The Journey into the unknown – that sounds like the life of an entrepreneur. Each day there is a new challenge to face – A problem, a new possible solution. Challenges at every step are a part and parcel of entrepreneurship. This uncertain path is what makes an entrepreneur’s life so exciting.
Each day there is a new challenge to face – A problem, a new possible solution. Challenges at every step are a part and parcel of entrepreneurship. This uncertain path is what makes an entrepreneur’s life so exciting.
A report by IBM – Institute for Business Value and Oxford Economics found that 90 percent of Indian startups fail within the first five years.
Some of the factors that bring down budding entrepreneurs that often push them to forfeit their businesses are in the pie chart. However, whilst a challenge might be brand new to you, a seasoned entrepreneur will likely have come across something similar in the past.
This is why one of the most important decisions an entrepreneur should make is to get a mentor or a career change coach
This step is overlooked by most of the entrepreneurs. The benefits of having a mentor are too often underestimated.
If you have heard from any entrepreneur that having a mentor isn’t helpful, that means he or she has not found the right mentor. The right mentor will have a tremendously positive impression not only on the performance of the business but on the personal life of an entrepreneur. Not only will it be fulfilling for your mentor to pass on their experience, but it will also be invaluable for you as a less experienced entrepreneur. A mentor will help you pick yourself up and get back in the game or even stop you from making fatal mistakes or actions that warrant tremendous flak.
Knowledge: They simply know things that you don’t know yet. New entrepreneurs must be aware of what they lack.
This doesn’t mean you should run away from your circumstance. Once you are aware of your limitations, you can find the support you need. All top business owners have mentors guiding them through their business careers.
Steve Jobs mentored Mark Zuckerberg.
Bill Gates was mentored by Warren Buffet.
Entrepreneurs don’t have to know everything – at least at first. A good advisor can help to fill in areas that your previous experience leave blank.
As an aspiring entrepreneur, you’ve already got ideas on your shelf. To turn your inspiration into something tangible, the chances are you need someone to help you leverage what you’ve got and put your ideas to work.
A good mentor can reveal to you new ways to thinking and bring a fresh perspective on the problems you’re facing.
A mentor can help you find investors to scale your business. No matter how great your product or business idea, how lean you can operate, and how big you’ve grown already, more capital and financial leverage will almost inevitably be a necessity.
Finding the right Investor- Entrepreneur fit is vital. The investor- Entrepreneur fit is like matchmaking. If you do not connect to the relevant investors you don’t get the funds.
Some startups fail to raise money. Investor connection, Investor Scoping, and your pitch deck are critical to be understood before presenting your product/service to an investor.
You may find yourself clueless wondering the next step to take. Scaling your business means you’re able to handle an increase in sales, work, or output in a cost-effective, reasonable manner.
A mentor helps you achieve the milestones set at each phase with a huge focus on identifying any potential risk on the way and finding solutions to hurdle it.
These days entrepreneurs think all the information and advice they need can be found from their favorite podcast or YouTube channel. A huge amount of advice online can become a rabbit hole.
We keep reading books, entrepreneur articles, etc. but get more and more overwhelmed by the enormity of everything.
One of the key advantages of having a mentor is being able to say, ‘I have this problem and I’m struggling to find a solution. Have you come across something similar before?’.
There’s only so much value you can get from absorbing content before you need a flesh and blood human to listen and bounce ideas around.
Once your mentor gets to know your skills, talents, and vision, he can help you understand your business, solving problems you didn’t even realize existed. If you’re climbing The Mount Everest – Get a sherpa.
The journey to make your startup a viable business can be a heck of a climb. Though the rewards may be alluring, the cliff edges are steep.
A good mentor can not only help you to define the value proposition of your business but can support you from early establishment through to consolidation and growth.
With the right mentor, you’ll be able to find quick solutions to the harder problems, saving yourself time, stress, and money. It does not matter where you are on your journey, give yourself the best stroke at your achievements.
Find a mentor to walk alongside you, and share their advice and experience.
After you’ve benefitted from the help of a mentor, show appreciation for his or her contributions to making your business up and forward. Finally, make sure to pay the experience forward by being receptive to mentoring other new entrepreneurs when it’s your turn.
An entrepreneur does not need motivation. He is driven by his purpose and remains self-inspired. The mentor helps him to render direction and make his vision like a crystal clear ball.
