Let others help you when you are not able to help yourself!
The ecological economy of the Indian startup has thrived in recent years with some passionate and creative entrepreneurs creating disruption within the old trends and who have been fueling growth. Despite backup in the form of venture funding, many startups simply have an abrupt ending.
IBM Institute for Business Value and Oxford Economics did a study on “Entrepreneurial India”. The study shows 90% of Indian startups fail within the first 5 years. The reasons listed behind the failures included a lack of innovative ideas, unavailability of skilled resources and funding, assigning less importance to mentoring, and not being able to follow good business ethics. In addition, some of them that do pass the test of time, are often unable to take a jump from the startup stage to become a top business organization.
The series of mistakes starts when the startup creators keep all responsibilities to themselves and do not seek professional guidance from those with experience. Increasing online sales, decreasing manufacturing costs, and taking care of logistics management might not be your forte. You might not have the expertise to find the correct customer segment you should gear the product to or which B2C marketing strategy should be followed. This is where seeking help from a mentor with the right skills and at the right time can save your startup from falling apart.
You should never hesitate to ask for help in your entrepreneurial journey. Helping hands are there for lending long-term support to help you grow or for short-term help to fix a problem. What type of help you need will depend on the unique needs of your startup at the time you need it.
Successful mentors bring an in-depth understanding of startup businesses to help you profit with the minimum investment. Instead of simply solving the problem, they provide actionable solutions, which startups implement to establish continuous efficiency. When you have a mentor onboard, you also benefit from their wide network of professionals who can help you down the road when needed. Thus, finding a mentor that best suits your needs is an unbeatable asset for your startup.
You cannot simply go shopping for a mentor. There are things you need to know beforehand to identify the right mentor-startup match for a sustainable relationship.
- Mentors look for those who can truly benefit from their skills and experience. A mentor who excels in product design or product marketing would associate with a startup with the same needs.
- A mentor will assist you in laying down SOPs and the protocols to curb a functional issue. Remember, a mentor is not a part of your workforce; you have to implement and execute everything required.
- A good mentor will instill confidence in you, allowing you to follow the right path and develop your own business acumen. Instead of blindly executing the strategies churned by your mentor, make it your own by evaluating how it will benefit your startup.
- You need to understand that every mentor is different and each brings different competencies. Thus, identify the challenges you face in your startup and then knock on the doors of the right mentors.
- Trust your mentor. If you need the genuine support of a mentor, do not hide information related to the challenges you are trying to resolve. Give him or her a clear picture of what you are facing and what you want to achieve.
Venturing a new startup can be exciting and overwhelming at the same time. However, it is important that the startup and the mentor should be on the same page to keep going. If you have a dynamic startup idea, you can find the right mentor with us. Whether it is custom software development, digital marketing needs, mobile app development, or angel funding, we have the team who can help you become a successful startup.
Request a phone call from us for more information.