The power of mentoring for entrepreneurs and SMEs

Oprah Winfrey and Maya Angelou. Steven Spielberg and JJ Abrams. Warren Buffett and Bill Gates. Socrates and Plato. Mentor-mentee relationships span the centuries, showcasing the profound impact of guidance and support across generations. In today’s fast-paced business environment, having a mentor is increasingly cited as a key factor that enables entrepreneurs and small to medium-sized enterprises (SMEs) to not only survive but accelerate and thrive more effectively than their competitors. 

This evidence supports the decision of IMAGE Media and Samsung Electronics Ireland to offer mentoring with well-known and respected entrepreneur Bobby Kerr as part of the impressive prize fund for The Pitch 2024, which is worth a staggering €100,000. 

To be in with a chance to win this game-changing prize for your business,  which comprises a tailored technology suite of Samsung Electronics technology worth €50,000; a bespoke IMAGE media, PR and marketing campaign worth €50,000; and mentoring by Bobby, submit your application before this Friday, October 18 at 1pm.

So, what is mentorship? It can take many forms, but at its core, it involves a relationship where a more experienced individual imparts wisdom, guidance, and support to someone embarking on or less experienced in their entrepreneurial or business journey. This dynamic can range from informal chats over coffee to structured mentorship programs, but the benefits remain evident and impactful.

Growth and survival rates

The statistics underscore the critical role mentorship plays in the sustainability of businesses. A study conducted by the Institute of Small Business and Entrepreneurship in the UK discovered that businesses with a mentor enjoy a staggering 70% higher survival rate than those without. This statistic is a powerful testament to the importance of having someone to turn to for guidance amidst the myriad challenges of entrepreneurship.

A survey by SCORE, a respected non-profit focused on small business success, found that 93% of small business owners who engaged with a mentor felt more confident in their business decisions, with 72% reporting marked improvements in their performance. 

Networking and resource access

One of the most significant advantages of having a mentor is the access to invaluable networks and resources, often outside an entrepreneur’s reach. The Kauffman Foundation emphasises this point, noting that mentorship can be a game-changer when it comes to opening doors to investors, partnerships, and clients — critical components for growth and success.

Take Reid Hoffman, co-founder of LinkedIn, for example. He has mentored countless entrepreneurs, not just providing guidance but also facilitating connections that can lead to funding and strategic partnerships. Such introductions can dramatically increase an entrepreneur’s chances of success in a competitive landscape. This is one of the key elements that is regularly highlighted by members of the IMAGE Business Club who have mentors in the club – the importance of opening doors for each other and facilitating someone’s powerful connections. 

Skill development and emotional support

The mentoring relationship also serves to refine essential skills. Research from the Harvard Business Review indicates that those with mentors experience enhanced skill development and overall performance. Mentors provide tailored feedback, accountability, and encouragement – ingredients essential for navigating the complexities of running a business. “Objectivity and support” are two of the most important things a mentor can offer a mentee, according to Bobby Kerr, who mentors a number of professionals, bringing his expansive expertise as an entrepreneur and former chairman of Insomnia Coffee Company. The broadcaster and former Dragons’ Den ‘Dragon’ will be the mentor to this year’s winner of The Pitch 2024. “Alongside this, mentors can share experiences – good and bad – and wisdom,” he says.  

Additionally, the emotional support mentors provide is invaluable. Entrepreneurship and business ownership can often feel like an isolated endeavour filled with obstacles and uncertainties. Having someone to guide and encourage you can make all the difference, helping fledgling business owners cultivate resilience and maintain focus during tough times.

The ripple effect 

The impact of mentorship extends beyond individual entrepreneurs, creating a ripple effect throughout the business ecosystem. When entrepreneurs succeed, they contribute to job creation and economic growth. In Ireland, there were approximately 1.17 million people employed by SMEs in Ireland in 2023. This highlights the importance of fostering mentorship relationships to cultivate a thriving economic landscape.

Moreover, successful mentors often become mentors themselves, continuing the cycle of knowledge sharing and support. This generational aspect of mentoring ensures that expertise and insights flow freely, fostering a vibrant entrepreneurial community. When asked about the importance of offering expertise to those less experienced, Bobby says it is “hugely important”. “It’s refreshing to watch young enthusiastic entrepreneurs follow their dream. Everyone likes to be associated with success. Mentors are no different,” he says.

Asked how mentees, such as the future winner of The Pitch 2024, can leverage the power of their mentor, Bobby has the following advice: “Be open to advice and constructive criticism when appropriate. Use their contacts. Involve them in specific projects. Appreciate them.”

The Pitch 2024 

This is the final week for applications to The Pitch 2024, an IMAGE Media and Samsung Electronics Ireland partnership.

Entrepreneurs, start-ups or SMEs need to apply before Friday, October 18 for their chance to win a prize worth €100,000, comprising a tailored Samsung technology package, a multi-channel IMAGE media campaign, and business mentoring from one of Ireland’s best-known entrepreneurs.

Enter The Pitch 2024 for your chance to win a game-changing prize worth €100,000 for your business.

Now in its third year, The Pitch has already supported Jennifer Rock, CEO and founder of the Skin Nerd and multi-award winning Skingredients skincare range, and Karl Swaine, Niall Horgan and Diarmuid McSweeney, founders of Gym+Coffee, an Irish-owned and thriving designed athleisure brand, to bring their businesses to the next level.

How it works

The competition has two stages. Stage One involves sharing your business story in writing or by video through the application form here before October 18. Your application should provide evidence of your business’s potential growth and viability.

If you progress to Stage Two, this is when you have the chance to live pitch your business as a finalist of The Pitch 2024 in front of a panel of five judges. This is your Dragons’ Den-style pitch where you have seven minutes to bring your business story to life, to share your vision, your success to date and your goals for the future.

Along with the other finalists, you will pitch live in front of the judges and an audience in Dublin City Hall on Monday, November 11 at 6pm.

What are you waiting for?

Apply today or share this with someone who needs to know!

Don’t just dream it, PITCH it!

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