Mentorship is a support that businesses in todays world lack. The main reason behind that is they devalue the role of mentor as an advisor for their business. Entrepreneurs have trust issues and some have an ego that they can do it better in their own way and maybe they could. But wouldnt it be better to have an experienced player advice for big decisions that a business makes.
Isnt it obvious if someone has gone through some stages in life then they have a better perspective on it rather than just a beginner? In different stages of business in its lifecycle there are decisions that a business needs to make to improve but in order to make the right choice, a mentor is essential. Mentors help a business at all stages and maybe you require different mentor at different stages which depend on the mentor understanding.
No one is perfect and not everyone is always right but mentors can at least share their experience that they have already faced which will give an entrepreneur some clarity in that situation. Lets see what different stages a business has to go through and how mentor helps in these stages:
Mentor role in 3 stages of business lifecycle:
Once you have thought of an idea and check its viability then the execution process begins. In this stage, many entrepreneurs make mistakes which put them in the danger position to survive in this competitive environment. To reduce the risk and make essential decisions it is better to find a mentor. A mentor helps an entrepreneur to control their expenses and use resources optimally as it is just the beginning.
Entrepreneurs generally makes the common mistakes of not making a proper plan on how they are going to approach their customers, vendors, suppliers but mentors who are already specialised in this field also have contacts in the industry that could help you out in performing your activities.
Another thing that entrepreneurs lack at this stage is the barriers that are their in the ecosystem or competitors create for startups but mentors have experience in dealing with these kinds of problems so decide yourself whether you need a mentor or not.
Growth and Expansion
Some entrepreneurs who made it this far with the help of a mentor will definitely understood the need of them even in this phase. For those who still think that mentor is not required then lets see how a mentor plays its role in this stage.
In this stage, an entrepreneur plans to expand its business operations and for that more financing is required. An entrepreneur can either select the equity financing or debt financing approach to raise funds but if entrepreneur is unable to raise funds when required mentors play the essential role. With the help of mentor network in the industry, he/she helps the business to get in touch with the investors who are interested in this segment and also prepares entrepreneur on how to pitch an investor. A mentor gives advice to an entrepreneur in decision making that are essential for business growth.
In this phase an entrepreneur plans to either sell off the business or just shut down. The selling of business is a better option as it will help you raise funds for your efforts that you made. A mentor will help you guide as to when you should sell off the business so that you could get the best price out of it.
A business requires the guidance of a mentor at each stage to make the right decisions for a business. But the most essential task is finding the mentor. Businesses that are looking for a mentor then BusinessEx is the best platform to find a perfect mentor for your business.