In a Forbes article dated October 30, 2018, Kate Harrison referenced a report that was completed by "Kabbage, Inc.", a global financial services, technology and data platform. Their survey of more than 200 small business owners across the U.S. examined the importance of mentorship within this specific sector.
My personal observation, base on more than 40 years in the financial services and small business development space, and across multiple sectors, leads me to believe that Mentorship can be valuable to business owners in virtually every sector. Really, who couldn't benefit from having another experienced business person, or professional, offering up a timely and thoughtful perspective for consideration?
A few of the findings stated by Harrison included:
· Only 22% of small businesses had mentors when they started their business.
· Another 17% indicated they have or had an advisor, possibly a paid relationship for consulting and advice.
· Approximately 63% of business owners did not have professional guidance at the onset of their business.
· Almost all, 92% of small business owners agree that mentors have a direct impact on 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.
I agree with Harrison when she says these statistics highlight a need for Mentorship in the entrepreneurial community. And yes, it is important to connect with qualified mentors early in the business lifecycle, particularly those who can add the greatest value during the critical and challenging early years.
In one of the first Mentorship programs I set up for a business group, an experienced business professional confided that he personally found Mentoring others to be extremely valuable. He said that not only did it provide him with an opportunity to 'give back' and help others, but the process of Mentoring someone else helped him to remain sharp. To expand on that he said it provided him with a chance to reflect back and really evaluate the “HOW, WHAT, and WHY” that were behind his ultimately business success.
Harrison concludes by saying: "In reality, finding an appropriate mentor is not as problematic as recognizing the need for their guidance! If you don’t already have one – now is a good time to reach out." We couldn't agree more! Whether you’re exploring a Mentorship Program for your organization or business, or looking for some individual Mentorship, our team would be pleased to explore your needs in this vital area.
NOTE: Kate Harrison's article in Forbes can be seen at:
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