If you’re observing a great leader, it’s also likely you’re seeing the influence of a great mentor — or several. An apprentice-like relationship with a luminary in their field will likely be part of their biography. Although the vast majority of entrepreneurs don’t have the guidance of a world-famous executive, the importance of such relationships is hard to ignore. Companies whose founders have taken the opportunity to be mentored by a top-level entrepreneur are much more likely to themselves become top performers. With all of the benefits of mentoring, it’s surprising that a relatively small percentage of business owners have them. Here are several reasons why mentoring is so important.

Success

If you look at the statistics for new businesses, the prospects for success are low. A survey of over 200 business owners by Kabbage, Inc., a global financial services, data and technology platform, indicates that in the first year, 20% of small businesses fail. In the second and fifth year respectively, 30% and 50% fail. Either financing or enthusiasm runs out. These are sobering figures.

Impact

According to the same survey, an astounding 92% of business owners agreed that the survival and growth of their businesses were directly impacted by mentors. Another report by Kabbage, Inc. stated that within the initial four years of operation, 84% of small businesses reach profitability, and 68% reach profitability in the first year. This implies that the first few years of the life of a business are crucial; it’s make-or-break time. Business mentors can make a real difference.

Hindsight

The 89% of business owners who did not have a mentor overwhelmingly wished they did. This indicates a need for helpful, authentic connections within the entrepreneurial community so that new business owners and mentors can link up quickly and supportively. Solid advice can help ground and encourage during those critical first years.

Passing It On

Good news: Even business owners who weren’t necessarily mentored themselves are making an effort to help new entrepreneurs. The same study reveals that of current small business owners, 61% mentor others.

Looking for a mentor? Try SCORE, a resource that has over 13,000 mentors who volunteer. Focus on finding one who is objective, collaborative, helps you focus on goals and purpose, and offers a fresh perspective.

Finding a great mentor is easier than recognizing the need for one. Consider these factors and figures as you make the decision to reach out.