4/13/2016, Forbes -- Advice and support can be just as important as funding in the early stages of starting up in business, which is why a good mentor is worth his or her weight in gold. They are sounding boards, voices of reason, and fonts of knowledge; all rolled into one, and can be a lifeline for those new to running their own business.

Some have played a decisive role in the startup stories of some of the most successful entrepreneurs, including Virgin founder Richard Branson. His mentor was legendary airline entrepreneur Sir Freddie Laker, a man he had always admired, but who became a source of practical help and inspiration during the early days of Virgin Atlantic.

“Drawing on his experiences with his own airline, Laker Airways, his advice on how to set up the company was invaluable,” recalls Branson. “We wouldn’t have gotten anywhere in the airline industry without Freddie’s down-to-earth wisdom. He helped shape our vision for high quality service at competitive prices, and was the first to bring my attention to how fiercely we would have to battle with other airlines to make a success of our airline.”

Virgin’s fledgling airline also lacked the big budgets of its larger competitors, and it was Laker who encouraged Branson to become the face of the company, and drive his own publicity for free.

“’Use yourself. Make a fool of yourself. Otherwise you won’t survive’. That piece of advice influenced my entire approach to business,” he says. “I took his advice on board and have been thinking up fun ways to stand out from the crowd ever since. I’ve found by standing out in fun and different ways, your chances of ending up on the front page of the newspaper, rather than the back, are much higher.”

Read the rest of the story here: http://www.forbes.com/sites/alisoncoleman/2016/04/10/why-mentors-can-be-the-making-of-entrepreneurs-like-branson/#5566c76c7be9