New Study Reveals Entrepreneurs Need More Mentoring Kate Harrison

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An article on Forbes business page in 2018 quoted 

“It is common wisdom that behind every great leader is a suite of great mentors and advisors. Steve Jobs had Ed Woolard and John Sculley, Bill Gates considers Warren Buffet a mentor, and Bob Iger credits his former boss Tom Murphy not only with his success at Walt Disney, but also for having inspired the mentorship program Iger introduced that pairs top Disney executives with leading tech start-up CEOs. While most entrepreneurs don’t have world famous executives mentoring them, the importance of such interactions is obvious. 

• The statistics for new business failure are dire: 20% of small businesses fail in their first year, 30% of small businesses fail in their second year, and 50% of small businesses fail after five years when their financing or enthusiasm, or both, dry up. 
• 92% of small business owners agree that mentors have a direct impact on the growth and survival of their business. A separate previous Kabbage report revealed 84% of small businesses reach profitability in the first four years of their business, with 68% attaining profitability in the first year. The early years of any business are therefore a crucial make-or-break period, and business mentors are vital to their success.
• The good news is that even those who were not mentored themselves are taking steps to help the next generation. The study shows that 61% of current small business owners mentor others, and 58% specifically mentor younger entrepreneurs, particularly in real estate, property management and construction.
• “A great mentor is someone who offers objective advice, provides counsel from a fresh perspective, is willing to collaborate, listen and learn, as well as helping you stay focused on your goals, your purpose and what you’re working so hard to achieve,” notes Amy Zimmerman, Head of People Operations at Kabbage. “Businesses have a great opportunity to provide everyone in their company the benefit of mentorship — from the founders to the interns. The data shows such mentorship can be critical for success”.

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