For yielding revenue and leveraging the growth of the business, an entrepreneur requires something more than a foolproof strategy. Many times, wise advice of an industry veteran or a senior professional works better than ones formulated a business plan. If that veteran turns to be a mentor, then it becomes easy to know what lies ahead and employ the righteous path to avert problems.
Mentors work as a support system for the entrepreneur and hence, anchor the organization throughout its journey. In todays fast-paced economy, it becomes crucial to have a broad set of mentors who not only help achieve one purpose but also offer guidance on several other matters. In the article Your Career Needs Many Mentors, Not Just One in Harvard Business Review, Identifying your mentor board of directors is great, but its all hypothetical unless you make an effort to spend more time learning from them. For each person, think through how and when you will create time to connect.
How Mentorship Aid in Releasing Ones True Potential
It is not guaranteed that one will achieve success under true mentorship. To run the business effectively, one needs to ascertain shortcomings in ones business approach and fill the gaps with the help of a mentor. Problems or glitches in the business can arrive at any stage so it is vital to search those loopholes and fill them immediately.
1. Laying a Foundation Stone
While starting a business, one faces a lot of difficulties and sometimes, think of giving up the idea since a high proportion of risk factor is involved. Besides this, scrutiny is needed to ascertain the right business which can be profitable as well as involves less risk factors. At this time, if one gets the right mentor then one can select a suitable business according to ones requirement and also, find a source to incentivize oneself.
Akhil Shahani, Managing Director of The Shahani Group, says, All Entrepreneurs need to face the negative views of family and friends, who may dissuade them from starting a risky new venture instead of opting for a safe job. Also, early-stage entrepreneurs need to figure out a business model where they can profitably sell products or services, that allows them to grow via bootstrapping. As a majority of early-stage entrepreneurs will not be able to raise external equity or debt funding easily, they need to adopt low costs for production and further, get a mentor to give their business the right direction.
2. Administer the Business
When one steps into the business ecosystem, one needs to ensure that ones business remains competent to sustain in the rigorous competition. While administering the business, time may come when one could not achieve personal, as well as professional goals, and fears that things will fall out of place. In these moments, one needs a mentor who can coach and help attain goals.
Nida Khanam, a certified leadership, and career coach and founder of The Red Kettle, says, behind the mask of stress lies fear, so an entrepreneur needs to dive deeper, reflect and remind oneself as to why one started the venture. Also, one should embrace failures and keep fueling ones passion and success will naturally come.
3. Find Helping Hands in the Business
When one starts a business in a low-budget, one becomes thrifty and performs most of the jobs single-handedly. By doing so, an entrepreneur unknowingly hammers the prospects of his business. To avoid this mistake, one should recruit a skilled, experienced employee for complex tasks and consequently, strengthen the underpinnings of the business.
Siddarth Bharwani, Vice President, Brand, and Marketing at Jetking Infotrain Ltd says, Managing team and understanding the type of human talent or human capital are important factors to address while running a business. Often, we see that an entrepreneur tries to do everything by himself right from the beginning, without taking into account that every person has their strengths and weaknesses. If they hire someone for a task, then it becomes easier to complete the job and achieve perfection. For example, if the entrepreneur wants to set up a technology solution in his enterprise, instead of trying to understand it himself, he needs to get someone who can understand the technology architecture and deploy it in his company. Getting the right people from the beginning is extremely important so that the underpinnings of the company remain solid.