What Makes a Good Business Mentor and How to Find One?
What makes a good business mentor is their ability to guide, support, and inspire people. It’s about being able to lead and motivate entrepreneurs at different stages of their journey. Experiences and success in business matter, yes, but so does their ability to help shape your growth, keep you accountable, and share real-life wisdom that you won’t find in textbooks. Young founders should look for mentors who will give honest advice, confidence boosts, as well as an inside view of what works and what doesn’t in the world of entrepreneurship.
All in all, a great mentor means someone who doesn’t just tell you what to do. They are someone who listens closely, brings clarity to your confusion, and challenges you to think bigger and broader. So, whether you’re launching your first product or trying to scale your company, a business mentor can become the secret weapon that helps you move faster and smarter.
Why mentorship matters in business
One of the key successes in the entrepreneurial world is having the right mentor. A mentor can:
- Connects you with important networks
- Provide feedback that builds stronger strategies
- Keep you accountable so you stay on track
- Boost your confidence when things feel uncertain
- And help you avoid costly mistakes.
Mentorship works like a compass. It won’t walk the path for you, but I will help you navigate the journey.
How Mentorship accelerates business growth: key statistics
Let’s have a look at some statistics of the tangible benefits of having a business mentor:
1. Increase business survival rates
It was revealed that 70% of mentored small businesses survive beyond five years. This doubled the survival rate compared to those without mentorship.
2. Enhanced Revenue Growth
U.S business owners who received mentorship reported an average annual revenue increase of 83%, which is significantly higher than the 16% growth reported by non-mentored entrepreneurs.
3. Positive impact on Career Development
A study found that 25% of mentees experienced a salary increase, compared to only 5% of non-mentees.
4. Improving chances of securing investment
Startups with mentors are 1.7 times more likely to secure venture capital funding, emphasizing the role of mentorship in attracting investors.
5. Improving chances of securing investment
33% of startup founders mentored by successful entrepreneurs go on to become top performers, highlighting the transformative impact of mentorship.
Traits that make a good business mentor
Not every successful person can be a good mentor. So, let’s walk you through the traits to look out for:
Experiences that match your goals
It is crucial to find a mentor that walked the same path that looks like yours. If you’re building a tech startup, find someone who’s done that before, because their advice will be grounded in the relevant experience.
Tip: Look for mentors 5-10 years ahead of you in their journey. And who is not of a great age gap from you. That’s where the richest insights live.
Willingness to share failures
The best mentors speak about their failures willingly and openly. It shows that they have matured from their failure and are confident enough to share the lessons with you.
Patience and active listening
A good mentor will not rush your learning. They will ask questions before advising because they want to understand your thinking process. If someone talks more than they listen, it might be a red flag.
Honest but kind feedback
As a young and inexperienced business owner, you would need a mentor who tells you the truth but doesn’t crush your spirit. The best way to grow is through constructive feedback.
Time and commitment
Mentorship is an ongoing process, it needs time. If someone is always too busy, it’s not really a match. You need someone who is willing to show up consistently.
Clear communication style
If they can’t explain ideas clearly or make time for calls and messages, you’ll struggle to connect and grow.
Ways you can find your business mentor
Finding a mentor takes intention, it’s about knowing where to look and how to approach people the right way. Let’s walk you through where to find the right mentor.
Bet you saw that coming. Oh yes, LinkedIn, the Hogwarts of business mentors. Use filters to find people in your industry, check their posts, and engage before sliding into their DMs. Engage with their content first. You can do this by leaving meaningful comments, sharing your journey, and building a natural connection.
Instead of cold-DMing asking “Can you mentor me?”, try this: “Hi [Name], I’ve been following your work in [industry] and really respect your insights. I’m currently building a [your business], and I’d love to learn more about your journey. Would you be open to a quick virtual coffee chat?”
Start in your network
You probably already know someone who could be a mentor or introduce you to one. Ask your professors, alumni, old coworkers, or fellow startup founders.
Attend startup events and webinars
It is as simple as “going where mentors go”. Industry events, conferences, and webinars can help you meet experienced founders and investors open to helping others.
Accelerators or incubators
If you’re launching a startup, accelerators offer built–in access to top-tier mentors. If you’re just stepping into the entrepreneurial world with a big idea but no clear path forward, I’d highly recommend checking out the aboveA academy for mentorship and guidance.
Pro tips for a strong mentor-mentee relationship
Here’s what I’ve learned from my own experience:
- Come prepared: Don’t waste your mentor’s time. Show up with questions.
- Follow through: if you were given advice, try it out, then report back.
- Don’t ghost: the key here is to stay consistent.
- Say thank you. Gratitude matters. A kind message goes a long way.
Final Thoughts
A business mentor can help you grow 10x faster with half the guesswork. Whether you’re in the process of launching your first product, struggling with sales, or learning how to lead, the right mentor will light the path ahead for you.
Meet the Author
Teerisra Donlunwad
She is our talented content marketing specialist from Thailand. Currently in her senior year studying marketing, she supports projects like the aboveA Academy and weekly TikTok content. Her creativity and dedication shine through each video, making her a key team member driving fresh, engaging content every week.