Get All Access for $5/mo

Five Things to Look for in a Great Startup Mentor Elements of starting a business can only be learnt from a mentor, not by a business degree

By Snehal Shetty

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Shutterstock

Mentorship is considered a critical foundational component for building a successful startup. Great product/service for a searing pain point and good market traction are good, but a great mentor is equally important to sustain and grow these elements. Research from the Federation of Small Businesses has shown that small businesses that have received mentorship have superior survivability rates when compared to non-mentored businesses.

I've had the opportunity to be involved in more than 500 mentor sessions involving mentors from across the globe. These sessions provided us with great insights into the mentoring process and have helped us study and gauge what it takes to be a great startup mentor. Listed below are five critical elements that every startup should look for in a startup mentor.

Industry Knowledge: A mentor from the same industry vertical and in the specific area of your startup would help you understand the nuances of the business and the varied nature of the market. General mentors typically provide generic advice and this, at times, would not be applicable for your startup. I have come across cases where a mentor who was considered an innovation stalwart was considered a poor mentor by startups that were working in specific niche areas.

Entrepreneurs: It always helps if you are mentored by someone who has gone through the process of entrepreneurship and has been successful at it. Mentors from corporates who manage large businesses are fine, but it is a different ballgame when you need to validate your idea, raise money and steer the company through difficult times. Entrepreneurship is hard and someone who has walked that path can understand the various issues and guide you appropriately. A mentor who has built a company from idea to exit is ideal.

Network Effects: A mentor with strong connections in the industry and the ecosystem you are operating in is highly valuable. The mentor has the potential to open multiple doors for you. The mentor could leverage his connections to bring in extended network effects that can provide you with early customer trials, strategic engagements, potential customers, interested investors and many more. For example, investors feel more comfortable and would typically make an investment if the startup was referred by their network. The same applies to engagements with potential B2B customers. A referral for your startup from a vendor that supplies to a large corporation has much more leverage than cold calling.

Chemistry: You will need to closely work with your mentor, therefore good chemistry between the mentor and the mentee will immensely help. The mentor should empathise with you, help you look at the bigger picture and assist you through the various trials and tribulations faced by the startup. Depression and blues are common problems faced by young entrepreneurs, and a good mentor can help reduce some of the burden. However, it is good to avoid strongly opinionated mentors. There should be space to openly discuss differing viewpoints and merge on common grounds quickly.

Visionary & Problem Solver: Two key elements for a startup are finding creative solutions to current problems and looking beyond the current daily buzz of the startup. A great startup mentor should help you find great solutions for the problems faced by your startup—whether it be funding, technology, market access or organisation culture. The mentor should help you build solutions to these problems creatively and efficiently, and bring forth his experiential knowledge to tackle similar situations. The mentor should also help you look beyond the daily operational and tactical issues faced by your startup and help you build a grander vision for it. The mentor should help you look at the evolving technology trends and changing market dynamics, help you build alternative revenue streams, and scale and solidify your position in the market.

Overall, be careful and cognizant while choosing a mentor for your startup. A single mentor may not have all the elements listed above, and therefore you may need two or three mentors with different levels of engagements guiding you. But if you do find a person with all the above characteristics, you will definitely benefit from his or her guidance.

Snehal Shetty

COO, Amrita Technology Business Incubator (Amrita TBI)

Snehal Shetty has over 20 years of extensive technical and management experience in the fields of startup incubations, networking and data communications. He has been instrumental in building the strong startup ecosystem at Amrita TBI that has grown to more than 80 startups and has zero loss from its investments so far. He has mentored over 130 startup ideas in the areas of technology, business strategy, finance and marketing.

Prior to Amrita TBI, Snehal worked at Fortune 500 companies in the US and India in technical and management roles across diverse areas such as network architecture, security, product development and mergers & acquisitions. Some of the companies that Snehal worked for include Qwest Communications, Motorola, Wipro and Network Solutions.

Snehal completed his B.E. (Electronics) from University of Pune and MBA Finance from George Mason University, USA.

 

Science & Technology

How Generative AI Is Revolutionizing the Travel Industry

GenAI won't displace travel agents; instead, it will enhance their efficiency, enabling them to focus on crafting tailored experiences that resonate with travelers on a deeper level.

Business News

Mark Cuban's Google Account Was Hacked By 'Sophisticated' Bad Actors

The "Shark Tank" star said someone "called and said I had an intruder and spoofed [Google's] recovery methods."

News and Trends

Demand for Electronic Components Expected to Reach $240 Billion to Support Electronics Production Worth $500 Billion by 2030: CII

The Confederation of Indian Industry (CII) has published a comprehensive report projecting a five fold increase in the demand for electronic components and sub-assemblies in India by 2030.

Business News

Target Teams Up With Shopify To Give Online Small Businesses Brick-and-Mortar Shelf Space

Target has an online Amazon competitor marketplace, and it's taking applications from small businesses now.

News and Trends

India's AI Advancements in 7 Science Fields: Golden Age Yet to Come

Investors and startups in India are focusing on the seven wonders of science: the brain, the mind, evolution, the quantum world, our planet, the universe, and life itself

Growing a Business

Free Webinar | July 10: How to Get Your Products Sold in Stores

Join Ross MacKay, co-founder of Daring and founder of Cadence, as he shares his expertise on successfully getting your products onto store shelves. With experience in placing products in over 40,000 stores nationwide, Ross will provide actionable insights on creating a demand-driven brand from the start.