How Can a Business Mentor Help Me in Raising Capital?
Business owners often experience the dilemma of raising the capital for their business. Even before you execute the plan, all businesses need fund or capital in order to run. It is comparable to a car that needs fuel in order to move. However, it’s not as easy as it may seem. Capital means labour and finance. The labour is easier to provide since all you need is man power. The financial part corresponds to the actual money that you need to invest. Aside from these two, there are still a lot of obstacles along the way. Unfortunately, they are inevitable part of the business. On the other hand, fortunately, there is a cost-effective solution that you can make use of.
The business mentor can be your confidant in a professional sense. There is a huge correlation between success and working with a business mentor. They serve a lot of roles and those functions are all beneficial for the business.
Success Rate Through Mentoring
There is enough evidence to suggest that those businesses which have undergone mentoring have a higher success rate to those who don’t. The survival rate is higher because the capital was raised and allocated effectively and efficiently.
A business mentor will be developing a business model with you. If you have a business mentor, he or she will help in pin pointing the weaknesses and loop holes in your plan. This is will ensure that your capital will not be at risk of being lost or wasted. The capital will still remain secured until the right plan props up. Aside from this, hearing different perspectives from another person (your mentor) will enhance your ideas because of the tendency to be fair and unbiased.
Expansion of Network
Don't forget that a business mentor will help you to expand your connections, thus keeping you in touch with potential resources where you can raise your capital. The mentor would be able to connect you to the key persons for your business. (See our video about the mentor's black book here):
Just remember that your mentor will be there just to guide, and not to take over what is yours. Most people are striving to grow their connections. It’s not an easy task and it takes time to accomplish. Investors and potential co-owners are just around the corner if you work together with your mentor.
Your mentor can then help you to connect with them in order to fulfil your needs to gain enough capital; even small businesses need capital.
An intelligent entrepreneur will make use of his mentor’s advice especially with relationship to money! Without capital, it’s very difficult, if not impossible to grow substantially. Partnering with a high calibre mentor will decrease most of your problems especially with relationship to finances. The successful entrepreneurs have clearly asked for the help of an experienced business mentor and treated it as an opportunity to expand the business.
This is what happened with Darrell
Darrell is now working together with Ron on various projects, and would be happy to discuss his experiences personally. Just pick up the phone, call the number above (depending where you are based, and ask to talk to Darrell).