With the startup culture making its way into the attractive and untapped Indian market. There lies the underlying importance of continuous mentoring or a constant support system that can not only give structure to your idea and make it marketable. It also prevents it from collapsing due to the very same reasons that cause 90 percent of Indian startups to fail within the first few years of launching.
Mentors are as crucial to startups as wheels would be to a car. Without the guidance of the right Mentor, the startup is bound to face turbulence. Also with inexperienced management, it can soon spiral off to making expensive management errors, ultimately leading to its fall.
Importance of Mentoring
The importance of mentorship for any startup can be easily understood by learning and understanding what appropriate mentorship offers:
Startups are a risky domain, with little to no knowledge about how to maneuver through roadblocks and setbacks, it can be a threat both economically and mentally. It is in such situations that experienced mentors who have the right know-how can help give the right push to your startup and propel you in the direction of success.
Helping you avoid Expensive Mistakes
Mentors act like filters to your action. Through their extensive market research and invaluable time spent with the biggest names in the market, they know exactly what not to do. With no vested interests, mentors have the foresight to help you avoid making disastrous decisions that, in the long run, may limit your startup’s potential.
It is not every day that you have an idea that can change the world, hence you require the right coaching to do it right in your first attempt. Mentors coach you for what’s coming your way. Moreover, they help you strike the right balance between life and work.
Giving Access To Their Network And Resources
An essential part of running any business, be it, startup or not, is a network. The right networking can make business much easier for you and strengthen your foundations. As freshers to any industry, it is evident that you would lack the resources and means for your business. Most mentors have an already setup ecosystem of companies and provide you the right exposure to the right people to build a network for your business.
With small initial success, most entrepreneurs make the critical error of losing focus and accountability. Having mentors to keep your business in check can be essential to keep your focus on the right spot. Accountability also has a psychological effect that eliminates mismanagement blunders.
Conclusion: Who is the right Mentor for your startup?
As established, the right Mentor can be the key to a foolproof startup venture. However, what is the qualities that make a good startup mentor?An essential quality of a good mentor is experience and knowledge about the market. Mentors hold the responsibility of guiding the entrepreneurs to make the right decision; however, the final call always rests in the entrepreneur’s hand. Therefore the compatibility of the entrepreneur with the Mentor is also quite critical. With years of experience and a wide network of clients, the Bebeta group has always proven to be the ideal Mentor. The team of experienced analysts, help your startup avoid potholes that can potentially restrict your dream of being the next big startup.