Why A Mentor is Key to Small Business Growth and Survival | The U.S. Small Business Administration

I found this the other day on the website of the US Small Business Adminstration – it’s about Mentorship and how businesses with Mentors survive longer (about twice the average) and businesses with Mentors likely make more money and enjoy increased business growth.

According to this article 88% of business owners who had a Mentor believed that Mentor to be “invaluable”.

This is an extract – but the link to the full article is available.

Enjoy!

By presidential proclamation, November is National Entrepreneurship Month and a time for recognizing the grit, determination, innovation and contribution of America’s entrepreneurs and small business owners to the nation’s economy.

Amidst all the celebrations, however, it’s hard to ignore the fact that only half of all small businesses survive more than five years (source: SBA Office of AdvocacyDownload Adobe Reader to read this link content) and about 10-12 percent of all employee-based firms close each year.

There is growing evidence, however, that connecting your business with a mentor can change this statistic.

A mentor can be a game changer for small business

Research proves that small businesses that receive three or more hours of mentoring achieve higher revenues and increased business growth.

Even better, according to a 2014 survey by The UPS Store, 70 percent of small businesses that receive mentoring survive more than five years – double the survival rate of non-mentored businesses.

Small businesses agree. The same survey found that 88 percent of business owners with a mentor say that having one is invaluable.

“For many, starting a business can be overwhelming – it’s no longer just about exploring a passion or following a dream,” said W. Kenneth Yancy, chief executive officer of SCORE, a non-profit mentoring and business counseling organization. “A mentor can help navigate the complex challenges that often come with being a business owner, and the guidance from someone who has been there themselves can be a real asset.”

via Why A Mentor is Key to Small Business Growth and Survival | The U.S. Small Business Administration | SBA.gov.

Here’s to your business prospering!

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