Bitten by Entrepreneur bug? You may need a mentor !

You are taking bath and got a brilliant idea. You were talking to friends and you got an idea. You saw some one struggling with a problem and you got an idea to solve it. You get ideas all the time. More often we may tend to think that it is silly or not worth trying.

Ones with Entrepreneurial aptitude go for it. No idea is bad. Failure can be attributed to 'execution'. Lets see how a mentor can help.

Idea Validation

You have an idea. You think you are the first one to get this idea. Nothing wrong. Every one thinks the same. Don't worry. It may be really unique. When you do your research , you know it yourself. Sometimes, a person with lot of practical knowledge may be able to validate your idea without bias and tell you if it is unique or not. Even if it is not unique, how with some modifications/value-adds, the idea can become a stronger solution/product. Mentors will help you discuss different ways /methods to reach your goal.

'Mean-tor'

Mentor can be ruthless sometimes to tell you upfront that the idea may not work. And it is the bigger challenge to you to convince your mentor. If you can convince mentor, you can improve your solution. Mentors may need to be 'mean' sometimes ! Take it on your stride as the mentor is being mean for your good.

Competition Analysis

While you are busy in focussing your solution/product, the mentor can help you in identifying the probable competitors and make a comparison sheet with all the features. It will give you a clear idea as to what shall be your offerings and what could be your USP.

Where is the Excel sheet with Finance details?

I believe 90% of entrepreneurs do not make a spread sheet with the finances as they are in love with their product and start building photo type. They may beg and borrow money and want to see the prototype themselves! While it is good, one must make a spreadsheet of all expenditure first.And then add revenue sheet. Mentor can certainly help in building this Spreadsheet as there may be so many components you may miss out.

Devil's advocate

Mentor could be your devil's advocate. Mentor may be very negative and will question you thousand things. Do not curse your mentor. Every question asked will have a reason. If you have a ready answer and if you are convinced ( for get if mentor is convinced or not), it is enough for your success.

Mentor is your Sandbox !

When you discuss with some one you get better ideas. You get more insight. Mentor's experience and knowledge will help you streamline your thought process as well plan systematically. Mentors have lot of patience. Ask any question even if you think it is silly.

Guide in Execution

As an Entrepreneur you tend to focus on only certain aspects of your venture. You may not have experience in other areas like HR, Finance, Production, Marketing/Sales etc. A mentor too may be an expert in a specific field. But, the Mentor will certainly have enough exposure in other areas as well. The mentor can guide you to establish processes and systems and help in execution of your plan.

Mentor may not mean it all !

While Mentors are useful , do not expect them to market your idea and/or arrange finances or invest in your venture. Mentors only help you to clear your mind. They may be wrong sometimes. So do not drop something just because Mentor said it will not work.

It is your idea and your conviction that sets you apart from others. Go for it !