A
government official was asked by a senior professor of a leading management
college how they can contribute to the startup ecosystem. The reply came in two
curt words. STAY AWAY. While the audience was split into two groups—one
laughing at the promptness of the answer and the other visibly annoyed by its
rudeness—the government official explained the logic behind his statement.
The
professor was well respected in the leading corporations of India for his
acumen and guidance in business strategy. However, corporations have a
well-defined roadmap and can afford a long-term strategy for execution.
Startups are nimble, often running the risk of closing down in the next quarter
unless some drastic turnaround happens. Having a long-term execution plan is a
luxury that many would not enjoy.
When
a startup is bootstrapping, its cash flow is always strained. They will
accelerate into the red if they have to employ senior professors at high
consulting fees.
Most
senior consultants may be extremely capable of implementing mature
organisations' go-to-market or operational strategies. Only a few have
experienced the adrenaline rush of getting the first order or installing a
stand-alone piece of machinery in a 10X10 room. While their experience may be
of great help some time down the line, it might be counterproductive during
bootstrapping.
In
my last blog, I ended on the note of mentorship with a promise that I would
elaborate on the topic in a new blog. Mentorship is another key aspect of a
startup that one has to consider through a planned approach. From my
experience, I find startups more inclined towards mentors who are renowned
names. The objective is more for networking rather than adding value to the
business.
Before
searching for a mentor, it's essential to understand the startup's goals
clearly and the specific areas where guidance will be helpful. Is it product
development, marketing strategy, fundraising, or something else? Knowing the
needs is an excellent first step in the mentorship search.
Once
the areas are identified (yes, these might be multiple), one should start
creating a list of potential mentors. Making down a list is a highly critical
step. The entrepreneur must maintain a balance between those with experience in
the industry and the type of organisations they have worked in or mentored.
Mentors who have successfully launched startups themselves are a great choice.
Mapping mentors from networking events, industry conferences, and online
platforms like LinkedIn can be a good idea.
Do
not get overwhelmed by the mentor's profile. Founders should evaluate their
expertise and review their professional background, including their previous
ventures, industry experience, and achievements. It is important to consider
whether their knowledge aligns with the needs and goals of the startup. Most
importantly, one should be sure that the mentor can give the promised time (and
more when needed).
If
the prospective mentor gets agitated by the evaluation process, it is a red
flag: avoid such mentors rather than have to deal with such ego later.
Entrepreneurs
should never forget that the business is theirs, and the ultimate consequences
of the decision rest on them.
Start
the mentorship with a trial period to test the waters. During this period, the
mentor and the mentees can assess whether the relationship is a good fit. If
it's not working, it is better to part ways amicably.
A
startup cannot afford to be at loggerheads with someone in the industry.
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