Why is a mentor important for your start-up?

India is one of the fastest growing start-up economies in the world. It has seen more than 1,000 start-ups growing in the year 2017, according to Nasscom start-up report. But with the rise of every new start-up, we can see the failure of one or the other start-up at the same time. Last year 25% of the start-up shut down that was established to make a difference from other start-up companies. 

• Reasons for failure

The major reasons behind the failure of these start-ups are lack of skilled workforce, innovation and funding, poor business ethics, inadequate knowledge and no mentors to guide the young entrepreneurs. Young Entrepreneurs might have innovative ideas but they lack in experience and they hardly have any knowledge about the industry. For this, they need a mentor, who can guide them at each and every step.

• Who is a mentor? 

Mentors are managers and successful co-workers who may lead you to have successful entrepreneurial careers as they have business experience and is willing to guide a newbie.  For budding Entrepreneurs, mentors are a powerful weapon who will give suggestions, pieces of advice, guidance and support you through thick and thin. They will help you to improve your business model and also provide professional socialization. They will share their personal experience as they have been there, done that and seen all the working of an industry. They will motivate you to do better. A mentor can foresee the near future and more capability in you than you think.

• Why do you need a mentor?

According to a survey by Business News Daily, 86% of the executives said, having a mentor is important for career development. Every young entrepreneur believes in their inner gut feeling and goes for a start-up without any proper guidance. This is one of the reasons behind the closing of start-up businesses. No matter what, everyone needs a mentor. Do you know one common thing between Steve Jobs and Bill Gates? They both had mentors. 

1. Every entrepreneur needs a mentor who can answer their daily life challenges queries. A mentor will always encourage and motivate you to go for your dreams even during the hard times. They will stand by your side even in the most complicated situations. 
2. They can provide guidance on career management which you might have not able to learn from books and other sources. They will help you and save your valuable time and money by crafting various ideas for you which will lead you to successful paths. 
3.  Mentors can help you in identifying and avoiding business pitfalls and work through the challenges ahead of them. They will also provide you with a number of connections who might be interested in investing your start-up.

• What are the qualities of a good mentor?

The person that you will choose must have more experience than you and have a record of their own success and failures. Besides this, look for a mentor who is creative, authentic and honest. They must be caring but at the same time, critical towards your work. A good mentor can provide both the things. A mentor will always speak for you even when you are not present there. Your mentor will guide and help you to expand your business. Mentoring is a responsibility; a commitment that requires valuable time and focused attention just because someone gives you advice doesn’t mean they are your mentor.

• How do you find a mentor:

When you are looking for a mentor, know what do you want and look for someone whom you admire and answer the question why do you need a mentor. Find a person who is passionate about his/her job. Then jot down few names that come to your mind who have your dream job. A start-up can only develop if you and your mentor are right for each other. There are people who give you advice, suggestions but that doesn't mean they might become your mentor. You have to look for one. Try to meet as many experienced professionals as possible. Don't just go for someone who is successful but see with whom you connect the most.

If you have to find someone, approach them, meet and explain what is expected of them, why you value his techniques and ideas and also about your start-up. Don't take this casually; this is the groundwork which will later make your roots stronger if you have made a right choice.