5 Main Benefits Of Being a Business Mentor

5 Main Benefits Of Being a Business Mentor

We've all heard that by being a business mentor you can help yourself grow and grow your company. But what exactly is it that these patrons can do for you? How can they help you take your company along?

Knowing that you want to help your mentors move forward can help you find inspiration to find these mentors, as well as give you the fire that will help you to ask your potential bosses in a compelling way Want for

The five main benefits of being a business mentor are as follows.

Profit # 1: How to structure your company,

Most entrepreneurs do not spend a lot of time thinking how to build their company. Yet most patrons insist on ensuring that the structure of your business is correct. They have made mistakes in the past and paid for it.

Do you have a concrete choice plan? Do you have iron handling agreements between all your partners? Are you working with a legal entity that minimizes your personal risk and reduces the amount of taxes you pay? These are all structured questions that mentors can help with.

Benefit # 2: Avoid mistakes made by others,

Mentors will be able to tell you about mistakes that others in your industry have made. They have been around the block for a long time and know the damage well.

Benefit # 3: Learn to hire the right people,

Building an A-grade team is one of the most important factors for success in business. But how do you do it? How do you lure employees of attractive jobs into your work? How do you build a corporate culture? How do you inspire people?

Mentors can help you with this elusive aspect of your business.

Profit # 4: Investment and Exit:-

Investment and exit are the most difficult interactions in business. Without anyone having the experience to guide you through this process, there is a very good chance you will make big mistakes.

How should you value your company? How important is it that you get some liquidation preferences? If investors want the right to hire external CEOs, what should you say?

With acquisition, how important are the raw price versus terms? How do you value non-cash acquisitions, such as equity deals or performance based deals? What kind of earning plan is appropriate?

Most first-time entrepreneurs cannot answer these questions without outside help. Being a great guru will help you through these important processes.

Profit #5 Main Benefits Of Being a Business Mentor

Mentors can help you think out of your regular bubble. If you're regularly thinking only at the $ 100,000 per year level, patrons can help you think at the $ 1 million per year or $ 10 million per year level.

If you have never tasted success, it is hard to imagine or plan for great success. Mentors on the other hand can help you see and move that plan forward.

These are just a few of the many reasons to get a patron in your business.

BONUS

Start with your top 10

Write a list of your top 10 dream bosses. If you can choose any patron on the planet, then these should be the patrons you have chosen.

Once you have written these 10, write down who you know who can know them or who knows them. Be sure to include investors, lawyers and current mentors.

Also write a list of 10 people who are "close" to your current network that you may be able to reach outside. For example, maybe the person who owns the building you built is a multi-millionaire and can teach you a lot. You may want to put it on your list.

Dare to make contact

Be adventurous in making contact with potential bosses. Successful people respect the adventurous. Do not assume that just because they are more successful they will not give you the time of day. Remember: You miss 100% of the shots you don't take.

Actively seek out mentors who can help take you to the next level, even if they seem unattainable. If you reach 10 such mentors, there is a very good chance that you will land a couple.