Mentorship: The Missing Piece For Success?
- Mentorship: The Missing Piece For Success?
- How Mentorship Is Beneficial In FinTech
- CEO mentorship works wonders.
- How Not To Fail When Choosing a Mentor/Mentorship Program
- Do Your Research
- Ask For Recommendations
Bad news. You’re not special. Hundreds of thousands of other FinTech service professionals are fighting to get your potential client. Fishhooks don’t cut it anymore, dear reader. It’s time for something new.
But what is the new hook? What will make you stand out from the crowd? The answer is simple: mentorship.
Mentorships have been around for centuries. The ancient Greeks had them, as did the Romans and even the Egyptians before them.
Mentoring works for heroes of the modern era, too. Some of the biggest names in business: Steve Jobs, Larry Page, and Sergey Brin, all had excellent mentors.
Nowadays, mentorship programs are popping up left and right in all kinds of industries.
FinTech is no different — it might be one of the most significant industries for mentorship programs to exist today.
Because FinTech is an industry that has a lot of questions and few answers. A sector that needs help navigating through uncharted waters and figuring out how to make our products more accessible to everyone without sacrificing quality or security; an industry that needs a safe space where we can learn from each other without fear of being judged or criticized.
What to Expect From A Mentor?
“If I have seen further, it is by standing on the shoulders of giants.” — Isaac Newton.
Mentorship is a two-way street where someone has the knowledge and experience to guide a young person or new employee into success in their chosen field. Mentors are typically more seasoned professionals who are willing to share their expertise with others who may be seeking guidance or direction on how to succeed in their field.
The important thing is that they can help you grow your business to become successful in life and make money by learning from the mistakes and leveraging their experience without the guesswork – costly trials and errors. And in a field, as unforgiven as FinTech, you need all the help you can get.
How Mentorship Is Beneficial In FinTech
Mentorship Adds Measurable Value To The Bottom Line
The return on investment (ROI) of mentorship is as clear as day. A study of businesses shows that 67% say a mentor has helped them increase production output, while 55% say it has helped them sell better – hence more profits.
In addition to helping individuals succeed, mentorship benefits companies who want to retain talented employees. The Wharton School estimates that mentorships can lead to a 75% retention rate as opposed to 45% in organizations without one.
That’s not all:
CEO mentorship works wonders.
According to Harvard Business Review, CEOs who receive guidance from their mentors are better decision-makers and are less likely to make costly mistakes. This study is another proof that when it comes to mentorship, it can help everyone at all levels of their careers get a leg up.
Ultimately, it all adds up: increased productivity, fewer mistakes, and improved skills translate to more profits.
Let’s conclude this point with an example:
A financial consultant who has been in the financial services industry since 2008, was able to, in his own words:
“6x increase in overall production in less than 6 months… made Top of the Table for the first time in my 9-year career!” after benefiting from the sales training and mentorship from an Active million dollar table Top of the Table Producer.
Helps Builds Your Network
Mentors can be a great source of new contacts and business opportunities. They can introduce you to people who can help you grow your business or even become customers themselves! They are also usually well-connected in their industry, so there’s a chance that they will introduce you to other potential businesses.
Need A Confidence Boost? Get Mentorship!
Having someone guide and teach us is an excellent way to build our confidence and self-esteem. It is especially relevant when just starting your career or business because we don’t always know what we’re doing – having someone with experience show us the ropes is invaluable! It also helps boost our self-confidence in general because it shows us that we have what it takes to succeed in our chosen field – something that will encourage us along the way!
Mentorship Promotes An Atmosphere That Fosters Success
It can be easy to think of mentorship as just another item on HR’s checklist. But taking the time and providing the resources required to make mentorship a successful endeavor in your FinTech business goes deeper than that. We’re talking about culture change – where learning and the transfer of knowledge become the norm and success tagging alongside.
How Not To Fail When Choosing a Mentor/Mentorship Program
Because FinTech has exploded in the last decade, with new companies popping up every day, it’s essential to choose a mentor who has been there and done that.
Remember the Financial Advisor in our example above? If you noticed, that’s what he did. By choosing a mentor who is an expert in his field and has been successful at it for years, you’re not only ensuring you’re getting the best advice possible but also that you have the best chance of being successful.
Do Your Research
If you’re looking for a mentor/mentorship program, research everything! You want to ensure that they will give you good advice and help guide you in your career path. It’s vital that you find someone who is qualified in their field as well as someone who can give you sound advice on how to succeed as an entrepreneur or business owner.
Ask For Recommendations
If you know someone who has participated in a mentorship program before, ask them how it went for them! Was their mentor helpful? Did they learn anything from participating? Did they feel like they got out of it what they wanted? These are important questions because they will help point out which ones are worth your time and which aren’t worth it.
And based on raving reviews and words going around in the industry, you should check out this sales training. By the way, you’ll get the same 5-star mentorship as our friend, Andrew!
If you are at a point where you are starting your FinTech journey or if you are already neck deep, don’t let mentorship be an afterthought. Find a mentor who has been there before and try to learn from them as much as possible.