The mentor has the potential to open multiple doors for you. The mentor could leverage his connections to bring in extended network effects that can provide you with early customer trials, strategic engagements, potential customers, interested investors and many more.
Mentorship is considered a critical foundational component for building a successful startup. Great product/service for a searing pain point and good market traction are good, but a great mentor is equally important to sustain and grow these elements. Research from the Federation of Small Businesses has shown that small businesses that have received mentorship have superior survivability rates when compared to non-mentored businesses.
Here are 7 key reasons why very startup founder or small business manager need a mentor:
1. The manager gets someone who is independent, confidential and non-judgmental to talk to (someone who’s not family or a friend!).
2.Mentors can support your business with wide range of skills – from how to raise finance, to market products, dealing with customers, brand building etc.
3. Where necessary, they could bounce ideas off and help you make important decisions. For example, many business owners want to grow very fast, which could lead to cash flow problem if not very well managed. The relationship could ensure that you don’t make easily avoidable mistakes.
4. Mentor could also give you a push, some confidence and sharper focus when you need it.
5. To challenge you and give you assurance that you’re on the right path.
6. Your startup mentor is likely to have many professional contacts. These contacts can be valuable asset to you, especially in the early days of your business. These connections generally include suppliers, distributors, and maybe even marketing and advertising connections. Some of these connections may even turn out to be finance providers.
7. Your mentor can help you prioritize and get organized. Some tasks are more important than others and knowing what needs to be done first is a valuable lesson that can help things running smoothly and without too much stress.
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