Introduction: The Importance of Mentoring to Business Training & Business Success
Business schools should always incorporate mentoring into their training programs for budding entrepreneurs because of the powerful role that mentoring plays in preventing business failures.
Mentoring plays a vital role in entrepreneurship training and it’s instrumental to the success of any startup.
Small Business Administration (SBA), a renowned research institute, who published their findings in 2018, revealed that about 20 percent of new businesses fail in the first year and 50 percent of the remaining surviving businesses don’t make it past five years. It further states that less than one-third, survive for ten years, and just a fraction are passed down from one generation to the next.
However, the case is a lot more positive for mentored businesses. 70 percent of mentored businesses survive for longer than 5 years. The research studies conducted by Endeavour, reveals that start-ups whose founders have been mentored by successful entrepreneurs with similar interests and in a similar industry, are three times more likely to succeed themselves.
Benefits of a Mentoring Program
It is a win-win relationship between the mentor and the mentee, where both parties mutually benefit from the relationship. The fruits of such a relationship is hugely rewarding and beneficial and they go beyond classroom/book knowledge.
Aspiring and young entrepreneurs need assistance from more experienced business owners who have an intimate knowledge of how business works. Many small business owners and aspiring entrepreneurs try to get this knowledge from business books alone. While this may be helpful on their own, they are more helpful alongside training classes and mentoring.
The mentor/mentee relationship should be one based upon trust, openness and respect, where both parties share similar interests, experiences, and operate in a similar field.
The mentor has walked the part the mentee is looking to go. So the mentor acts as an adviser, a guide, a helper, an encourager and a motivator to the mentee. The mentor should be open about his/her personal experiences in business, such as successes, weaknesses, mistakes, lessons learnt over the years; and the mentee learns directly from him/her on what path to take and what pitfalls to avoid. The mentor offers timely advice, personal guidance, practical solutions and useful connections.
Mentor Nigeria Academy
The training courses at Mentor Nigeria is targeted to graduates, aspiring and young entrepreneurs that want to transform an innovative idea into a profitable business venture. Mentor Nigeria is committed to bridging the skills-gap among aspiring and young entrepreneurs by conducting training programs aimed at teaching scalable, repeatable and profitable business models.
We believe the path to sustainable development begins when the next generation can easily access quality business mentorship that will enable them to start and grow their businesses. By giving people access to tools and funds that will enable them to grow their businesses, we can help them to transform themselves into successful entrepreneur with flourishing businesses.
Mentor Nigeria’s learning platform is founded on a “Learning by doing” concept. Learners are taught how to draft a business plan, how to identify opportunities and access funds in business, products positioning in the market, customer acquisition strategy, how to choose the right business model and so on.
Our mentorship program is built upon an education model known as earn-while-you-learn. Instead of charging tuition for our mentorship program, we give every Nigerian the opportunity to key into an already successful business model to earn money for themselves.
This model is designed to help them earn 6 million annually, this we believe will enable them to provide for themselves the initial round of funding for their business before linking them up to the right investors or connecting them to our business growth grants.
About Mentor Nigeria
Mentor Nigeria is a subsidiary of TreNova Ltd, a member of Alchemy International. A fast-growing international business development and marketing consultancy organization, operating in 26 countries including the U.K., Ireland, Australia, New Zealand and the USA. TreNova creates and sells businesses; provides training and business grant; publish learning support contents and deploys the NOVA business Acceleration System and Alchemy low cost business development methods that are proven and time tested to quickly build sales, turnover and profits to support small business owners.