June 4, 2020, 1:17 p.m.
Role of a Mentor in a Start-UpOct. 26, 2019, 8:43 a.m.
“A smart man makes a mistake, learns from it, and never makes that mistake again. But a wise man finds a smart man and learns from him how to avoid the mistake altogether.”
Roy H. Williams
Author, Marketing Consultant, Founder Of The Wizard Academy institute
While your grit and hard work may seem to be sufficient in order to drive the success of your start-up, one can’t short sell the importance of experiential knowledge. And this where is a mentor steps in. Surrounding yourself with people who have been there and done thatcan be instrumental in your growth as an entrepreneur.
So what role does a Mentor play in a Start Up?
Mentors can help you create a Business PlanThe biggest challenge that first-time entrepreneur faces is to understand and grasp the complexities of business. A mentor eases that pain by aiding in creating business plans, revenue models, cost structures etc. A business plan is the starting point for any businessman, and many seem to stumble to get this right. Once this is taken care of, it becomes easier to then follow the plan and move ahead.
Mentors help build your NetworkA mentor will start by introducing you to potential customers, partners, investors and even employees. Owing to their wealth of experience, they will usually know a lot of people who can be of tremendous help in growing your business. Once you have a strong network of people, you are in a better position to leverage that to your benefit.
Mentors provide support during tough timeEntrepreneurship can be a journey with ups and downs. And the downscan sometimes pull you behind. A mentor in such situations can help keep your motivation up with their constant reassurance and support. They help you take tough calls by standing by your side.
Mentors provide support during tough timeWith their valuable connections, occasional checks and tips and advice, you are more likely to succeed in your entrepreneurial journey. The more you develop and nurture this connection, the better are the chances of sustenance for your start up.
Mentors provide support during tough timeAccording to a report, 70% of mentored businesses survived longer than 5 years vis-à-vis 30% of businesses which did not survive beyond 24 months of their inception. Hence, having a mentor can be a game-changer for you and your business.
You should start finding mentor if you don’t have one. You can refer to Search Mentors to look for mentorship.
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