Angel investor and business mentor Mark Lyttleton works with enterprises across all industries, providing not only financial and strategic support, but personal advice on managing the considerable stresses involved in establishing and scaling a business. This article takes a closer look at business mentorship, examining the benefits from the entrepreneur’s perspective. Read More: https://marklyttleton.co.uk/why-mentoring-is-crucial-to-small-business-success/

1. Why Mentoring is Crucial to Small Business
Success
By Mark Lyttleton, Investor, Mentor & Philanthropist

2. Introduction
Angel investor and business mentor Mark Lyttleton
works with enterprises across all industries, providing
not only financial and strategic support, but personal
advice on managing the considerable stresses involved
in establishing and scaling a business. This article takes
a closer look at business mentorship, examining the
benefits from the entrepreneur’s perspective.

3. What is a Business
Mentor?
A business mentor is an individual with business
experience who is willing to act as a trusted
confidante to founders over an extended period of
time. The objective is to provide advice, counselling
the founder from a fresh perspective, and helping
them to stay focussed on their long-term goals for the
business.
According to data from Jupiter Business Mentors, 93%
of young entrepreneurs recognised the value of
interacting with a mentor who had been there and
done it before them. Jupiter Business Mentors’ report
also revealed that 80% of businesses that received
mentoring saw long-term growth, success, and
business revenues, doubling their survival rate
compared with non-mentored businesses.

4. Impact of Mentoring
Globally, business founders who have received mentoring from a successful entrepreneur are three times more likely
to achieve business success and become top performers themselves, according to a report from Entrepreneur.
Google’s Sergey Brin and Larry Page received mentoring from Eric Schmidt during the early stages of their business,
while Facebook founder Mark Zuckerberg received mentoring from none other than Steve Jobs.
The impact of business mentoring is evident from a report published by Kabbage, Inc., whose research suggests that
92% of small business owners believe that mentorship has a direct impact on business growth and survival. In
addition, according to Kabbage, Inc., 89% of small business owners who did not have a mentor said they wished that
they did. The study also revealed that 61% of individuals who own their own small businesses mentor others, with
58% specifically mentoring younger entrepreneurs.

5. Benefits of Mentoring
Mentors act as navigators, guiding the entrepreneur and helping them to see the
route to success. They provide an unbiased view and development-driven
attitude, helping founders to access investment and mark major milestones.
Mentors help inexperienced entrepreneurs by offering the benefit of their own,
usually considerable, entrepreneurial experience, providing constant guidance
and sound advice to founders as and when needed.