Mentorship is considered a major element in running a successful start-up. Good product/service for excruciating pain and great market traction is good, but it is just as crucial for a great mentor to support and develop these elements. Research carried out by the FSB (Federation of Small Business) found that small companies with mentorship had higher levels of success compared with non-mentored enterprises.
Generalized or Specified Mentoring
We know that mentoring is essential in a startup. But how do we consider and choose what kind of mentors we want? Approach mentoring through a thematic assessment and wonder what skills do you want to learn?. 'Then ask yourself' who are the intelligent individuals I can replicate on my network? This is a twist on the traditional concept of mentoring, in which one individual constructs his/her skill sets around a successful individual who is in a position of where they wish to be. Although generalized mentoring is worthwhile, maximum value comes from specialized mentoring.
Industry Knowledge Goes a Long Way
A mentor from the same industry in the specific field of your start-up will make a difference in helping you understand the complexities of the business and the diversity of the market. Standard mentoring is typically provided by general mentors, and this would sometimes not apply to all startups. There are instances where a development mentor has been viewed by start-ups working in different niche areas as a weak mentor.
Seek Some Entrepreneurial Experience
It always benefits if you are guided by someone who has experienced the entrepreneurial process and has succeeded in it. Corporate managers who run large companies are all right but it's a different way of validating the vision, raising money and leading the company in difficult times. Entrepreneurship is hard and anyone who has gone this way will recognize and advise you correctly on the various issues. A mentor who has created an idea-to-exit enterprise is perfect for getting startups off the ground.
You will have to work very closely with your mentor and strong chemistry will greatly help you. The mentor will respect you, make you look at the wider picture and assist you in the many challenges and trials faced by the company. Depression and anxiety are common issues for young entrepreneurs and a good mentor will lead to a reduction in the strain. Nevertheless, firmly opinionated mentors should be excluded. There should be room to discuss differences of opinion freely and to unite easily on points of agreement.