The Just concluded 2020 Edition of Akwa Ibom Entrepreneurship Conference attracted many Professionals and Top Industry Leads. One among them is Mr. Nature Udoh who delivered a lecture on “Promoting Youth Entrepreneurship: The Role of Mentorship”.
During the lecture, he outlined 7 reasons budding entrepreneurs need mentors for entrepreneurial success. Blow are the extracts:
- You will gain experience not shared in books: Experience is a very expensive asset yet it is crucial to business success. There is only little about a person’s experience you can gain from books. It is an unstated truth that most authors do not feel comfortable revealing everything about themselves in books.
- You are likely to succeed with a mentor: Research and surveys prove that having a mentor is important to success. In a 2013 executive coaching survey, 80 percent of CEOs said they received some form of mentorship. In another research by Sage, 93 percent of startups admit that mentorship is instrumental to success.
- Network Opportunities: Aside the fact that investors trust startups wo are recommended by their friends, a successful mentor has an unlimited network of people who can benefit your career. Since they are already interested in your success, it can only make sense for them to let you tap into their network of people when the need arises.
- A mentor gives you reassurance: It has been proven by research that quality mentorship has a powerful positive effect on young entrepreneurs. Having someone who practically guides you and shares your worries with you often placating your fears with their years of experience keeps you reassured that you will be successful.
- A mentor will help you develop stronger EQ: Does maturity bring about a higher EQ in entrepreneurs? Emotional Intelligence is crucial to entrepreneurial success. When a young entrepreneur has a more mature and successful mentor who advises them, they are likely to have greater control over their emotions.
- Encouragement: Enduring the consequences of failure on your own can set you back and impact your productivity. In hard times, having a mentor will help you keep your head high. Young entrepreneurs often deal with depression when they are unable to meet their goals and expectations. The impact of depression on entrepreneurs is often underreported, but entrepreneurs without mentors bear the brunt the most.
- A mentor will help you stay in business longer: When you imagine the number of businesses that fail, you’d wish a lot of business owners had mentors. According to SBA, 30% of new businesses may not survive past the first 24 months, and 50% of those may not make it to past five years. However, 70% of mentored businesses survive longer than 5 years.
Nature Udoh studied Computer Science at the University of Uyo. He believes that Entrepreneurship isn’t just about unique ideas; it’s also about borrowing best practices and perfectly executing them. He worked his way from one business to another, not merely sitting back and reaping the rewards of his past successes, but banking on his experience to start new ventures.