt to land an in-house position after a layoff hits wall after wall. Other times, it\u2019s a dream that bubbles to the surface when you have the cushion of an early retirement package and the time to start a new venture. Then too, midcareer burnout after two decades or more of working in the same field or for the same employer even, can hit the trigger.<\/div>\n
The allure of not working for someone else can be palpable. I\u2019ve met dozens of entrepreneurs during the course of my reporting on career transition. They\u2019ve started wineries, chocolate-making businesses, water companies, Italian restaurants, bookstores and more.<\/div>\n
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\nThe successful ones have several things in common-but one that sits at the very heart of their stories\u2013all had a business mentor at their back before they launched. This was the go-to person with experience they could turn and ask what do I do next?<\/div>\n
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Afterall, when you\u2019re the one in charge, you can feel pretty alone. Your spouse or partner may be supportive, but they aren\u2019t in a position to give the advice a boss might.<\/div>\n
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For the successful small business owners I know, a mentoring guru was their sounding board. He or she was typically someone with entrepreneurial experience, who they could tap for constructive advice,\u00a0 a \u201cyou can do it\u201d pep talk. Sometimes it was a tough love kick in the pants or brutal honesty. In the best scenarios, the mentor opened up a broad network of business contacts that gave back ten-fold as resources and more.<\/div>\n
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Simply put, a business mentor is one of those must-haves in your business plan.<\/div>\n
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A new Gallup survey supports this. It shows that for budding entrepreneurs, mentor support is key to starting a business.<\/div>\n
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Gallup surveys in 83 countries indicate that adults who have access to a mentor are three times more likely to say they are planning to start a business than those who do not have a mentor, according to Gallup researchers Sangeeta Badal and Rajesh Srinivasan.<\/div>\n
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And mentors are important for men and women alike. Gallup data indicate that 16% of men who have access to a mentor plan to start a business, compared with 6% of those with no access to a mentor. Eleven percent of women with access to a mentor plan to start a business, compared with 4% without a mentor.<\/div>\n
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According to the Small Business Administration, over 50% of small businesses fail in the first five years. Why?\u00a0 In large measure, it\u2019s the founder\u2019s lack of business experience.\u00a0 The folks at Gallup, surmise that \u201cwithout a mentor, an entrepreneur may find it difficult to access resources, build networks, and create partnerships that help the enterprise grow.\u201d<\/div>\n
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The Gallup researchers conclude in their report: \u201cThere are tangible and intangible benefits of having a mentor. Gallup\u2019s consulting work shows that pairing an entrepreneur with a mentor increases confidence and self-awareness as well as enhances business thinking and risk taking among the entrepreneurs.\u201d<\/div>\n
\nBy absorbing advice from people who have been successful in their own small business, particularly if it\u2019s a field you want to jump into, you can get a sense of what the work is like on a day-to-day basis. You learn what has worked for them in the past and what stumbling blocks to avoid in a range of areas\u2013inventory to bookkeeping to marketing and hiring.<\/div>\n
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If you\u2019re a small business entrepreneur, here are some great places to look for a mentor. For more advice, go to How to Find a Mentor.<\/div>\n
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Where to look for a business mentor.<\/div>\n
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