The Key to Succeeding in Today’s Entrepreneurial Ecosystem
Today’s entrepreneurial landscape is indeed competitive, with a million bright minds with brighter ideas vying for their share of success. With the entrepreneurial scenario getting aggressive, the most challenged players in this group are the first-time entrepreneurs. Often with innovative concepts of a path-breaking solution or product in mind, first-time entrepreneurs are the most confident members of the landscape. They are excited to transform their brainchild into reality and introduce their innovation to their target audience. But not every first-time entrepreneur is successful – many exciting dreams of gain and fame come crashing down.
The reasons for first-time entrepreneurs failing to make their mark are a million – from the absence of an effective business model and lack of legal and regulatory requirements to incomplete contracts and lack of a coherent team.
From gut feeling to logical support
The toughest question that haunts the entrepreneurs in such instances is “How could I have missed such an important element in my business venture?”
Yes, first-time entrepreneurs often take the support of their gut feelings, academic and book-based knowledge, and inspiring experiences of successful entrepreneurs in the business arena before they make crucial decisions.
While many success stories have been made on the foundation of a strong idea, robust market research, and logical business plan among other contributing factors, most of the failure stories have one common missing element – the support of an experienced mentor who could have guided the entrepreneurs, forecasted any impending challenge, and supported them in overcoming all the hurdles.
But the arguments for and against the need for a mentor are definitely taking center stage. If earlier entrepreneurs could succeed without any such seeming support, why the desperate need now?
Let’s start by examining this assumption – the entire entrepreneurial landscape has transformed. The population of entrepreneurs in today’s race has exponentially increased. The business ecosystem has also become much more complicated – with globalization, digital explosion, consumer-centered business models, and technological innovations marching all the way from automation to cognitive to artificial intelligence. The stakes are obviously a million times higher and the rules a whole level more complicated than the case about three decades back.
So, first-time entrepreneurs definitely need a robust guide who can help them avoid entrepreneurial black holes
What does an expert entrepreneurial mentor look like?
Most of the successful entrepreneurs from Mark Zuckerberg to Steve Jobs have revealed the precious influence their mentors had on shaping their journey. The well-renowned professional coach, Tony Robbins, reiterates the power of mentoring when he mentions that he still seeks the support of his three mentors regularly.
So what are the characteristics of an effective entrepreneurial mentor?
- An experienced entrepreneur who has faced the lows and highs of the business world and mentors from experience rather than from published books
- A mentor who does not work on a “package” format and believes in delivering a case-by-case, one-to-one support
- A mentor who fosters the entrepreneurs’ growth by making them go through the entrepreneurial experience on their own rather than spoon feed and take over their battles
- A mentor who gives the entrepreneurs a clear picture of the landscape, the challenges that awaits them, and the possible loopholes at every stage, and the possible solutions to choose from.
- A mentor who reflects the realistic situation and is transparent with you rather than painting a pseudo-positive picture to mislead you
- The mentor who respects the confidentiality of every mentoring relationship and defines clear mentoring rules at the beginning of the association
- A mentor who quotes from experience rather than hearsay and bookish knowledge
Entrepreneurial mentoring – the robust mantra that spells success
Entrepreneurial mentoring has clearly evolved as an essential ingredient of success for first-time entrepreneurs and is fast becoming almost as important a contributing factor as finding investors for your business initiative. But identifying the right mentor is critical for your success – so start your search today with these pointers in mind. Or just connect with me – I could definitely help you out!