Time and again, data shows that entrepreneurs benefit from mentoring. In fact, having a mentor may increase the chance of success by as much as five times. The tech industry, which accounts for some of the most valuable businesses ever, has a long tradition of mentoring. Larry Page, of Google fame, is reputed to have been mentored by Steve Jobs. Having someone more experienced by your side to offer advice, teach new skills and help with networking can prove to be the difference between merely surviving and absolutely thriving.
The power of mentoring
One entrepreneur who can vouch for the power of having a mentor is Virtual Business Coach and Co-founder of Clients & Community, Landon Stewart. Stewart’s company helps people turn their expertise or passion into a successful coaching business but he recalls how his own early entrepreneurial efforts weren’t nearly so effective.
He says, “I grew up as a pastor’s kid. My dad was a part-time pastor and part-time insurance salesman. He would take me out on his sales visits, perhaps instilling in me the value of being entrepreneurial and having a ‘side hustle’.”
A decisive turning point
Stewart continued this trend throughout his early teens and into his 20s, with a string of entrepreneurial pursuits. By his own admission, though, he didn’t have much success between the ages of 18 and 25. The turning point came at an event in Scottsdale, Arizona. That’s where he met his longtime friend and business partner Chris Stapleton, as well as his mentor, Mark Hoverson. Hoverson had already established a $20 million online empire. Seeing something in the two young protegees, Hoverson decided to take them under his wing.
Stewart recalls, “We worked for free in exchange for the transformative training and insights that he offered. We cut our teeth by running his Facebook group of over 2,000 clients, which helped us learn how to speak, lead and rally a community—invaluable experiences that would prove to be decisive later in life.”
Tragedy strikes
Tragedy struck one and a half years into the mentor-mentee relationship—Hoverson succumbed to cancer and sadly passed away. Stewart recounts how he and Stapleton were crushed, without any idea what to do next.
Stewart says, “We had just lost a friend, mentor and father figure. We were lost without him, but at the same time, we knew we wanted to carry on his legacy. The pair decided to do just that by teaching others how to build online communities, passing on the skills that they had learned from their mentor.
Mentors can’t control outcomes but they can affect attitudes
Research indicates that whilst you can’t control someone’s life outcome, because there are too many variables, what you can do is strongly affect attitudes. How people respond to stress and difficulties, how they view events and approach problems.
In Stewart and Stapleton’s case, the training and input they had received had markedly changed their outlook on life. Rather than giving up because their mentor had died, they decided to honor his memory by assisting others. Again, research shows that those who have been mentored exhibit higher levels of pro social behavior—the desire to help others.
Mentors enhance your whole life
For anyone venturing into business, a mentor offers numerous advantages. A mentor has a fresh perspective on events inside your organization. This can lead to better decision-making and enhanced leadership skills—essential ingredients in a thriving enterprise.
There is even evidence to suggest that mentees have improved career outcomes, higher compensation, more promotions and job satisfaction. For leaders, it’s critical that they not only find a mentor for themselves but also that they mentor their team. As Robert Kiyosaki (author of Rich Dad Poor Dad) said:
“If you want success, you need mentors who have experienced success.”
With better levels of engagement, job satisfaction and retention recorded amongst mentees, perhaps it’s time that mentoring was the ‘norm’.
