Mentors and why they are important

Who is a startup mentor?

Recently, there has been an increase in the number of startups – new projects, the concept of which is the production of goods or the execution of work, taking into account the methodology developed by the authors of the project themselves. In other words, people present their homemade products or offer their services, demonstrating that their offer is truly unique. Nevertheless, in the early stages of existence, a startup mentor is required. This specialist will be of great benefit to the project and will help its development in the future.

Mentor – is a teacher, a guru who temporarily works for the start-up team and performs the role of consultant. His mission is to help the project with his knowledge and experience. It can help aspiring entrepreneurs correctly prioritize and choose a startup development strategy. 

Mentor – is a teacher, a guru who temporarily works for the start-up team and performs the role of consultant.

How does a mentor work?

Mentor – is not just an expert, who is well versed in the close startup industry, but also an entrepreneur who has practical experience of running a business. 

Mentor doesn’t need to be with you 24/7, he is not the head of your business, he is an external consultant and most of the time, he is able to keep in touch remotely. Nevertheless, weekly briefings to clarify positions, build plans and check if goals are met will do great service.

In addition, a more experienced mentor can help attract investors to the project or act as an investor himself. 

What are the mentor’s roles and responsibilities?

  • assists in developing an effective startup development strategy and business plan;
  • makes key decisions for the development of the project;
  • trains project managers to hold meetings and conduct business negotiations;
  • forms an effective startup team;
  • assists in finding investors

Undoubtedly, in order to achieve the required result, it is necessary to somehow interest the mentor. An excellent option would be an offer to receive a certain percentage of the income from the sale of products. In most cases, the mentor’s share of the startup is about 5% of the income. Everything is determined individually – during a business meeting.

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