Do you have a mentor who doesn’t bother you or engage with you for months on end? Is your mentor good to show on your presentation but really does not give your startup any inputs? If you are happy with this situation, don’t go on to reading further. It’s a waste of time for you.
One of the most critical factors for success of a startup is the choice of a good mentor. Selecting a mentor is an important decision and a founder should spend as much time and energy in selecting a mentor for the startup as selecting a life partner!
Here are three critical factors for deciding a mentor:
Simply having a mentor isn’t enough. And just having a good name on your presentation is passé. VCs are now able to quickly pierce through that. If you want your startup to be among the best, you need a mentor who has a vision to take the startup to that level. As an example, if you are a tech startup, you will do well to have a mentor who has already achieved success in the tech industry.
How much time should a mentor spend with the startup founder? In the initial stages, some discussion every week is important. Physical meetings are not critical – a virtual meeting will also work out. A monthly review of the targets set, and the achievements against that is a good way of measuring the progress. Consistent contact between the mentor and the founder is critical.
The best mentors are very busy individuals. You should use the time and expertise of these mentors in the areas where it will have the maximum impact. You should utilize the mentor’s talents to the fullest – knowledge of the industry, broad trends, networking within the industry and good counsel.
A good mentor can make a world of a difference to any startup and unfortunately, if it does not work out, the mentor will become a “tormentor” to the startup. So, follow the three simple rules mentioned above to make the best of the mentor you have.
100x.vc believes in the value of having a good mentor for startups and works with all their
startups to ensure that they get a proper mentor which can help them grow their business.