Thanks to the Internet, today’s youths have a lot of opportunities to learn the ins and outs of becoming an entrepreneur. By going online, they can find many innovative ideas that can inspire them to deliver social and environment impact through their start-ups.
They can also read success stories of well-known entrepreneurs and reach out to a wider target market in hopes of building the competitiveness and drive that they need to accomplish their entrepreneurial goals.
However, while the Internet allows them to discover without the need for any assistance, young entrepreneurs should consider undertaking a mentorship, especially throughout the initial stages of their business.
Some may be hesitant to approach a seasoned entrepreneur for help, but they ought to know that even these people didn’t make it on their own.
As stated by renowned businessman and author Sir Richard Branson: “If you ask any successful person, they will always have had a great mentor at some point along the road.”
Having a very knowledgeable and experienced mentor provides a substantial advantage for young entrepreneurs. To begin with, a mentor can offer them the wisdom and skills of someone who has gone through the hurdles of opening and expanding a business.
A mentor can also support them in establishing their own network by suggesting and guiding them on ways to access the right people, ideas and opportunities.
Plus, a mentor can encourage them to remain resilient and not give up on their goals and expectations whenever they find themselves mentally and emotionally disheartened by any failure they’ve experienced.
As someone who understands the ups and downs of running a business, becoming these young people’s ‘cheerleader’ is also a mentor’s way of reminding them the importance of hard work, patience and perseverance when it comes to entrepreneurship.
Most importantly, a mentor can advise young entrepreneurs towards building a strong business foundation by helping them to analyse business ideas, point out the basics of operating a business, as well as identify and recognise limitations that need to be addressed.
By grasping these real-world insights from their mentors, young entrepreneurs might be able to have the confidence and self-esteem to overcome challenges that they are bound to face when starting their business.
These include making vital business decisions, managing finances, dealing with the ‘loneliness’ of establishing their start-ups, and maintaining their enterprising spirit even through trying times.
Young entrepreneurs who opt for a mentorship are more likely to reach their full potential, thus having the capability to achieve their goals and ensure sustainability in their entrepreneurial endeavour.
This is true based on various studies that have been conducted for the past decade to determine the impact of mentorship on these youths.
For example, in a survey by Sage on more than 11,000 small and medium-sized enterprises (SMEs) in 17 countries, 93 percent of SME owners agree that mentorship is key to their business success.