Mentorship matters. This is especially true for small startup companies, including those that are owned by women.
In fact, a common challenge for female entrepreneurs is a lack of mentorship. This article discusses the importance for women entrepreneurs to seek out mentors and provides tips for how to do so effectively
Entrepreneurship Tips: How Can Mentoring Help?
The U.S. Small Business Administration (SBA) calls mentoring “the missing link to small business growth and survival.” A survey by the UPS Store showed 70 percent of small businesses that received some sort of mentoring survived past the five-year mark. That’s double the survival rate of non-mentored companies.
For the women-owned business, this mentorship can help overcome some of the additional hardships they face due to their gender. For example, women-owned business loans are more difficult to secure and pay inequities between men and women are still an issue. Mentoring can help the women-owned business by providing crucial tips for starting a small business—or sustaining it. Here are some of the other common mentoring benefits for women to consider:
While these are a few of the benefits of mentorship for the women-owned business, there are other intangibles that help with street credibility in a community when the company is just starting out. Starting a small business is hard anytime, but for women, there are additional challenges that can be lessened or alleviated by working closely with a mentor. Mentoring also helps the mentor; it’s a highly satisfying way to give back to the community.
Benetrends helps mentor small business owners by providing women-owned business information about loans and resources for other non-traditional funding sources, such as the 401(k) loan. To find out more about our programs, download our Innovative Funding Strategies For Entrepreneurs.
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