Startups and entrepreneurs are young in nature and as we all know that young ones tend to mistakes due to their inexperience. So to have a successful business, there is a need for someone to be on your side that can tell you what is wrong and what is right for your business and that someone is a mentor or coach or an advisor, whatever you call him/her.
Here are some of the reasons to have a mentor by your side in your startup journey-
1. Gain experience above bookish knowledge
Experience is a very expensive asset — yet it’s crucial to business success. There’s only so much about a person’s experience you can gain from books. It’s an unstated truth that most authors do not feel comfortable revealing everything about themselves in books.
2.High chance of success with mentors
Research and surveys prove that having a mentor is important to success. In a 2013 executive coaching survey, more than 75 percent of CEOs said they received some form of mentorship that helped them get where they are today.
3.More opportunities to network
Aside from the fact that investors trust startups who are recommended by their friends, a successful mentor has an unlimited network of people who can benefit your career. Since they are already invested in your success, it only makes sense for them to let you tap into their network of people when the need arises.
4. A mentor gives you reassurance.
It has been proven by research that a quality mentorship has a powerful positive effect on young entrepreneurs. Having someone who practically guides you and shares your worries with you — often placating your fears with their years of experience — keeps you reassured that you’ll be successful.
5. A mentor will help you stay in business longer.
When you imagine the number of businesses that fail, you’d wish a lot of business owners had mentors. According to SBA, 30 percent of new businesses may not survive past the first 24 months, and 50 percent of those may not make it past five years. However, 70 percent of mentored businesses survive longer than 5 years.
6. A mentor will help you develop stronger EQ.
Does maturity bring about a higher EQ in entrepreneurs? Emotional quotient is crucial to entrepreneurial success. When a young entrepreneur has a more mature and successful mentor who advises them, they are likely to have greater control over their emotions.
Although accessing mentors is not an easy feat anyhow, but now there are some online mentoring platforms that have been coming up in recent times and there are a lot of online mentoring sites that are there that help you access an online business mentor which will help you save time and money.
A startup incubator is a collaborative program designed to help new startups succeed. Incubators help entrepreneurs solve some of the problems commonly associated with running a startup by providing workspace, seed funding, mentoring and training. The sole purpose of a startup incubator is to help entrepreneurs grow their business. More than 1,200 startups came up in 2018, including eight unicorns, taking the total number to 7,200 startups, according to the National Association of Software and Services Companies (NASSCOM) But another report has suggested that 90% of the startups are finding it hard to survive even one year. The report suggested that the number of IT startups in the country has slumped to 800 in the first nine months of 2017 from over 6,000 in all of 2016. The main reason for these startups failing is: Lack of uniqueness The study, titled ‘Entrepreneurial India’, states that while the market evaluation of Indian startups has grown in the past four years...
FORTIMATES It's time to secure our identities! The days of worrying about annoying spam are behind us. People are getting emails that look official, from a realistic company email address, requesting some form of action; the trouble is, they are not real and they can lead to loss of data, loss of money, or both. E-mail is widely deployed, well understood, and used to communicate with untrusted, external organizations, it is frequently the target of attacks. Having a vigorous, operative email security solution has been a requirement for most organizations and Individual’s today. It is the concern of every single individual to protect themselves and for the organizations their clients’ and their employees’ sensitive personal identifying information. Not doing so can amount to a costly breach that can wreak chaos on an organization, resulting in lost money, damaged reputation and a series of layoffs. Security breaches continue to happen each year, d...
Let’s name this person Mr.X Mr. X can follow these 6 pointers to start his own business. A. Scribble down a 1-page business plan. To get started, Mr. X should create his own simple, one-page business plan that is a high-level overview of the small business you’re about to start. Define your vision. What will be the end result of Mr.X’s business? Define your mission. Different to a vision, your mission should explain the reason Mr.X’s company exists. Define your objectives. What are you going to do — what are Mr.X’s goals — that will lead to the accomplishment of his mission and his vision? Outline your basic strategies. How is Mr.X going to achieve the objectives he just bulleted? Write a simple action plan. Bullet out the smaller task-oriented actions required to achieve the stated objectives. www.mentorbox.net.in B. Fix a budget. We highly recommend Mr.X keep his costs as low as possible, he’ll still need to determine a budget and how much he’ll...
Comments
Post a Comment