Starting a business is an exciting and challenging endeavor. It requires a lot of hard work, dedication, and most importantly, guidance. One way to receive guidance when starting a startup is through mentorship. Mentorship can help guide your growth and development as an entrepreneur by providing you with valuable insights, experience, and knowledge. In the words of John C. Maxwell, “One of the greatest values of mentors is the ability to see ahead what others cannot see and to help them navigate a course to their destination.”
In this blog, we will discuss how mentorship has helped provide direction and motivation to the founders of various startups along with some interesting real-life examples.
1. Learning From Mentorship Experience
Mentors are experienced individuals who have been through the ups and downs of starting a business. They can provide you with valuable insights into what works and what doesn’t when starting a startup. By learning from their experiences, you can avoid common mistakes and make more informed decisions about your business.
REAL-LIFE INSPIRATIONAL STORY: HOOTSUITE
In 2008, the founders of the social media scheduling platform, Hootsuite, struggled to gain traction in a crowded market. Ryan Holmes, the CEO of Hootsuite, had a meeting with LinkedIn co-founder Reid Hoffman, who offered to become a mentor to the company.
Hoffman had experience building LinkedIn into a successful social networking platform. He provided Hootsuite with valuable advice on how to scale its business and gain market share. He also helped the company develop a stronger brand and positioning strategy, which helped it differentiate itself from competitors.
One of the biggest challenges for Hootsuite was how to monetize its platform. Hoffman advised them to focus on developing a freemium model, which offered a basic version of the platform for free but charged for premium features. This strategy helped Hootsuite attract a larger user base while also generating revenue.
Thanks to the guidance and support of Reid Hoffman, Hootsuite was able to grow from a small startup to a leading social media management platform, used by over 18 million people worldwide. The company has been recognized as one of the fastest-growing tech companies in Canada and has received numerous awards for its innovation and success.
2. Building A Network With Right Mentorship
Mentors can also introduce you to their network of contacts. These contacts can help you in many ways, from connecting you with potential investors to providing you with new business opportunities. By building a network through your mentor, you can increase your chances of success.
REAL-LIFE INSPIRATIONAL STORY: OLA
Ola is an Indian ride-hailing company that was founded in 2010. The company’s founders, Bhavish Aggarwal and Ankit Bhati, met their mentor, Rehan Yar Khan, through a mutual acquaintance.
Khan, who is a successful angel investor, provided Aggarwal and Bhati with guidance on fundraising, product development, and marketing. He also introduced them to potential investors and helped them build relationships with key stakeholders.
Thanks to Khan’s mentorship, Ola was able to raise over $3 billion in funding and grow into a successful business. Today, the company has over 1.5 million drivers and operates in over 250 cities in India.
3. Getting Honest Feedback from Mentors
Starting a business can be a lonely and isolating experience. It can be challenging to get honest feedback from those around you, as they may be hesitant to criticize your ideas. However, a mentor can provide you with honest feedback about your business plan, marketing strategy, and more. This feedback can help you identify areas for improvement and make necessary changes to your startup.
REAL-LIFE INSPIRATIONAL STORY: DROPBOX
In 2007, Drew Houston started a file-sharing service called Dropbox. Initially, the startup struggled to gain traction, and Houston was having trouble raising money from investors. That all changed when he met with Steve Jobs, the late co-founder and CEO of Apple, for advice.
Jobs encouraged Houston to focus on making the product even more user-friendly and accessible. He also advised Houston to consider Apple as a potential partner. With Jobs’ advice in mind, Houston made several changes to the product, including making it compatible with Apple devices.
As a result, Dropbox grew rapidly, and the company now has over 500 million registered users. Houston credits Jobs’ mentorship as a major factor in the company’s success.
4. Mentorship: A Path To Motivation
Starting a business can be stressful, and it’s easy to lose motivation when things don’t go as planned. Mentors can provide you with encouragement and support during tough times. They can help you stay motivated and focused on your goals, even when things get challenging.
REAL-LIFE INSPIRATIONAL STORY: AIRBNB
In 2010, the founders of Airbnb, Brian Chesky and Joe Gebbia, were struggling to keep their startup afloat. At that time, Chesky and Gebbia turned to Paul Graham, the co-founder of Y Combinator for guidance.
One of the toughest times for Airbnb was in 2011 when they faced a crisis due to vandalism in one of their listings. The incident made national news, and many people were questioning the safety of the platform. Chesky and Gebbia were unsure if they should continue with the business. That’s when Graham stepped in and provided the founders with a valuable piece of advice. He told them, “You need to focus on the things that you can control, and not worry about the things you can’t control.”
Graham’s advice helped Chesky and Gebbia stay motivated during the tough times and keep their focus on building a successful business. They took action to address the issues that were within their control, such as improving their security measures and enhancing the user experience on their platform.
Thanks to the guidance and support of Paul Graham, Airbnb was able to overcome the crisis and grow into a successful business. Today, the company has over 7 million listings in more than 220 countries and is valued at over $100 billion.
5. Mentorship As A Way To The Right Guidance
Mentors can also help you improve your skills as an entrepreneur. They can provide you with guidance on everything from leadership and management to marketing and sales. By working with a mentor, you can develop new skills and knowledge that will help you grow as an entrepreneur.
REAL-LIFE INSPIRATIONAL STORY: SUKI.AI
In 2010, a startup called Suki.AI was founded by two entrepreneurs, Punit Soni and Karthik Rajan, to develop an AI-powered personal assistant for doctors. The founders had a strong technical background but lacked experience in healthcare and business development.
That’s when they turned to John Sculley, the former CEO of Apple, who had experience in both healthcare and technology. Sculley became a mentor to the Suki.AI founders, providing them with guidance on how to navigate the healthcare industry and develop their products.
Sculley also helped the founders improve their leadership and communication skills, which were essential for building a successful startup team. He provided them with valuable feedback on their pitch and presentation skills, helping them to refine their message and better communicate their value proposition to potential investors and customers. Thanks to Sculley’s guidance and support, Suki.AI was able to develop a successful AI-powered personal assistant for doctors. The company raised $20 million in funding and was acquired by the digital health company, Cognizant, in 2021.
In conclusion, mentorship is an indispensable resource that can greatly benefit anyone looking to start a successful startup. With the help of an experienced mentor, you can expand your network and receive honest feedback. And, also stay motivated, improve your skill set, and enhance your chances of success. Therefore, if you are starting a startup, it is highly recommended to seek out a mentor who can provide you with invaluable guidance.
If you’re a mentor, speaker, trainer, etc. who can help the entrepreneurs and are interested to join the Mentor Club of EMEDIA Xpertz..? Please do write to us at editor@entrepreneursmedia.com or click here to fill out the form and we will get back to you.