The Who What Where When & Why of Startups
Essentially, startups form because a group of rebels are fueled to the brim by enthusiasm, innovation and passion about their ideas and products. Sadly, those assets are not enough though. Without the resources, infrastructure, and / or the knowledge to develop it on their own, it’s very likely to go supernova before it ever develops a comfortable orbit. Mentoring is a core part of running a successful startup.
Too many startups are unable to move from the ‘pitch’ phase into the ‘construction’ phase and are lost as a result. Having a reliable sounding board to provide practical advice is one way to be smart about the startup process. In fact, many statistics show that startups with mentors are 90% more likely to succeed. The secret sauce, of course, is to find a mentor with the right expertise in your vertical, the bench strength in management and the powerful connections and relationships to accelerate the success. Expertise from a seasoned veteran can make all the difference.
Successful startup mentors start at the bottom with the companies and are strongly integrated into the vision and process. It’s natural to want to create your own spin on the product or add outside value from the get-go, but everyone on the team has to fully understand the project in its most basic form before moving forward. If they see the vision and the possibilities, the right mentor could come in at any time.
Every product is designed to address a problem, so you’ll need a deep understanding of both the cause, or problem, and effect, or product. With broad understanding and a level head, a mentor may have to deliver some harsh news, but it’s always for the good of the cause. As a mentor, it’s not your pride and joy on the line, it’s someone else’s success – their baby. So while any criticism must be delivered tactfully, it’s also important to remember that the project needs your guiding voice, no matter which direction it leads
Entrepreneurs and mentors have to create a solid bond and trusting connection if their relationship is going to thrive for the success of the endeavor. The mentor has to be knowledgeable, rational, and tactful – and the entrepreneur has to be willing to be mentored – to NOT have all the answers. Passion and drive only go so far when starting a business, and in order to learn from a trusted coach and successfully implement the ideas and changes discussed, the startup needs to be flexible and accept the information that’s given. Getting a business of the ground is difficult, but with hard work, positive thinking, and reliable advice from the right mentor, it is definitely possible – and far more probable than going it alone.
Until next time,
Kelli Richards
CEO of The All Access Group, LLC
PS, The right mentor will also have the right CONNECTIONS to move any effort forward. Be sure to ask who they think they can bring to the table around advisorship, possible collaboration and even funding.
