Mentoring improves startup success rates
Mentoring is a great way to learn more about running a business. Mentors are business owners who have already walked your path and have advice to share about the journey. They can answer your questions, signpost you to other sources of information, and provide encouragement and support.
Research from the Federation of Small Businesses has shown that 70% of small businesses that receive mentoring survive for five years or more, which is double the rate compared with non-mentored entrepreneurs.
Whilst a survey by the UK’s Department for Business, Innovation and Skills found that 94% of SMEs using external support have seen benefits. These firms are more ambitious and have higher relative turnovers.
The Start Up Loan Company have created this video to demonstrate the value of mentoring to Start Up Loan recipients. The video contains one of our directors, Richard Myers, who is also one of the mentors here at Transmit Startups. Richard has started and scaled several businesses of his own and is happy to share his expertise with people at the start of self-employment.
Can I get a mentor with my Start Up Loan?
Yes. Here at Transmit Startups, we're committed to helping you achieve your startup dreams.
And we assign you an experienced business mentor after you have received your loan, to provide advice and guidance for your first year in business.