Role of a Mentor in a Start-Up

Robita Devi

Oct. 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 Plan
The 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 Network
A 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 time
Entrepreneurship 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 time
With 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 time
According 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 www.mindmillers.com to look for mentorship.


Got another minute? Check out:

Sept. 30, 2019, 12:28 p.m.

WHY EVERY STARTUP NEEDS MENTORS FOR ENTREPRENEURIAL SUCCESS

Although many entrepreneurs wouldn’t like to admit it, there’s a lot of ego involved in a successful startup. To invest in a business idea requires a high level of confidence – a belief that things can be achieved based off the knowledge and passion of what is usually just a single person.In some ca

Oct. 26, 2019, 8:44 a.m.

When do you need Digital Marketing?

The more important question to ask is “Why do you need digital marketing”. Let us answer that, as per an article published in PC Mag magazine (link), an average adult spends 5.9 hours per day with digital media. Which means 25 % of a day 0r 37% of uptime when not sleeping. Woo.. Doesn’t that answe

Oct. 26, 2019, 8:08 a.m.

Am I correct? How to check

Okay, so you are stuck with a business idea. Or you may prefer to call it ‘enlightenment’ as no one before you came up with it or at least applied it to create an empire. This brilliant idea seems viable in every aspect and is ready to build upon to help you earn your golden fortune.Wait, hold On….W

Oct. 26, 2019, 8:41 a.m.

Design Thinking in Innovation

As per common belief, the term “design” is associated with a products’ aesthetics appearance. However, in modern times, the main objective of design meant encouraging the well-being in people’s lives. From an organizational perspective, Design Thinking went on to mean ways to resolve problems in m

Oct. 26, 2019, 8:38 a.m.

How to analyse competition and prepare for them

Do we need to discuss why competition analysis is important?I think answer is a clear “NO”. If you are reading this article that proves you understand the need of the topic. If you don’t analyse your competition, that can be the last mistake you can do as an entrepreneur. “But” (it’s the favourite w

Oct. 26, 2019, 8:31 a.m.

Need Of Customer Segmentation and its Impact on strategy

Hey There… Let’s start our talk by understanding Customer Segment first.. than we can better understand it’s impact of business strategy…What is customer segmentation: Customer segmentation is dividing a big group of consumers with varying needs into smaller groups of consumers with same needs.To un

Oct. 26, 2019, 8:43 a.m.

Role of a Mentor in a Start-Up

“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 w

Sept. 30, 2019, 6:36 p.m.

WHAT DOES MVP HAS TO DO IN STARTUP?

Way back in 1957, Ford Motors faced one if its toughest product failures when new model “Edsel” was released at a premium price. The Americans at that point were looking for small-sized and economic models instead, which caused ‘Edsel’ to exit from the market in 1960. HP touchpad is another fine exa

Oct. 26, 2019, 8:46 a.m.

Role of a Mentor in a Start-Up - Contd

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 is where a mentor steps in. Surrounding yourself with people who have been there and done that can be instrumental in your g