First, because most of the successful tech founders today started out with a mentor.
For instance, Mark Zuckerberg of Facebook was mentored by Steve Jobs of Apple who was also mentored by Mike Markkula.
Larry Page and Sergey Brin of Google were mentored by Eric Schmidt.
These are people who have been there, done that and have seen it all, so leveraging their experience is a sure way to navigate through the murky water of entrepreneurship, especially in Nigeria.
And if you are not doing this, then you are making a huge mistake.
Studies show that only 1 out of 25 businesses that started together in Nigeria survive after 10 years, while about 80% fail within 5 years.
This is scary right?
But what is the secret of the 4% that survive?
Of course, this is what this post is all about.
Today, I will walk you through 5 reasons why it is a bad idea to start a business in Nigeria without a mentor.
If you find the post useful, kindly share it with your friends on social media and I will be super grateful.
So, let’s get started.
But first, what is business mentorship?
Before diving into this, I will love to tell you a little story about how that word originated.
But I am guessing that you have seen the movie titled The Odyssey adapted from the work of Homer.
Before King Odysseus left Ithaca to fight in the Trojan war, he entrusted his young son and entire estate to the care of his friend, Mentor, who then guided the young man as he grew up.
Mentor did such great work in grooming the young Telemachus into the kind of man his father wanted that his name found its way into the modern lexicon to mean
“someone who teaches or gives help and advice to a less experienced and often younger person”
In business, mentorship is a professional relationship in which an experienced person -the Mentor- helps develop specific skills and knowledge in the Mentee, in order to improve their performance and maximize their business potential.
At Mentor Nigeria, we are absolutely clear as to what “business mentoring” should be.
“We focus our mentorship program on bridging the entrepreneurial skills gap between young entrepreneurs and experienced consultants, helping them to create a scalable, repeatable and profitable business model and providing constant business development support and access to funding to help them develop to their full potential.
And the good news is this is free.
Over the years we have helped more than 15,000 school owners and 5,000 professionals to scale their businesses in Nigeria and lead their dreams as successful entrepreneurs.
And if you are still considering whether business mentorship is the right path for you, then continue reading.
5 reasons why starting a business without a mentor is a huge mistake
A lot of people start their entrepreneurial journey without a mentor, but why do we believe that they are making a huge mistake?
Of course, let’s dive in.
If you have any questions after reading this post kindly use the comment box below and someone will respond as soon as possible.
So, let’s get started.
70% of mentored businesses survive after 5 years
Perhaps, you can still remember that only 1 out of 25 businesses that started together in Nigeria survive after 10 years.
Of course, we cited this stat at the beginning of this article.
But the good news is that 70% of mentored businesses will survive the 5 years.
The truth is having someone to motivate you, caution you, point you in the right direction, provide another perspective to issues and of course, share the successes that can often lead to extraordinary results.
89% of business owners who don’t have mentors regret not having one
A recent survey by Kabbage Inc revealed that only 22% of small business owners had mentors when they started out while 17% indicated that they have or had paid the advisor.
Of course, this means that about 63% don’t have professional guidance when starting their business.
A different study found out that about 89% of them will regret the decision to start their businesses without a mentor.
The early years of a business are the most critical period and business mentors are crucial to success.
84% of business owners with mentors have avoided costly mistakes
The truth is new small business founders often lack the necessary experience to navigate their businesses through the first five years.
Of course, this is the gap business mentors will fill.
They have been there before, done it and have seen it all. So, they possess the requisite experience to get things done.
A Harvard Business Review survey shows that 84% of CEOs admitted that having a mentor has helped them to avoid costly mistakes while 69% said mentors have helped them to make better decisions.
Mentored businesses increased revenue by 83%
The same study shows that non-mentored businesses increase revenue by 16%.
This means that mentored businesses increase revenue by 5 times better than those without a mentor and of course, this shows that starting a business without one is a huge mistake.
The truth is a good mentor will help set the right direction for the business, define critical tasks and then guide them towards meeting those goals.
In a study by UPS, 88% of business owners said having a mentor to lean on is invaluable.
71% of mentored CEOs are certain that company performance improved
This study was conducted by the Harvard Business Review during a survey of 40 CEOs in large organizations.
They found that dozens of executives accelerate their learning by engaging the services of high-profile veteran leaders from outside their companies.
Over the years, mentoring has proved so beneficial than 71% of Fortune 500 companies offer mentoring programs to their employees.
Getting started with business mentorship in Nigeria
Of course, not every business owner has had the benefit of a mentor, but for the good of their organizations, it is important they do.
At Mentor Nigeria, we help people to transform life experiences, talent, skills, education, and their passion into a highly successful story as an entrepreneur millionaire through a mentorship program that works.
We work with young Nigerians to help them to create businesses that are scalable, repeatable and profitable and of course, link them to the right investors.
To get started, register to attend our free business mentorship seminar to learn what this opportunity means for you as a young business owner or aspiring entrepreneur.