Growing Need for Mentors in Startup Ecosystem
With the changing times, the startup ecosystem has shifted dramatically. Unlike before, establishing a business is easier; however, business survival is quite daunting. Followed by financial crises occurring once a decade, new entrepreneurs have to acclimatize with their surroundings at a fast pace.
Grasping the ever-shifting business environment is challenging for first-time entrepreneurs. They either have to closely monitor the business ecosystem or rely on business mentors to get a direction. Business mentors help guide the entrepreneurs in their voyage. They do not have a key to all problems but effective suggestions to give that help startups overcome obstacles.
According to Forbes’ report, a survey conducted by Kabbage Inc stated that 92 per cent of small business owners agree that mentors have a direct impact on the growth and survival of their business. The survey also unveiled that 84 per cent of small businesses reach profitability in the first four years of their business, with 68 per cent attaining profitability in the first year. The early years of any business are therefore, a crucial make-or-break period and business mentors are vital to their success.
In the initial years, startups have a bumpy ride that is full of challenges, adversaries and competitors. During this time, they make big mistakes thereby, learning important lessons for lifetime. Such blunders can be averted if they get connected with qualified mentors. One can find a vast number of business mentors in Delhi, Mumbai, Pune and other Indian cities.
Many startup owners are skeptical about the mentorship concept and solely work through their instincts. Despite having industry insights, startup owners fail to keep up with the shifting nature of the business. At this moment, business mentors come into the play.
When startups set foot into the industry, they earnestly follow their passion and try building their product around it. They work harder to meet customers’ demands and satisfy them. While focusing on the customers, they overlook the intrinsic nature of the business i.e, competition. Thus, while offering services or products to the customers, businesses have to keep an eye on trends prevailing in the market.
They have to see the business ecosystem from a different perspective and for that, they would need to have a mentor. A mentor will foresee adversaries beforehand and suggest strategies to cope up with the competitors.
The Right Audience
Startup owners ascertain needs in the market and later, create products to fulfill the demand. As long as their products are getting purchased, they do not bother researching further or delving deeper in the market. This attitude creates problems when competition emerges as most of the startups do not create customer-specific products. Emerging startups or new entrepreneurs target an entire demographic instead of focusing on small groups.
Experienced business mentors comprehend this change and thus, help identify the right age group of people that companies should focus on.
Mentors help give a clearer picture of the work to the entrepreneurs. For businessmen, it will take a huge amount of time to get such a vision.
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