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Five Reasons Why Engaging with a Mentor Is Good for Business

by Jennifer Bessell

Who is that someone you turn to when you need business advice? Who is the person you count on to help you deal with challenges in your business? Who has helped you define who you want to be as an entrepreneur and map your path to success? We may call these people friends, colleagues, or advisors. More accurately, we call them mentors.

Mentors are trusted advisors who play a crucial role in the development and success of women entrepreneurs. They offer a valuable support system, build self-confidence, expand networks, facilitate skill development, and provide insight on how to address gender-specific challenges. One of the best things you can do for yourself as you move through your entrepreneurship journey is engage with a mentor to assist in building your personal capacity.

Here are five reasons why mentors are an asset in business development.

1. Guidance and support

A mentor has the benefit of having extensive experience in running a business and can offer advice, insights, and expertise. Mentors can help women entrepreneurs set goals, make informed decisions, and overcome obstacles based on lessons learned through experience.

2. Expanding networks

In business, who you know is often as important as what you know. A mentor is a great ally in helping to develop a wider network of professionals, potential partners, investors, and customers. With each new connection comes the potential for new opportunities, collaborations, and increased growth and visibility of your business.

3. Increased confidence

We all have moments of self-doubt. A mentor can help you to push past those moments by offering support and constructive feedback to build confidence. By helping to increase confidence, your mentor can help you make important decisions and take calculated risks.

4. Skill development

A mentor can help you identify areas for skill development and provide guidance on how to enhance those skills. Whether it is improving leadership abilities, marketing strategies, financial management, or negotiation skills, mentors can provide personalized advice and suggest relevant training and resources to help you choose the most effective path to increased competency.

5. Overcoming barriers and bias

Women entrepreneurs often face unique challenges and biases in the business world. A mentor who has experienced similar obstacles can provide valuable insights on how to navigate these barriers effectively. They can offer strategies to address gender-related biases, share personal experiences, and provide guidance on overcoming stereotypes and discrimination.

Are you convinced? Engaging with a mentor offers a valuable support system that can ultimately empower women entrepreneurs to thrive in their chosen fields. NLOWE has mentor-matching programs that can help you connect with someone excited to assist you on your business journey. However, we are not alone—many of the industry associations in Newfoundland and Labrador offer excellent mentorship opportunities. Finding the right mentor for you and your business can be a challenge, but the effort is worth it!

After all, we all get by with a little help from our friends . . .

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