your password has been reset successfully, Please login again.

How Mentor Helps a Business at Different Stages?

Everyone needs a mentor at different phases in business life cycle but their importance is not understood by everyone. Let's see how they help a business grow:
BY Akshay Arora
Feature Writer, BusinessEx
Dec 04,2017

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:

Starting Up

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.

Exit

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.

Conclusion

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.

Please add your Comment
SIMILAR Articles
May 23, 2018
Selling or buying a business is not easy. You need a broker who can help you out. Read to know more ...More
By Sanjana Surbhi
May 22, 2018
With job unreliability, there has been an increase in business start-ups. But what are the best busi ...More
By Sanjana Surbhi
May 21, 2018
A mentor is the support system who provides supervision in work but finding a perfect mentor for you ...More
By Sanjana Surbhi
May 21, 2018
Cloud Computing has transformed the business world. It has opened doors for many small businesses to ...More
By Sanjana Surbhi
May 19, 2018
Blockchain can be implemented in every field. This technology is much more than just cryptocurrency. ...More
By Sanjana Surbhi
May 19, 2018
Funding is a major hurdle that companies come across. To avoid this you need to know about the vario ...More
By Sanjana Surbhi
May 17, 2018
Getting funds from investors in this competitive market is not easy. So, keep in mind the following ...More
By Sanjana Surbhi
May 17, 2018
Angel investors are the essential component of start-up ecosystem. They invest at the earliest stage ...More
By Sanjana Surbhi
May 16, 2018
Every entrepreneur needs a mentor, especially in the beginning. Here are the reasons why having a me ...More
By Sanjana Surbhi
April 04, 2018
Patanjali launch was a drawback for its competitors but you have the opportunity to learn so much fr ...More
By Akshay Arora
April 02, 2018
Business mentors are the solution to all the problems that entrepreneur face while running a busines ...More
By Akshay Arora
March 28, 2018
Want to know why investors are not investing in your startup? Read the reasons below. ...More
By Akshay Arora