Navigating the business landscape is often overwhelming and complex for young entrepreneurs. It’s not uncommon for new business leaders to feel uncertain about the direction they’re headed in. This is why it’s critical to seek the guidance of a mentor.
Mentors are seasoned professionals who help guide entrepreneurs every step of the way. They’ve overcome obstacles to the top and can deliver invaluable advice, support and career experience to the next generation. The real question is, where does one begin their search for mentorship?
Why Should Young Entrepreneurs Seek a Mentor?
According to Lending Tree, 23.2% of private businesses in the United States fail in the first year. About 48% crumble after five years, and 65.3% close after 10 years. These numbers could be disheartening for young professionals looking to make their mark in the business world.
Only 39% of men and 42% of women report having mentors at work. Yet, research shows mentorship is priceless in achieving success, especially when one is just starting out. Mentors shape the employee experience by helping entrepreneurs chart a clear path forward, ensuring they have what it takes to attain their goals and foster connections with other industry experts.
Most importantly, mentors can deliver fresh insights to overcome challenges and missteps, acting as a sounding board for new ideas. They can often point out missing expertise and skills to help workers move upward in their careers.
7 Tips for Finding a Business Mentor
Searching for the right mentor takes time and effort. Young entrepreneurs want someone whose goals and values align with their own and have ample experience they can impart to their protégée. These seven tips can help every eager young person reach the top.
1. Identify Knowledge Gaps
Before searching for a mentor, young entrepreneurs should know what they require from them, including areas in which they feel they need more background and skill mastery. A mentor can then assist them in filling in the gaps wherever necessary.
While seasoned professionals can undoubtedly help eager leaders build on their goals, it’s best to come prepared with ideas of where they’d like their careers to take them. These aspirations should remain fluid as young workers learn their trade better and discover new avenues.
2. Attend Networking Events
Industry events, seminars and conferences are excellent places to connect with a mentor, allowing young employees to expand their circle of influence. Before attending, entrepreneurs should craft an elevator pitch to introduce themselves and practice initiating a conversation.
Carrying professional business cards with one’s name, phone number, email address and organizational information is also essential, making exchanging contact details much easier. Once the event is over, young professionals should reach out to their potential mentors, expressing gratitude for their time and feedback and demonstrating interest in furthering a conversation.
3. Utilize Online Platforms
There are 5.17 billion social media users in 2024, with experts predicting 6.05 billion in 2028. Naturally, this makes online platforms ideal for finding and reaching out to diverse mentors worldwide.
LinkedIn is especially popular among professionals. Younger workers should create a compelling profile with their experience, education and career aspirations to find people who can propel them in their respective fields.
Other options include industry-specific forums, online mentor-matching services, social media groups and virtual events. However, users should work on crafting the perfect message before directly messaging potential mentors. All correspondence should be concise and respectful of their time.
4. Join Professional Organizations
Professional organizations contain comprehensive member directors to connect young professionals to experienced mentors.
Many of these organizations have forums, webinars and research opportunities people can participate in. These activities create exposure for individuals to highlight their positions, growth and goals while gaining access to the most recent industry trends and information.
5. Take a Class
The best mentors highlight skills gaps, so future leaders may want to dive into new learning experiences early. Online classes give individuals access to broad industry professionals with the desired wisdom and expertise to gain momentum in their respective fields.
Many online courses are less expensive than in-person education. In fact, some distance learning classes may be free or have donation-based enrollment options. Regardless, professionals may meet peer mentors or seek mentorship from teachers.
6. Lean Into Alumni Organizations
Individuals might contact their universities and alumni associations to find a mentor. These programs often facilitate mentorship from within one’s alumni network. Graduates might also look over the directory to see which former peers have succeeded in their field.
Other ways to participate include attending alumni events, joining the school’s alumni social media groups or asking for a referral from a previous peer mentor.
7. Ask for Recommendations
Friends and family members can connect young workers with their associations for mentorship opportunities. This approach has long been the tried and tested method for seeking employment.
However, a 2022 study examining LinkedIn’s People You May Know algorithm underscored the importance of turning to weaker ties for greater job mobility. Therefore, individuals shouldn’t forget to ask acquaintances for mentor recommendations and contacts.
Mentors Foster the Next Generation of Leaders
Eager entrepreneurs just starting out should seek wisdom and insights from a capable mentor in their industry. These top-tier business professionals serve as beacons to help the next generation navigate unknown terrains and barriers as they set goals, build their networks and climb the career ladder. Mentors aren’t simply someone to go to for advice, but somebody who can help guide another’s success.
