Mentor’s role in startups👩‍🏫💼

Mentor is a person with more business experience than you. They advise entrepreneurs in order to develop their skills and boost business growth. However, many of us are not aware of how to select them and take the most? Let us tell you.

Mentors vs advisors
In a broad sense, a mentor is a trustee with considerable experience in entrepreneurship, investments or a narrow industry. They help other entrepreneurs turn their ideas into desirable results. Mentors do it for the public good without intentions to earn. They share their knowledge and experience to help startup makers remain focused on achieving their aims.

In contrast to a mentor, an advisor doesn’t work for free. They help you tackle vital problems as well. However, advisors take money for it. As a rule, this is a small share (up to 1$), $1,000 in advance for their services, and the pay for time spent on dealing with startup difficulties.

How to find a startup mentor?
Normally, an entrepreneur, that has some market experience, knows who should be addressed or avoided. Besides, it’s better to avoid those consultants who themselves impose their services. Ideally, it should be your decision to address this particular person.

The most helpful thing is to visit entrepreneur events. There you can listen to those who have already been doing business and who could give you precious advice.

One more way of finding a mentor is through an accelerator program like Idea Factory. For those who are taking first steps in entrepreneurship accelerator programs can be a brilliant start.

Questions to ask mentors
What mistakes have you made? It’s natural for everyone to commit mistakes when doing business. A mentor who can share their mistakes, help other entrepreneurs avoid them. Such a mentor is particularly valuable for startups.

What factors do you consider when planning the future?
It may concern both long and short terms. It allows you to find out mentor’s basic views, the problems you need to cope with, and skills you have to develop.

How do you spend you spare time?
It’s important for entrepreneurs to understand how to spend time wisely.

What should have you done differently?
If a mentor tells you about what they could have done differently, you can rethink your own experience.

What would you do if you were in my shoes?
If a mentor listens to you carefully and delves into your business situation, they will give you precious advice.

If you are a beginner, begin! You will never be fully prepared for making a project. Only through personal experience you can distinguish the advice that is worth listening to.

If you have a minimal business experience, join an accelerator program. So if you are not our subscriber yet, welcome!

Finally, create your own reputation that will allow you to attract the best people to your project as team members and mentors.

Is it important to attract a mentor? Why/why not? Share in comment 💬