How many home-based businesses do you think fail each year? This question, though interesting is not the question we should be asking, but rather why do they fail and what can be done to ensure that the opportunity for failure is limited?

I have heard it said that small business failure is actually brought on by lack of planning. This statement is probably true, and one that should be taken to heart by every person contemplating starting a home-based business. However, what about knowing how to deal with things that you have not planned for and how about times when you need objective advice, what then? The answer lies in having a mentor.

What is a mentor and why would someone want to have a mentor? A simplistic definition of a mentor is someone who has experience in the field or area you are contemplating entering and is in a privileged position to consult with you on a variety of situations.

Mentors typically are of value in two areas:

• A mentor can guide you along the correct path, and thereby help you avoid many of the pitfalls that most likely could become an issue. Many of these pitfalls could be minor, but that one big error could be the costly one.

• Along with helping guide you away from danger, a mentor can also serve as an encourager when times get rough and you need a sounding board. They will most likely have encountered exactly what you are going through and will be in a unique position to help you.

Finding a mentor can be the tough part, but with a little bit of patience and time a mentor can be found. Not all mentors actually have to be in a business situation of their own. Mentors can be professionals from many occupations, or even close friends and family. The one thing to keep in mind when searching for a mentor is to ask yourself whether this person can be honest and truthful with me and do I respect their opinion enough to make this worthwhile. You cannot have a mentor just because it is the thing to do. There must be a stated purpose, a definitive period for the relationship’s purpose, and some ending point that you are working towards.

At then end of the day, success lies in not what you know, but who you know. If this statement is true, surround yourself with as many successful people you can find and use them as much as they are willing to help.

I hope that you will be successful in your home business; I look forward to hearing from you.

Peter Engelbrecht is President of Diagonal Street Business Services and operates the web site http://www.BestBusinesses4u.com. The site provides stay at home moms and dads with practical home-based business ideas.

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