Mark Lyttleton is a professional angel investor, speaker and business mentor with stakes in more than 30 businesses. With a special focus on supporting companies created with the goal of achieving a positive planetary impact, he provides strategic, financial and personal advice to founders to help them cope with the considerable challenges involved in launching and growing a business. This article will look at business mentorship and how securing the support of the right mentor can help entrepreneurs to significantly increase their chances of corporate success.

For business owners, it can be lonely at the top. Entrepreneurship has many perks, allowing founders to be their own boss and call all of the shots. However, for most entrepreneurs, there are moments when they wish they had the ear and wisdom of someone who has experienced the same entrepreneurial growing pains. You can learn about some of the most common challenges faced by early-stage businesses by viewing the attached PDF.

A great business mentor can make all of the difference for business owners. According to a study by Vistage, 86% of CEOs credited business mentors with playing a critical role in their career accomplishments. Furthermore, a recent MentorcliQ report revealed that 84% of Fortune 500 companies operate mentorship programmes. The attached infographic provides more business mentorship statistics.

A business mentor is an experienced entrepreneur who guides inexperienced business owners. Having faced similar challenges and learned from early mistakes, business mentors want to give something back to the next generation of business leaders, supporting them through the early stages of building their business.

An entrepreneur may connect with a business mentor through numerous different routes. Mentorship may come from an experienced entrepreneur in the family. Alternatively, other business owners can also be a great source. The entrepreneur may be connected to the business mentor via a recommendation from a friend. Accountants are often an excellent source of small business mentoring, suggesting potential channels for funding and explaining how to prepare financial proposals.

A great business mentor will boast a variety of qualities. Great mentors are willing to share their knowledge, skills and expertise, exhibiting a positive attitude and serving as a positive role model. A great business mentor takes a personal interest in the mentoring relationship, providing guidance and constructive feedback and helping the entrepreneur to set and meet ongoing professional and personal goals. You can learn more about the rewards of business mentorship from the mentor’s perspective by viewing the embedded video.