As we are all certainly aware, 2020 was a year unlike any other due to the catastrophic COVID-19 pandemic. Since our founding, MicroMentor’s focus has always been on building economic resilience and sustainability. In 2020, we were reminded of the critical role that business mentoring plays and the importance of our work in supporting economic stability.
MicroMentor’s scalable model provides critical resources for small business success. Through our platform, entrepreneurs realize what they want to do and make connections with expert mentors. This year, our annual impact findings prove that mentoring contributes to business success:
- 16% average increase in revenue of mentored entrepreneurs
- .32 more jobs created on average by mentored entrepreneurs compared to their non-mentored counterparts
- 2700 projected jobs retained by mentored entrepreneurs
Many entrepreneurs have the drive and determination to be successful, but lack access to the tools necessary to reach their goals. Mentoring empowers entrepreneurs by providing this crucial access, growing business outcomes substantially. With an active global community of over 47,000 members, last year MicroMentor focused our growth in Latin America, the Middle East, Africa and Indonesia.
- 810 more jobs added to the economy by mentored entrepreneurs than non-mentored entrepreneurs
- 1,176 new jobs added to the economy by mentored entrepreneurs
- 4.7 more jobs on average added to the economy per mentored entrepreneurs
- 1,158 Total Jobs Created
Our mentors bring professional expertise and years of business experience to the table. Sharing this hard-earned wisdom provides them with a sense of purpose and meaning. Our mentors report that MicroMentor helped them hone their own professional skills, making them better leaders and coaches, critical thinkers, and communicators. When experienced professionals tackle the challenge of mentoring, they gain as much as they give.
In the past 12 months, small businesses have faced greater challenges than ever before as the COVID-19 pandemic and the ensuing economic downturn continue to threaten the survival of businesses everywhere. Year after year, our research proves the value of mentoring in ensuring economic stability for small businesses everywhere. Our priority is to continue our work reaching more entrepreneurs to connect them with the critical advice and individualized support they will need to survive and grow as together we face the challenges to come. While dreams can be deemed too big or too challenging to turn into reality, MicroMentor provides the opportunity to turn these dreams into reality.