Things To Remember While Mentoring Startups

Mentor – This word is like a soothing ointment in harsh situations. Mentors are a light in the darkness. In recent times, the importance and need for startup mentoring services increased manifolds.

Entrepreneurs from all over the world are presenting their unique ideas to solve issues and generate value. They are on a path to making consumers’ lives better, easier, or more luxurious.

Startups have been particularly severely struck by the epidemic, and many are battling to stay afloat. As a result, entrepreneurs are seeking the assistance of mentors who can help them get back on track. This simple thing is a big reason behind the surge of startup mentoring services.

A startup’s mentors are extremely important. They assist entrepreneurs in strategizing, guiding alliances, assisting with negotiations, finding the appropriate staff, raising and utilizing cash, and much more.

A single erroneous consultation may derail a startup’s progress. As a result, it is critical for the mentor to ensure that anything they say is useful and successful for the startup.

Whether an individual mentor or a representative of startup mentoring services firm, all of them should keep a few things in mind that will help them effectively deliver a tsunami of change to the startup industry.

Mentor – Startup Compatibility

A mentor and a startup both require market fitting, just as a product does. Before making any commitment, it’s critical to learn about the founder, the company’s culture, and the business strategy and product. Having mentored several firms in the past does not imply that you are qualified to mentor all businesses. As a result, before committing, make certain that:

  1. You are aware of the founder’s expectations.
  2. Have thoroughly defined the areas in which you may offer assistance and expertise.
  3. If any kind of remuneration is expected – equity or fees

The best policy is, to be honest

Your advice as a mentor is vital to the founders, and it is frequently included in the plan. Please don’t be hesitant to speak your mind and offer an honest assessment.

You are not expected to know everything as a mentor, thus stating so is more beneficial than delivering bad advice. It’s fine to remark, “I’m not sure.” If you can link them with individuals who can help them in areas where you can’t, that’s always welcomed.

Listen & Listen & Listen

As much as we want to talk, it’s critical to pay attention to what your mentees have to say. It is critical to have two-way communication and to listen closely to the thoughts and suggestions that a creator shares to make something remarkable happen.

To fix a problem, you must first listen to the issues to provide the appropriate solution. Sometimes, as a mentor, a founder just wants to air their grievances and frustrations. You don’t have to be advising or addressing problems all of the time.

Copy & paste is a real dead combo

You might be a mentor to several firms or have worked for or created several enterprises. You will be exposed to a variety of experiences and results as a result of this. The successes of one company may or may not be replicated by the other. Share your experiences and best practices with the entrepreneur, and invite them to contextualize them for their business.

Read Also: Management Lessons From Mahabharata

Because every business is distinct, it may require an entirely new strategy. As a result, you must be in a full-throttle mode to ensure that the solution you provide is unique to every customer. When a founder seeks startup mentoring services, he has hopes, thus make sure not to shatter them with vague advice.

Do the right thing keeping an open mind

You may give your mentees all the fantastic recommendations and advice you want, but it’s up to them whether or not they apply it. As a result, you must maintain an open mind and allow them to make the final decision, which you must respect. Don’t be insulted or think your advice was ineffective. You’re a mentor, not just a novice or amateur. Thus let founders make final decisions themselves.

Bottom Line

The founder(s) likely believe it can be done the other way around. So, just let it go and approach it with care. Don’t become too wedded to your suggestions. Make sure you’ve covered all of the angles. That’s simple & easy, isn’t it?

Moreover along with startup mentoring services, at Lakhani Financial Services you can leverage Pitch Deck Consulting Services & Business Plan Consultants Services too.

About the Author

Devansh Lakhani

Devansh Lakhani, the director of Lakhani Financial Services, clasps a rich experience of 5+ years in the finance industry. A Chartered Accountant by qualification, Devansh has expertly handled funds for HNI clients, been part of an IPO on SME platform to tune Rs. 10+ crores, conducted the right issues to tune Rs. 10+ crores, and accomplished block deals of Rs. 35+ crores in the past. Now, with a zeal to boost startups, Devansh's heart and soul lies in Lakhani Financial Services. To date, LFS has helped 85+ startups with advisory, business plan & pitch deck preparation. Devansh is one of the most respected people when we talk about startup funding, advising, and mentoring. With the support of Devansh, 6 startups raise funds to the tune of 4+ crores. He aspires and is on the mission to boost and scale 1000+ startups in the next 5 years.

You may also like these