Mentoring makes a tangible impact in the lives of entrepreneurs

Mentoring has long been regarded as playing an important role in the lives of entrepreneurs. But some interesting new statistics have just been published on the tangible impact that mentoring can make. The 2018 Megaphone of Main Street: Women’s Entrepreneurship Report from the SCORE 9th annual Client Engagement Survey has just been published by PricewaterhouseCoopers. The results are insightful. Getting a mentor for five or more hours improves the success of a business. It also increases the likelihood of a business opening and staying open. However, even if entrepreneurs get only half this amount of mentoring, 41% of these businesses report an expansion in size or revenue. But it goes up to 47% for five or more hours of mentoring. So it’s a fact! Mentoring is key to business success for entrepreneurs.