How crucial is mentoring to startups?

Mark Zuckerberg, the CEO of one of the world’s largest corporations, was mentored by Steve Jobs, while Bill Gates often refers to billionaire investor Warren Buffet as his mentor.

Mentorship has been renowned worldwide as an essential step for entrepreneurs to grow a successful business. In fact, a survey by Sandford found that 80% of CEOs received mentorship, while 93% of startups have admitted to mentorship as being “instrumental” to their success, according to an article by Entrepreneur citing research by multinational enterprise software company, Sage. [1] [2]

So, it brings no doubt that those who have made it to the top believe in the necessity of mentorship, and here’s why:

1. Receiving exclusive tips

While reading books and listening to lectures can be inspiring, startups can receive exclusive and personal insights from meeting mentors.

Instead of reading a book that can be general and directed at everyone, startup founders can receive personal and intimate tips that are specific to their business. This way, startups can accelerate quicker and avoid repeating mistakes that their mentors may have done in the past.

2. Succeeding by 70%

A survey conducted by global logistics brand UPS found that 70% of startups that have received mentorship survived after five years, which is double the survival rate of startups that didn’t receive mentorship.

In the same survey, 88% of business owners revealed that having a mentor was “invaluable”. [3]

3. Setting a stable foundation

Within the excitement of building a startup, we can feel swept away by the grandness of it all, planning out impressive goals that are often more than not, unachievable.

Mentors can help startup founders build a proper foundation, assess possible risks, and create a long term plan that is achievable. Due to this, some consider mentorship to be a “safety net” to building a startup without failing.

4. Learning the basics

Every country has different rules and regulations for setting up a startup which may take time to search online, and pitching to investors can be difficult – from finding investors and catering the pitch to each type of investor.

Mentors and industry leaders have already been through every step of this process and, with their connections, can help startups save significant time and cost.

Where you can find a mentor

Some of the most common ways to find mentors are at professional networking events, through friends, or most usually, at innovation hubs. At Krypto Labs, we offer startups the opportunity to speak to a world-class network of mentors, from CEOs, researches, entrepreneurs, investors, professors, evangelists, consultants, and scientists.

Overall, mentorship is crucial to business success, as it supports business founders in setting a scalable action plan and succeeding through every stage of their startup.

Sources:
[1] Graduate School of Stanford Business, Executive Coaching Survey
[2] Entrepreneur Middle East, 7 Reasons You Need a Mentor for Entrepreneurial Success
[3] SBA U.S. Small Business Association, Mentoring: the missing link to small business growth and survival

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