As an entrepreneur or small business owner, you may be inclined to take on all challenges, obstacles, and complications that prevent your business from succeeding. A need for independence and a strong sense of self-confidence are both driving forces of entrepreneurship, as well as potential impediments that can lead to a new business' downfall.
The truth is, while more than half of the small businesses surveyed in Wasp Barcode's State of Small Business report expected revenue growth in 2015, it's likely that 30 percent of all new employer firms won't survive past 24 months -- and that number rises to 50 percent after five years. Early convictions of assured success often fade, unfortunately, in the face of reality.
Thankfully, there is an underutilized resource out there for small business owners: Working with a mentor. Not only is there a correlation between mentorship and success but the ancillary benefits of someone to lean on professionally are equally compelling. Why do we believe having a mentor is so crucial?
The numbers support it. The success rate of non-mentored small businesses compared to those with a mentor is stunning: 70 percent of mentored businesses survive more than five years, double the rate for non-mentored SMBs over that same period. There are few things in the business world that can double your chance of success but adding someone knowledgeable you can turn to for advice is one of them. The same study, conducted by UPS, showed that 88 percent of business owners say having a mentor to lean on is "invaluable."