Doval Bacall

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The value of mentorship has become increasingly evident. Many young professionals recognize that having a mentor can be a transformative experience, propelling their careers to new heights and offering the kind of guidance, insight and wisdom that textbooks simply cannot provide. However, the process of approaching a successful entrepreneur about becoming a mentor can seem daunting, leaving many unsure about where to begin. Here, Young Entrepreneur Council members share tips for how young individuals can secure entrepreneurs as mentors, starting them off on their own paths toward successful entrepreneurship.

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Bringing on a business advisor can be a great way to get you or your business out of a rut, both financially and creatively. Not only can they help you rework any failing processes or initiatives, but they can also provide inspiration and insights into what might be the “next big thing” for your growing business. However, like with any new hire you make, you’ll want to be thoughtful about your choice and avoid rushing into a decision based on desperation. To help you find the best fit for you and your business, nine members of Young Entrepreneur Council each discuss one factor entrepreneurs should keep in mind before seeking out a business advisor and why.

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In business, you have those who strive for stability and the peace that comes with knowing you have a steady stream of revenue. There are also those who like to push the envelope and create the next big thing, sometimes taking big risks in order to do so. However, no business owner has to fall on one side or the other.  To achieve the best of both worlds, consider the following advice from the members of Young Entrepreneur Council. Here, they offer up their best tips for how to balance the need to stay ahead of the curve and innovate with the equally important need to maintain stable cash flow and profitability.