Mentorship Makes the Difference
Starting a business is an exciting endeavor!
It's an opportunity to turn your passion into a career, be your own boss, and make a difference in the world. However, the reality is that many entrepreneurs fail or give up within the first year of starting their business.According to Forbes, only about 20% of new businesses make it past their first year, and only 50% make it past their fifth year.
So, what can you do to increase your chances of success? Seek mentorship.
Mentorship is an invaluable resource for any entrepreneur, especially for those just starting out. A mentor can offer guidance, support, and advice based on their own experiences. They can help you avoid common mistakes, navigate challenges, and make informed decisions. They can also connect you with other professionals in your industry and provide valuable networking opportunities.
It's important to remember that even some of the most successful businesses started out small!
Amazon, for example, started out as an online bookstore in Jeff Bezos' garage. Now, it's one of the largest e-commerce companies in the world. Apple, Microsoft, and Google are also examples of businesses that started out small and grew into global giants. All of these companies had one thing in common - they had mentors.Steve Jobs, co-founder of Apple, had a mentor in Mike Markkula, who helped him navigate the challenges of starting a business. Bill Gates, co-founder of Microsoft, had a mentor in Warren Buffett, who provided him with valuable advice on business strategy. Larry Page and Sergey Brin, co-founders of Google, had mentors in Andy Bettelheim and Eric Schmidt, who provided them with guidance and support.Mentorship isn't just for tech giants, though. Small business owners can also benefit from having a mentor. In fact, a study by UPS found that 70% of small business owners who received mentorship survived for five years or more, which is double the survival rate of those who didn't have a mentor.
Starting a business is a challenging but rewarding journey
While the statistics may seem daunting, it's important to remember that success is possible. Seeking mentorship is one of the best things you can do for yourself and your business. It can provide you with the guidance and support you need to navigate the challenges of starting a business and increase your chances of success. Remember, even the biggest businesses started out small and had mentors along the way. So, don't be afraid to seek help and support.I do this because it is what I love to do. I have been there and I’m here to help you get there.