What do Bill Gates, Mark Zuckerburg and Richard Branson all have in common, apart from being hugely successful entrepreneurs?
All three of these famous billionaires attribute a large part of their success to finding mentors who helped them build their businesses into the global giants they are today.
Mentorship is a key factor in building a successful business, especially for young entrepreneurs who are in the early stages of starting their own company. The opportunity for entrepreneurs to get advice from experienced professionals can divert a new venture from failure and lead it to success.
Aside from business advice, the encouragement and real-life examples of a mentor can be crucial for a young professional to maintain enthusiasm and direction throughout the challenges of entrepreneurship.
For participants at Summer Company, a program supported by JVS Toronto that provides funding and mentorship to young entrepreneurs, the relationship with their mentors has been a life changing experience.
“Right up until the end of the summer, my program mentors were there to support and guide me,” says Dwayne Monterio, a student who started Xcel Designs through JVS Toronto’s Summer Company in 2014. “It was invaluable to me, and to my business as whole.”
It’s not just young entrepreneurs who benefit from mentoring. Newcomers to Canada have more success in landing a job aligned with their professional skills when they have access to occupational information and Canadian workplace culture through a mentor.
According to a recent report, newcomer mentees significantly improved their economic standing within twelve months of receiving mentorship guidance. On average, unemployment decreased from 73% before mentoring to 19% twelve months later. In addition, full time earnings increased 62%, and 71% of immigrants reported being employed in their field.
To help fund programs like Summer Company and other mentoring services, JVS Toronto is holding its 13th Annual Strictly Business Premiere Event on May 27, 2015. Event proceeds are directed to the agency’s highest priorities including supporting youth by uncovering their passions, teaching them hard and soft skills, and connecting them to mentors and their life lessons that lead to success.