What are the benefits of having a mentor or advisor in startup development?

If and when you found the right mentor or advisor, it can be a game changer. Taking you from 0 to 1, helping you avoid costly mistakes and accelerating your path. But watch out, there are a lot of "aspiring" ones, many who will want to use their experience with you to boost their CV. Make sure you mentor/advisor - has experience building and scaling a company similar to yours - has an expertise that you would really need, such as fundraising. - has a relevant network and industry knowledge - understands the problem your company is solving Ideally pick those who have done what you are trying to do. You can also have different mentors, sometimes it's not easy to have an "all in one". In any case, follow your gut feeling.

Mentors can surely tell you what to do, but definitely tell you what not to do!! It is important to not repeat mistakes, know how to navigate under a difficult situation and stay at it. A patient mentor can help for sure.

When you're beginning a business, having a mentor or advisor is like having a smart friend who helps you figure things out. They share their experiences, offer advise and put you in touch with influential individuals. Mentors can help you avoid mistakes, enhance your confidence, and make wise decisions. They act as a support system, giving you feedback on your ideas and guiding you through the hurdles of beginning a business. A mentor not only provides useful knowledge, but also someone who believes in your potential and helps you improve both personally and professionally.

Think of a mentor as a shortcut to success. They discuss, challenge and support when asked, but also when they think you need it. A good mentor has deep experience and contacts to draw on. They can act in offence, typically growth, but also in defence with e.g. legal challenges. They've seen many shapes of organisation so can help you as you grow. Also, they can be the advisor of advisors, helping you manage input from investors, agencies and business partners. Finally, the mentor relationship can evolve as you develop and the business expands. Good ones can even be career lasting.

A good mentor or advisor can provide expertise and network but also should be hands-on & operational especially in the earliest stages of a venture. Avoid passive advisors who are only expected to sit in the weekly/monthly (board) meetings without taking action.

Their feedback can refine your strategy, enhance product-market fit, and optimize business operations. Beyond regular interactions, actively seek advice on specific challenges, ensuring targeted guidance. Foster open communication, share your startup's progress, and be receptive to constructive criticism. This dynamic engagement maximizes the mentorship impact, turning it into a strategic partnership that propels your startup towards success.

Often, mentors turn into good friends, who then turn into partners in business, and more. You never know unless you invest the time and energy to know the person, understand and value what they bring to the table. Sure, there is noise, but separating noise from signal is an art that you have to develop to be successful in life anyway.

Regarding personal performance: Sometimes, as a founder, you need to hear something difficult. This can be difficult if it is not possible to keep some distance after. The feedback process needs to be observed and measurable, but also allow the space to develop and improve without feeling constantly judged.

A short answer is YES. Having a mentor will be useful not only because of the feedback you receive but also for your mental health. A mentor can help you understand that many things happen not because of you, but because that's how business works, and they can help you navigate those challenging times.

Another interesting that I do share with the mentee is to be open when having their mentoring sessions. Unless their mind is open to inputs, insights, the mentoring process will not be effective. It is equally important to hear their thoughts, preferences, so that the mentor can understand their perspectives, feedback and help incorporate the same that can be of benefit to the mentee.

For the startups that I advise , I believe the values that I have brought is the global network of potential partners and investors as well as other mentors. This is particularly useful in the fields that need deep expertise or deep skills like quantum computing and quantum cryptography.

Actively engage in networking events and industry gatherings recommended by your mentor. Leverage their introductions to establish meaningful connections with potential collaborators, investors, and partners. Attend relevant conferences, webinars, or accelerator programs facilitated by your mentor's network. This strategic networking not only enhances your startup's visibility but also fosters collaborations that can drive growth and success.

Most of the world that you need to connect with always just 3 degrees of separation away - Having mentors can be a great way to extend your network and connect with people who matter for your professional and personal development. Networking helps. There are no two ways about it.

Where possible I try connect my mentee with the right network / firm that can help/support them in their journey. That way, they don't need to go around in circles trying to find what can work for them and what not. This can be a great direction setting process as well, if they prefer to explore.

A mentor or advisor is not just a source of guidance but also a pillar of emotional support. In moments of doubt or challenge, confide in your mentor. Seek their advice on navigating uncertainties and building resilience. Additionally, celebrate milestones and victories with them. Their positivity and encouragement will reinforce your determination. Remember, having a mentor is like having a reliable companion in your entrepreneurial journey, offering not only strategic insights but also emotional reinforcement to help you thrive.

Having a mentor provides an extra layer of accountability. Regular check-ins can ensure that you stay focused and on track towards achieving your goals.

Most of the times, when you are running a startup, it's easy to run into impostor syndrome. The right mentor can call you out when you are low, and help you gain confidence in matters that you are doing good at, but are not realising.

One thing the mentor needs to do is not to blindly support the mentees in whatever they do, or project or position. It can be their idea, product or their firm. It is important that they understand the realistic picture and be grounded so that they can take things forward. It is important to highlight their positives and also appreciate their thought process, so that they get the motivation required to move forward and that propels the momentum to see progress in things.

To maximize this relationship, proactively set clear goals and expectations for your mentorship. Identify specific skills or areas you want to develop, and communicate these to your mentor. Be open to feedback and actively seek advice on challenges you're facing. Additionally, consider a two-way exchange where you can share your insights, keeping the relationship mutually beneficial. Building a strong rapport based on respect, responsiveness, and receptiveness will ensure a fruitful and enduring mentorship.

The journey of a startup can be emotionally taxing. Mentors can provide emotional support and encouragement during tough times. Mentors can help in developing essential business skills such as leadership, negotiation, financial planning, etc

The skills that you have today may not be sufficient for the future. So it is important for the mentor to highlight where they need to build things upon if they are in the growth journey.

Having a coach or mentor is like your personal skills and performance trainer. They're experts in helping you see things from a different perspective and, importantly, in improving your specific skills and behaviours. Think of a coach as someone who doesn't just tell you what to do but guides you to understand and approach things differently. Their role is to foster a supportive environment for your growth, where learning and development take centre stage. They provide constructive feedback on your performance and help you navigate your path by honing specific competencies, which ultimately helps you to become a great leader.

It is hard to be entrepreneur even with a great team. A good mentor is someone who is there in good and bad. He might not allways agree with you, but he supports any decision you make. He/she is there to support you with your personal life and help with your personal challenges and choices.

As a founder, there is a lot of noise and a lot of opportunity to get distracted or focussed on things that are not adding value to your objective. An external advisor can help keep you accountable to focus on the things that matter. Set up a weekly habit to meet and get the advisor to keep you accountable for weekly objectives. In my experience, after 3 months of doing this, founders make more progress than they would have made in 12 months without it!

Get mentors from diverse backgrounds if you can. Sometimes, it's easy to be lost when you are in echo chambers. More diverse perspectives means that you are unlikely to make mistakes simply because you are considering more probabilities and thinking through.

Being a founder is an incredibly lonely undertaking. You can't really share the daily rollercoaster with anyone. Having a mentor, especially another founder, can be extremely helpful in remaining resilient under the constant pressure. Your mentor can offer a listening ear when you most need it, and help you stay the course.

Mentors will provide unfiltered and unbiased view on the business model, revenue model and whatever the advise founders need. You should have a mentor who's a SME in given filed of startup but grown with the company in his/her career ,they will provide you best strategic advise on "what not to do" as a startup.