Famous self-made entrepreneurs like Steve Jobs, Mark Zuckerberg and Sir Richard Branson give so much credit to their mentors when it comes to the success of their careers. These industry leaders despite their brilliance in their fields recognize the need to ask others for advice and direction, and in turn share the wisdom they’ve absorbed to the next generation of entrepreneurs and thought leaders through mentorship.
So what exactly is mentorship? While teaching's goal is to impart knowledge and information through instruction, the dynamics of mentoring is, most of the time, a partnership. The role of the mentor is to build capability, to bring out your innate abilities through guidance and support. Mentors help you discover the answers to problems you face so you could come up with solutions based on your own experiences. They can also provide expert advice in a particular area, and give you candid feedback and suggestions on how you might want to go in a specific time frame.
Sumi Krishnan, CEO of K4 Solutions believes in the indispensable benefits of mentoring. In an article she wrote for Entrepreneurship.com, she mentions three kinds of mentors that can help build a business. First are mentors from afar, which novices can learn from without one-to-one consultations in the form of books, podcasts, articles and other mediums. The next one is industry-specific mentors: those who have walked the walk and talked the talk. These mentors know very well what you are going through, since they’ve gone through it themselves: parents, teachers, colleagues and peers. The last are direct mentors: leadership coaches and consultants whose services might come with a fee. From time management, leadership styles to balance sheets and payroll services, they provide their clients with tips, techniques and methodologies to help manage and grow their businesses and careers.
Benefits of Mentoring
Relationships built through mentoring come with advantages that both parties can benefit from.
Having a mentor increases the potential of your business success. Research shows that 70 percent of mentored businesses survive more than five years. A trained eye can help point out weaknesses in your business that you don’t know about and help find solutions to turn it around.
Article written by Herlene Somook, Content Creator at NextStep
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