Are you facing challenges in getting funding? Do you face difficulty in pitching? Then this is the time to consider the most powerful tool for growth i.e. Mentoring.
To understand this let us first understand why most of the startups fail. Solving customer’s problems gives birth to a startup but what if there is a solution but the problem is not there, this happens when startups create a product but there is no need for the product in the market. Similarly, if a startup creates a product that is not useful for the current market or may be useful in the future as there is no market for the product is also a reason why startups fail.
Some reasons for the failure of Startups:
- Lack of skills needed for the business — in founders and in the team: Being able to maintain all the aspects of a business from Managing finance to administrative work.
- Ignoring and not avoiding cash burn: Spending in a rightful manner is important else the business will run out of cash
- Reluctance to get feedback and criticism on prototypes: getting feedback is the best way of having a constructive criticism which will help your business grow.
- Weak team, poor leadership: Leadership skills are needed for running a startup as well as a strong team.
- No real interest in the market you are operating in?: Haven’t done any market research and launching the startup is among one of the reasons for failure
- Inability to raise capital: Pitching for investment is an important aspect because if you don’t have investors how will you run the business.
- Poor marketing (and/or sales)
- Ignorance of what your customers want.
- Don’t know about Legal Challenges and get trapped.
- One of the biggest reasons for failure mentors is they have no mentor to look after.
- Sometimes Business models are wrong. Don’t Pivot at the wrong times.
- Customer problem is the main problem, if you don’t fix that problem then there is no need for the product.
- Traditional Management concepts don’t work nowadays you have to think out of the box.
- Entrepreneurs think they have a great idea but it’s not about the idea it’s about the solution you provide.
For overcoming all the issues and difficulties Mentoring can be really helpful. Studies have shown that mentoring can lead to greater career success, including promotions, raises, and increased opportunities. Organizations that embrace mentoring are rewarded with higher levels of employee engagement, retention, and knowledge sharing. In fact, mentoring has proved so beneficial than 71% of Fortune 500 companies offer mentoring programs to their employees.
While these statistics look pleasing and encouraging, it’s important to remember that mentoring is not a magic wand that automatically creates success. The truth is that effective mentoring takes effort, and creating successful mentoring relationships requires specific skills, sensibilities, and structure from both the mentor and the mentee. Success happens when both parties take responsibility for making it work.
We know that the Microsoft founder Bill Gates has often said famed investor Warren Buffet is his adviser when it comes to ideas and investments, apart from being a close friend. Gates has said Buffett asked him a number of tough questions in the early years of Microsoft, which helped him build the company into the tech giant it became.
Apart from strategy building, a mentor can help you in the following ways:
- Helping create a business case and business plan — during this, the most important inputs would be to assist the mentee (usually a first-time entrepreneur) understand the complexities of business, the varied cost structure, the time taken by companies to stabilize (usually entrepreneurs underestimate the time taken to determine the venture within the marketplace)
- Helping with warm introductions to potential customers, potential employees, potential partners, or maybe investors
- Providing support during tough times — entrepreneurship is often a lonely journey. And often, the challenges faced can pull an individual down. In such times, a mentor can play an important role keep the motivation level up, reassuring the entrepreneur that the challenges are a part of every journey, giving the comfort that his/her support is out there, etc.
- Helping take tough calls — including sometimes shutting down or doing a pivot.
Do you have one? Are you struggling? Need one to boost your startup?
Then we are here for you.
EdifyAccelerators is a Management Consulting firm. We provide Management Consulting, Business Consulting, Business Strategy, and Growth for MSMEs, SEMs, and Startups.
Our Services Include:
- Management Consulting
- Business Consulting
- Connect with investors
- Provide Management Training
- Incubation Centre Setup and Management
- Startup Mentoring and Advisory
- Advisory Board for Startups
- Internship for Students
- Any Talent fulfillment
- Technical partnership
For Further Information You can contact:
- Forbes Magazine: Strategy for Success.
Written this blog as an intern for Edify Accelerators.