Jun 04, 2016 10:31 PM EDT

Why Every Entrepreneur Should Have A Mentor

Every entrepreneur should have a mentor. Better yet, have several of them. They can give you reliable and practical advice as well as direction to help you face the challenges in your business.

According to Entrepreneur, "a mentor is a business investment." It was revealed that 70 percent of businesses of those who are mentored live past five years. This is double the survival rate of those small business owners who did not have mentors.

The publication listed down three types of mentors. The "mentor from afar" is someone you can engage with through blogs, video trainings and online forums. The "industry-specific mentor" is someone who is an expert in their field. The "direct mentor" is one who consults you most of the time and whom you meet with most of the time.

Inc. has shared reasons why every entrepreneur needs a mentor. They can help business owners in their journey by helping them with business decisions and developing partnerships.

There are a lot of things to learn and do when starting a business. Mentors can help entrepreneurs with their business plan, budgeting, daily operations, strategic decisions as well as their marketing campaign.

"Mentors have a way of seeing more of our faults that we would like," "Star Wars" creator George Lucas said. "It's the only way we grow."

Having a mentor is one of the best ways to improve one's self. They find ways to foster our personal and professional growth.

"A mentor is someone who allows you to see the hope inside yourself," Oprah Winfrey stated. Mentors are not only people who can help you with business matters; they should also be friends who can offer moral support.

They can also be your link to creating meaningful networks in your industry. Moreover, they can help you prevent the same mistakes they made when they first started.

Mentors are invaluable. You can discuss innovative ideas with them to improve your service or product. Find someone whom you trust to have your back and be ready to conquer the world.

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