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.