Starting up a business is hard and a lot of work, it’s certainly harder going it alone. Entrepreneurs starting up a new business should consider the value of having a mentor. Around 90 % of startup businesses fail, but the statistics vastly improve with startups that have mentoring along the way. So what is it about mentoring that can help the chances of a startup’s success?
Most mentors have started up their own businesses in the past and were successful in doing so. Because of their experience and success they are perfect to give advice, especially when it is in the same field as their past endeavors. Many entrepreneurs that are starting a business for the first time learn from trial and error. This process of learning takes a long time and can be very expensive. Many mentors have already made mistakes and learned from them. This experience and knowledge can jump-start a young startup and save them from making the same mistakes. Many young startups learn on their own, but the learning process with a mentor will save a lot of time and money, and can be the difference in whether the startup succeeds or not.
A mentor is also a source of support, who understands the daily challenges of a new business. Having a mentor can keep the entrepreneur on the right path and feel less isolated. It is sometimes easy for a startup to get frustrated and having somebody helping that has been through these challenges before can be a tremendous relief.
Once the business is off the ground and running, the next big challenge can be getting your product/service out there for businesses and consumers to use. Chances are the mentor has contacts, distribution, and relationships that will accelerate this process in a big way. The value of this can be enormous and can take years to acquire by yourself. Most mentors are doing it because they love starting a business and that is probably one thing that contributed to their own success. They know what it takes, have the right personality for it, and are willing to pass this knowledge on to someone else.
The mentors at Idea Partnership of Utah have started their own ventures in the past and have been successful in doing so. They act as a support process for entrepreneurs and spend a lot of their time working with start-ups. Idea Partnership of Utah specializes in web-based and software companies and has a lot to offer start-ups. Its mentors have the right contacts, distribution, relationships, know-how, and personalities to accelerate a company to success.