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 growth as an entrepreneur.
So what role does a Mentor play in a Start Up?
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 can help you create a Business Plan
The biggest challenge that a first-time entrepreneur face 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 provide support during tough times
Entrepreneurship can be a journey with ups and downs. And the downs can 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.
You are more likely to succeed with a Mentor
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.
A mentor will help you stay in business longer
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.
Successful business today entails a low-cost and high growth business model. In such a case, your mentor is your greatest resource. Leveraging their talent and experience is what will eventually contribute to the growth of your business.