The Importance of Mentorship in Business

In today’s blog post, I want to talk about the importance of mentorship in business. Over the years, I have had numerous mentors who have played a crucial role in how I have run my businesses. These mentors have helped guide important business decisions and led me in the right direction with meaningful, honest advice.

Mentors can help you answer the 3 most important questions in building any business:

1. Should we be building this?
2. Is this really a big problem in our industry?
3. Is this market underserved?

And this just scratches the surface of how mentors can impact the trajectory of your business. Ultimately, learning from someone who has “walked the walk” before you allows you to gain insights on important lessons in a really personal and tangible way.

One of the questions I hear people ask most often when talking about mentorship is: “how do I find a mentor?” and so I wanted to offer some recommendations.

Here are 3 ways to find a mentor:

1. Utilize your alumni network: If you own your own business, there’s a good chance you went to college or university and have a background in your current industry. I am proud to be connected to my alumni network at Texas A&M. Since the day I graduated I have benefitted from relationships and connections I made back in college. Even if you are not currently connected to your alma mater, you can call the school and find out if any alumni networks exist for your degree and ask to be connected with whoever organizes events. These events would be a great place to start networking with others in your industry who may be at the same level as you or more experienced.

2. Connect with your customers: Your customers are in your industry and have connections that will likely be relevant to you. Whether it be trade shows or conferences, find out where your customers will be and what events they will be attending and sign up to attend to connect with new people in your industry. Adding your customers on LinkedIn can also open the door to many possibilities, connecting you to their network as well as the events they are attending and the content they are engaging with.

3. Apply for EO (Entrepreneurs Organization) or YPO (Young Presidents’ Organization): Joining a network of entrepreneurs can connect you with peers and fellow CEOs in your industry. It offers mentorship opportunities from individuals at similar or advanced levels who have faced similar challenges and excelled in growing their businesses. Participate in forums or micro-forums to receive constructive, truthful feedback and gain insights and inspiration for building your own network of mentors who will guide you toward success.

Mentors can play an invaluable role in our lives, both within and outside the workplace. Seeking different mentors can help you navigate the various stages of your professional journey. It’s important to remember that the people you surround yourself with become catalysts for your development, serving as trusted sources to stay updated on emerging trends, bounce off fresh ideas, and experiment with new approaches.

And as a final thought on mentorship: remember, it’s a two-way street. Look for ways to be a good mentee by putting into action the advice you receive, and also, look for opportunities to mentor those around you as well.

Important Question to Ask Yourself This Week:

Who are my mentors? How am I leveraging the relationships with my mentors for optimal business success?