Every year in the United States, an average of 587,000 new small businesses are born. The bad news is that only half survive five years. And by the time you reach age 10, that number drops to a third. However, there are ways to increase your chances of survival.
Working with a mentor has proven to be an indicator of success. Running or starting a business will never develop exactly as you planned. When you run into an obstacle, small or large, it's likely that mentors with business experience have run into something similar before and know strategies for moving forward. Harvard Business Review surveyed 45 CEOs with formal relationships with mentors, and 84 percent said that, as a result, they had avoided costly mistakes and gained skills in their roles more quickly.
In the same study, 69% said that mentors helped them make better decisions, and 71% were confident that the company's performance had improved. SCORE mentors know what it's like to own a small business. They know that it takes passion and hard work to make your dreams come true, and they're ready to support you every step of the way. Explore the profiles of SCORE mentors and narrow down your options by filtering by industry, location, area of expertise, and other criteria.
Identify your small business needs and desired support. Request a SCORE mentor as your advisor for small business success. Schedule a mentoring session with your assigned SCORE mentor Set goals for your small business with guidance from your SCORE mentor. Work with your SCORE mentor throughout the life of your company.
SCORE mentors provide advice on specific areas at no cost (funding, human resources, business planning) via email, phone and video. SCORE mentors, all experts in entrepreneurship and related fields, meet with their small business clients on an ongoing basis to provide ongoing advice and support. SCORE offers a wide range of services including training, webinars, online workshops, on-demand courses, and an online resource library. Potential customers, employees, and other sources of advice: all of these types of people, and more, can be unlocked when you have a business mentor.
The Small Business Administration ensures that every state and territory has a Small Business Development Center, generally available through higher education institutions and free of charge. SCORE is a national nonprofit organization that is part of the SBA (Small Business Administration). The site usually has very experienced users, both from startups and large companies, who like to give back by answering questions about starting companies. The survival rate of startups is, understandably, intimidating for entrepreneurs, but those numbers can change dramatically if a mentor is added to the equation.
According to a survey by The UPS Store, 70 percent of companies with mentors survive more than five years. Starting a small or medium-sized business means not having a boss above you who offers employee motivation and engagement programs, which can be vital to employee happiness and success. Guidance from a mentor can alleviate the uncertainties of decision-making that can help your company grow. A mentor can often fill this gap, acting as a coach to provide support, motivation, validation, and encouragement.
Achieving the onboarding process means happy customers that stay longer and a much more efficient business. It takes years and years, and sometimes a lot of money, to gain the business experience needed to run a successful company. LinkedIn and Twitter can be great resources for connecting with other professionals and potential mentors. John also points out that just because you run your own business doesn't mean you have to do everything yourself.
According to the Small Business Administration, 70 percent of companies with mentors last longer than five years. Women or minority businesses or anyone looking to start a business can often get free assistance from experienced entrepreneurs of all ages, races, backgrounds, and genders. On average, existing entrepreneurs or business owners who work with a PCV mentor have experienced a 20% increase in their sales. .
