Do You Really Need A Business Mentor?

(By Gil Gerretsen) Ever wonder how you can become more business savvy without making a bunch of costly mistakes to gain experience? The answer is to avoid the isolated ivory tower, especially when facing a business plateau. Don’t be so prideful or independent minded that you can’t admit to yourself that running things past another savvy person is beneath you or too costly for you.

Over the span of my 45 year career, I’ve always sought out and maintained at least one person (sometimes more) whom I trusted to share their candid business advice with me. I even belonged to some cohort or peer groups designed for businesses at a similar stage of growth. Some mentors and peer groups were paid, some helped from the goodness of their heart. In some instances, we were even each other’s mutual business advisor. I could slap their head and they could slap mine.

I can now look back and see many critical turning points emerging from these crucial mentoring relationships and conversations. When faced with a new business plateau or challenge, it was comforting to know that I was not alone. It was even better to talks a complex puzzle through with another person who could see things from a different perspective or who had prior experience with a similar challenge.

One of the big risks for entrepreneurs and service professionals is the risk of gradually believing your own press releases. We all need to keep a positive attitude and expectations but without an genuine counterbalance, we may become blind to relevant risks or new opportunities.

I have observed many rising stars who went with or without a mentor or two. Those who always tried to go it alone often did fine for a while but eventually made a very costly error, sometimes even losing it all. Those who cultivated healthy mentoring and/or peer group relationships consistently had a better track record. They grew their business faster, easier, and faced far less risk. When they encountered a business plateau or growth ceiling, they were able to bust through faster and more efficiently. 

So, whether you are just getting started with your business, have been in business for a while, or even planning to exit soon, you should always work with a 1-1 mentor who is comfortable helping you think and will challenge your ideas or behaviors.

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