Harnessing the Power of Mentorship for your Business

Harnessing the Power of Mentorship for your Business

If you’re an entrepreneur, you’re always looking for new ways to grow your business, meet your goals—and surpass them—on your way to success. One way to get ahead is to get yourself a mentor.

Mentors, they’ve been there, done that, and they’ve seen it all—so we’ve got to ask, why would you start your business or career without one? Mentors combine their own entrepreneurial experience with their unique perspective to objectively look at your business and see where you may be draining cash or spark ideas for new business initiatives.

Winner of Aveeno’s 2021 Pitch Competition, Dr. Isfahan Chambers-Harris, Founder of Alodia Hair Care™ and Runner-Up, Arianne Turner, Founder of Look Good, Live Well™ are sharing their insight into how mentorship has made a positive impact on their businesses—and their lives.

Entrepreneurs with mentors report greater growth. According to SCORE (the Service Corp of Retired Executives), 30% of entrepreneurs who had only one interaction with a mentor reported growth and that number went up to 43% when they met five times or more with their mentor throughout the life of their business.

Mentors can help you chart a successful course. According to SBA, 30% of new businesses may not survive the first 24 months, and 50% of those may not make it past five years. However, 70% of mentored businesses survive longer than five years. 

You can expand your network, fast. Your mentor likely has an extensive contact list and social network in the field you share—plus, they probably have access to more senior-level decision-makers than you have at the start of your company. And if you create and maintain a relationship with them, they may be more willing to open that network up to you rather than some casual acquaintance they met at a networking event.

Power of Perspective
Isfahan has found that experience is one of the biggest assets you can have as an entrepreneur because of the challenges of being a Black woman business owner. There’s only so much you can learn from reading books and blogs or watching YouTube and TikTok. When someone shares their personal struggles and triumphs, their perspective allows you to gain their years of experience with just a simple conversation.

New Opportunities
“Having this opportunity to win the award and having the mentorship that comes with it has played an integral part in helping us discover new opportunities that we could take advantage of,” says Isfahan. When you work with a mentor, especially someone in the same industry, they often know of various programs, grants, and more that you can apply to your business.

Gain Growth
Mentors have the unique ability to encourage and enable another person’s professional or personal development. “I love learning, and I’m forever a student,” says Arianne. Mentors foster development by helping you focus your efforts through goal setting and providing you with feedback to propel you forward.

Mentorship can genuinely change your business—and your world. “This experience has been life-changing for our brand; we have been able to grow at a rapid rate,” says Isfahan. “Last year was our biggest year in revenue; we doubled our revenue from the previous year.”

For more expert advice and business tools for entrepreneurs, visit the AVEENO® SKIN HEALTH STARTUP ACCELERATOR. Click here to learn more.

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