Why a beginning trader needs mentor. Is it so necessary at all

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Why a beginning trader needs mentor. Is it so necessary at all?

As an entrepreneur, it’s exciting to go it alone and create something on your own. However, the reality is that, while you have a great idea, you may not know exactly what you should be doing with your business at which times to develop it into a sustainable business.

I’ve had several mentors over the years and learned a large amount of valuable lessons from each and every one of them. From not making certain business decisions to fostering certain partnerships, a mentor can help guide you through your entrepreneurial journey.

Here are ten other reasons why you need someone like a mentor:

1. Mentors provide information and knowledge. As Benjamin Franklin said, “Tell me and I forget, teach me and I may remember, involve me and I learn.” When I was starting out, I had no idea what was involved in running a business, including making a business plan, budgeting, handling daily operations, making strategic decisions or running a marketing campaign. With a mentor there from the start, I tapped into a wealth of knowledge that got me up to speed faster and shortened that learning curve.

2. Mentors can see where we need to improve where we often cannot. Movie maker George Lucas noted, “Mentors have a way of seeing more of our faults that we would like. It’s the only way we grow.” They will always be brutally honest with you and tell you exactly how it is rather than downplay any weaknesses they see in you.

This constructive criticism that my mentor offered helped me to see things in myself that I could not recognize. I appreciated that insight because I didn’t want someone to pad my ego. (Well, I did want someone to pad my ego, but I had to decide that the business was more important.) Instead, I wanted to know exactly where I was lacking so I could improve those areas.

3. Mentors find ways to stimulate our personal and professional growth. Another famous movie director explained, “The delicate balance of mentoring someone is not creating them in your own image, but giving them the opportunity to create themselves.” My mentor would often pose questions for me to think about and ask me to come back with answers later.

He would also set various goals for me and let me loose to see if I could accomplish them on my own, all the while watching from a distance to see how these projects helped me to develop. He then made a point to sit down and tell me what he’d observed about me through the project process, what he thought was worth keeping – and definitely what he would immediately throw out. He also focused on character and values, which nurtured my personal growth as well as my leadership abilities.

4. Mentors offer encouragement and help keep us going. Inspirational entrepreneur Oprah Winfrey stated, “A mentor is someone who allows you to see the hope inside yourself.” They are there no matter what and offer moral support sprinkled heavily with cheerleading. There were times that, if there wasn’t a mentor there for me, I could have easily, “caved-in,” emotionally, or given up on the business. However, I had a mentor and each one I had wouldn’t let me stop but provided the encouragement and guidance that gave me hope and confidence that I could do whatever was asked of me.

5. Mentors are disciplinarians that create necessary boundaries that we cannot set for ourselves. I experienced a lot of tough love from my mentor. He did this because he understood that being an entrepreneur can be challenging when it comes to self-motivation and self-discipline. He took on this role of parent to teach me good work habits and provided the boundaries for me to work within. This solidified my work ethic, sharpened my focus, (I really missed some important essentials), and clarified my priorities in a way that I could not do on my own.

6. Mentors are sounding boards so we can bounce ideas off them for an unfiltered opinion. When I started, I had numerous ideas for all types of business ventures and products. I relayed all of these to my mentor who then helped me see which ones had potential and why others were better left alone. I appreciated his candor because I might have otherwise pursued a business idea that had no legs.

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7. Mentors are trusted advisers. In the world of business, it can be hard to know who to trust – and that you can trust someone, especially with proprietary information or intellectual property. Since he was an objective third-party with no stake in any idea or venture, he was happy to let me know what he thought. In return, I knew that he would keep everything I told him confidential rather than sell it to someone else or steal an idea from me.

8. Mentors can be connectors. Playing a dual role of teacher and connector, a mentor can provide access to those within your industry that are willing to invest in your company, offer their skills and expertise, introduce you to talent that can fuel your business and help you get closer to your target audience. My mentor willingly shared his network with me, taking me to events and making introductions that led to many opportunities I would not have otherwise had.

9. Mentors have the experiences you can learn from to prevent making the same mistakes beginners make. Starting a business is challenging enough, so if you can skip doing things the hard way, why wouldn’t you? A mentor has been there, right where you are, and has made numerous mistakes that they can now use as a basis for helping others to skip the devastating effects of not knowing.

I am all about doing things smarter, so my mentor shared many stories about the mistakes he made along the way that became learning lessons for me minus the pain and lost resources that come from making those mistakes.

10. Mentors are free, which makes them priceless in more ways than one. Typically, a mentoring relationship will grow organically through connections within your industry and network. A mentor does not do it for the money. Instead, they are driven by the satisfaction of helping another entrepreneur, paying it forward from a similar experience they had when starting their own business.

I feel fortunate enough to have had this experience and am now in a position to return the favor to others that are just starting out. Not only is the price right, but your mentor is also providing priceless access to everything noted on this list and more.

Having a mentor is not a sign of weakness; it shows you are smart enough and are driven enough to succeed.

Mentoring Impact

1 in 3 young people will grow up without a mentor.

WHY MENTOR?

Mentoring, at its core, guarantees young people that there is someone who cares about them, assures them they are not alone in dealing with day-to-day challenges, and makes them feel like they matter. Research confirms that quality mentoring relationships have powerful positive effects on young people in a variety of personal, academic, and professional situations. Ultimately, mentoring connects a young person to personal growth and development, and social and economic opportunity. Yet one in three young people will grow up without this critical asset.

Young Adults Who Were At-Risk for Falling Off Track But Had a Mentor Are:

Education

Education

Mentoring has significant positive effects on two early warning indicators that a student may be falling off-track:

High levels of absenteeism (Kennelly & Monrad, 2007)

  • Students who meet regularly with their mentors are 52% less likely than their peers to skip a day of school and 37% less likely to skip a class.(Public/Private Ventures Study of Big Brothers Big Sisters)

Recurring behavior problems (Thurlow, Sinclair & Johnson, 2002)

  • Young adults who face an opportunity gap but have a mentor are 55% more likely to be enrolled in college than those who did not have a mentor. (The Mentoring Effect, 2020)
  • In addition to better school attendance and a better chance of going on to higher education, mentored youth maintain better attitudes toward school. (The Role of Risk, 2020)

Daily Life

Daily Life

By being a consistent adult presence in a young person’s life, mentors can offer advice, share life their experiences, and help a young person navigate challenges.

Youth who meet regularly with their mentors are:

46% less likely than their peers to start using illegal drugs and 27% less likely to start drinking. (Public/Private Ventures study of Big Brothers Big Sisters)

Young adults who face an opportunity gap but have a mentor are:

81% more likely to participate regularly in sports or extracurricular activities than those who do not. (The Mentoring Effect, 2020)

A study showed that the strongest benefit from mentoring, and most consistent across risk groups, was a reduction in depressive symptoms — particularly noteworthy given that almost one in four youth reported worrisome levels of these symptoms at baseline. (The Role of Risk, 2020)

Mentoring promotes positive social attitudes and relationships. Mentored youth tend to trust their parents more and communicate better with them. (The Role of Risk, 2020)

Career

Career

One study estimates that the human potential lost as a result of the educational achievement gap is the economic equivalent of a permanent national recession. (Mentoring: At the crossroads of education, business and community, 2020) By preparing young people for college and careers, mentoring helps develop the future workplace talent pipeline. (Mentoring: At the crossroads of education, business and community, 2020)

Mentors can also prepare their mentees for professional careers and assist with their workplace skills by:

  • Helping set career goals and taking the steps to realize them.
  • Using personal contacts to help young people network with industry professionals, find internships, and locate possible jobs.
  • Introduce young people to resources and organizations they may not be familiar with.
  • Skills for seeking a job, interviewing for a job, and keeping a job.

The number of ways mentoring can help a young person are as varied as the people involved in each program. While the lists and statistics can be impressive, personal stories can be even more impressive. Take a look at some mentoring success stories to see the impact of mentoring in real life.

Why a beginning trader needs mentor. Is it so necessary at all?

Doing business today requires having low-cost, yet high-quality, solutions. Starting a mentoring program in your business allows you to capitalize on your greatest resource, your employees. Strategically developing their talent contributes to the company’s growth, innovation, and bottom line. It shows management’s support, interest, and concern for an employee’s potential with the company. It demonstrates to employees that management is willing to invest the time and resources necessary to help employees succeed in their careers. In return, employees are more likely to be more productive and loyal to the company.

“Company leadership should embrace, promote and value mentoring programs to realize a return on investment,” according to Harvard Business Review writer Anthony K. TJan.

He says that business leaders develop a structured and staged approach to mentoring. For example, new employees should receive a ‘buddy’ to learn the ropes, but employees with a few years of experience should be matched with a career mentor to help them grow in their position.

1. Shows the Company Cares. The biggest benefit of providing business mentors is having someone the mentee can meet with to ask questions. The mentor can be a sounding board, helping sort out options and giving advice on business matters. The mentee has someone who can offer a sympathetic ear when there is a problem or the mentee just needs to vent.

2. More Engaged Workforce. Companies benefit from mentoring programs because they contribute to the development of a better-trained and engaged workforce. Mentors help mentees learn the ropes at a company, develop relationships across the organization, and identify skills that should be developed or improved upon.

3. High Job Satisfaction. “Mentoring programs play a key role in decreasing employee turnover. A 2020 study, “Career Benefits Associated with Mentoring for Mentors,” published in the Journal of Vocational Behavior, discovered people who have the opportunity to serve as mentors experience greater job satisfaction and a higher commitment to their employer.” A mentor helps alleviate any job frustration the mentee has through one-on-one training or coaching and providing insights into the corporate culture.

Mentoring programs are a cost-efficient way to get employees engaged and empowered. These programs enable you to develop the talent you already have and increase productivity across the organization.

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