Wednesday, February 18, 2009

Mentoring for Entrepreneurs

Mentoring encapsulates every aspect of organization. It is not confined to human resources related aspects alone. When budding entrepreneurs start off, they look for ropes initially to avoid setbacks. Mentoring helps in motivating and grooming the entrepreneurs. Angel investors who are successful entrepreneurs with rich experience can provide adequate practical inputs for the start ups. In fact, angel investors are the right people to provide mentoring. Youth have fire in their bellies and those who are bitten with entrepreneurial bug can get huge benefits out of mentoring. Mentoring helps the entrepreneurs to build confidence thus maximizing success rate.

Mentors should strategically evaluate and plan the business growth of the mentee. They need to provide constant support out of their experience and expertise. The mentors are preferably the successful business persons. This helps them to provide solutions and strategies based on their business experience.

Entrepreneurs should have multiple mentors to have wide range of ideas and insights. It widens their mental base with diversity of thoughts. The best ideas can be adopted for achieving entrepreneurial success. Having multiple mentors lead to composite of excellent ideas. Each mentor has his own network and networking with one mentor opens the doors for other mentors easily. Over a period of time the network gets expanded, besides creating knowledge base.

Mentors for entrepreneurs must be the people with entrepreneurial experience. Mentors do it because it is type of individual social responsibility to give back their experience, knowledge and wisdom to the society.

An intelligent person knows by other’s mistake where as a foolish person learns by own experience. Learning from mentor is behaving like an intelligent person. It minimizes failure rate and maximizes success rate.

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