Startups can benefit greatly from having an industry mentor guide their early stages. For one, their experience may provide you advantage, as they know the ins-and-outs of your industry. Sometimes, the contacts they have can help propel your business to another level. They also can offer critical advise that may help to steer you from mistakes, traps and pitfalls that often plague aspiring entrepreneurs.
Read more on how Miami business mentors can help you:
The relationship can be a paid arrangement organized through a business support group or free advice from a local business expert. Either way, there is strong evidence that mentoring hugely benefits startups:
- 70% of startups that receive mentoring survive for five years or more, which is double the rate compared with non-mentored entrepreneurs
- Startups that receive mentoring are 50% more likely to experience growth than those that don’t
However, despite these encouraging statistics, surprising evidence has emerged recently that suggests 42% of small-businesses owners have never consulted a mentor.* Furthermore, according to a recent poll, 55% of start-ups do not plan to use a mentor once their business is up and running.*
It can be easy for entrepreneurs to get caught up in the whirlwind of day-to-day tasks involved in running their startup, but putting aside time for regular mentoring sessions can prove invaluable, for personal development and business growth. Specific ways in which Miami business mentors can positively impact success include:
- giving advice based on first-hand experience, helping to point new business owners in the right direction and navigate successfully through complicated business matters
- providing support and motivation during stressful and challenging times, helping startups to approach obstacles with perspective and confidence
- acting as a sounding board for new ideas, enabling the mentee to test out strategies with a trusted party outside of the startup
- developing business skills by sharing expertise in fields such as managing staff, project management and marketing
- introducing mentees to useful contacts, helping them to build a wide network of support for their business.
Above all, effective mentoring can foster a long-term, mutually beneficial relationship between mentor and mentee that can span the length of a career.
At StartHub Miami, we offer tools, programs & extensive resources for entrepreneurs & innovators across the globe. We utilize an international network of mentors, investors and key industry experts that focus on your goals. The team is driven by results and is dedicated to igniting rapid growth for small- and medium-sized businesses globally.
*Moore & Smalley accountancy survey