A mentor can help your business grow: 4 reasons to find one.

Finding a mentor is one of the most important steps you can take as a new business owner or entrepreneur. According to the Small Business Administration, only half of all small businesses survive more than five years after launching. However, evidence shows that connecting businesses with mentors can have a significant impact on success rates.

A 2014 survey by THE UPS Store reported that 70% of small businesses that had mentors survived more than five years, double the rate of those without mentorship. 88% of business owners with mentors also said having one was invaluable. The guidance and insight they provide can help make more informed decisions and, consequently, achieve greater revenues and increased business.

Necole Parker, founder and CEO of The ELOCEN Group in Washington, DC, is a prime example of how mentoring can be beneficial. After seeking out those who were where she wanted to take her business, Parker was able to tap into the collective wealth of knowledge and experience they had to offer. This guidance enabled her to land a five-year $50 million dollar contract with the Food and Drug Administration in 2013.

Mahisha Dellinger, CEO and founder of CURLS and author of Against All Odds: From the Projects to the Penthouse, is another successful entrepreneur that attributes the success of her business to mentorship. She was the keynote speaker at the 2015 Steve Harvey Mentoring Camp and Women of Power Summit in Dallas, TX. Dellinger started her business in 2002 with very little knowledge of how to run it, but with the help of mentors, she was able to build confidence and learn how to avoid mistakes and pitfalls.

Mentors can be a crucial resource for small business owners, providing invaluable advice, support, and access to opportunities that would otherwise be difficult to acquire. SCORE is one such organization that provides a national network of more than 11,000 mentors to offer free and confidential advice.

Regardless of your business venture, having a mentor to guide you can prove to be invaluable. Mentors can help you learn from their experiences, mistakes, and rebounds; provide a support system and sounding board; and offer access to valuable industry connections. In the end, the right mentor can give you the competitive edge you need to make your business a success.

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