Business Strategy

To Mentor Fledgling Startups

To Mentor Fledgling Startups
startup mentors

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What makes a company grow? There is not one answer to this question, but there is one component that has been neglected a lot, despite the fact that it is one of the most important factors. In a survey, more than 30% of the people presented one common problem that could be improved, and it was the mentorship component of the programs. These programs are called accelerators. They are held for the start-ups and companies that are just developing. Accelerators are a great way of promoting and giving guidance the companies need. But the one thing that the people are participating in these accelerators didn’t find great was the mentorship. The statistics revealed is not an ordinary number, and if so many people have felt that way about the program, then there has to be some drawback to it. There are a lot of growths that needs to take place, and a good mentor can go a long way to ensuring the company’s growth. Also, many companies invest a lot of money in the training of these mentors and if the results are not reflected.

Also Read: “Startup Behaviors” To Be Avoided By Estd. Company

Many people don’t consider the role of a mentor to be one of significant. The training of the mentors is not frustrating. There have been successful mentees who go on to become a great mentor as they already know the importance of a good mentorship program in the company.

Training budding companies and the fledgling start-ups can be a great experience for the people who take up this job. There are many perks of becoming a mentor that certain people overlook and ignore the job. The first thing that people think about is the benefit. Many people think that the role of the mentor is not beneficiary, and the mentees are the only one who gets all the benefits. Well, surely the mentees get to learn a lot but this is not the end of the story.

First of all, the mentor gets to make strategic partnerships. They get a lot of opportunity for making a career ahead and meeting a lot of like-minded people. Now, the strategic partnership will help a person not only in meeting other big names in their interested field but they can get these companies and CEOs to complement their company that increases their chances of further investing and growing their company’s future into a bigger arena.

Also, the second reason mentorship is great because being a mentor gives you more credibility. You got renowned and looked up as a knowledgeable person. A person who knows his/her craft and they are expert in it. This gives you the required edge too.

The third reason you should give becoming a mentor a shot is that it gives you the opportunity to try out new ventures. There are many incubators like the Techstars and Y combinators that are providing mentoring in exchange for equity. Well, these companies are already established and hence they can afford it. But one can also go just for providing start-ups with some valuable time and advice instead of setting up a whole incubator.

Mentoring is not an easy task. Even the big businessmen sometimes are not the best mentors that you might come across. There are many ways in which one can become a great mentor, and it requires a lot of determination and effort to be the best one.

The first thing that you need to do to become a great mentor is to clear the expectations of your mentee. Ensure that they are clear on what they will expect from you. You should know and decide how much time you need to and can give to your mentee. The technical expertise and knowledge that you possess should also be clear to the mentee. This way, the dynamic two-way relationship between a mentor and mentee would be clear, and everyone will be clear on the programs.

Whenever possible, ask questions. Yes, the purpose of the mentorship program is to give advice to your mentee so that they can gain insight in the field they want to get in. Also, they are looking to enhance themselves but if you are the one who is always answering the questions, then you might end up intimidating your mentee. They need to improve their self-confidence and for that it is important they know where they stand. They are relying on your to guide them, and you should do it in every way possible.

Also Read: Why Startups Need To Stay Protected In The Cyberspace

When you are asking questions, then try and engage in the root problems. Always encourage your mentee to give you the analysis of the problem and start from the basics of everything they want to discuss. It will help them clear their head.

Being a mentor can be a rewarding job if you know how to be a good one.

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