Navigating the market and exploring the startup landscape can be difficult, especially with today’s market condition and challenges. It is even more challenging to get things right when the startup you’re running now is the first startup you founded.
This is where a good mentor comes in handy. Finding a good mentor is fairly easy now that many VCs and programs like the Menttium corporate mentoring are within reach.
Before you find a good mentor, however, let’s take a look at some of the ways having a good mentor can really help you.
Transfer of Experience.
You can find knowledge that helps you become a better business owner from various sources. The internet is filled with articles and other resources to get you started. There are also a lot of books from successful startup owners that you can turn to whenever you need to sharpen your skills as a business owner.
What you get from mentors is an effective transfer of experience. Most – if not all – mentors are founders who have been through things you will be going through as a business owner. You can lean on your mentors’ experience to really get ahead.
Learning from the experience of mentors allows you to avoid making the same mistakes with your own startup. Understanding your mentors’ experience also lets you understand the challenges you’ll face along the way before those challenges actually knock on your office door. This means you can prepare better for the obstacles you need to overcome.
An Expanded Network.
Networking is another major benefit of having a capable mentor. As mentioned before, mentors who are actively advising new startups already have a wealth of partners and a substantial network under their belt. Instead of having to do everything yourself, you can actually tap into the network of your mentors for some competitive advantage.
When you need to tackle manufacturing challenges, for instance, working with a mentor that has a lot of manufacturing experience is a huge plus. Not only will you be able to learn how to manufacture your products efficiently, you can also gain access to outsourcing companies, product designers, and other resources that aren’t always available when you are on your own.
That expanded network also brings another competitive advantage: lower costs. Mentors can often help their mentees get better deals on products and services.
More Funding.
While there are investors credited as mentors for the investments they make, good mentors actually do more than that. Aside from investing their own money, mentors also help you connect with future investors that could help bring your startup to the next level.
At the same time, mentors can also help you connect with potential partners. Funding isn’t the only benefit you can get from having capable mentors at your side. You can explore better partnership deals, collaborative opportunities, and chances to really penetrate the market with the help of other, more established startups.
There is no doubt that having a capable mentor (or mentors) brings a lot of benefits when you are new to the startup scene. Mentors can also help experienced startup founders become better in what they do. All you need to do now is find a mentor that suits you and your startup perfectly.
