A separate study found 84% of small businesses reach profitability in the first four years, with 68% attaining profitability in the first year. The early years are a crucial make-or-break period and most small businesses agreed mentors are vital to success.
(Research findings came from studies conducted by Kabbage, Inc., a global financial services, technology and data platform).
Mentors are a sounding board for you to test out ideas and help guide you as you work through your company’s pain points. A mentor will offer a different and likely more objective perspective.
Build relationships with trusted and experienced mentors in those areas where you need the most assistance to accelerate your business.
- Only 22% of small businesses had mentors when they started their businesses.
- Another 17% indicated they have an advisor, which suggests a paid relationship for consulting and advice.
- This leaves 63% not pursuing professional guidance at the onset of their business.
- 92% of small businesses agree mentors have a direct impact on growth and the survival of their business.