Dear reader, Happy New Year wishes to you. In this first column of the new year, I want to talk about the important matter of mentorship for startups and entrepreneurs.
Several months back, an entrepreneur from Chennai reached out asking if I could mentor him? He had an impressive background (BTech from IIT-Madras and several years of rich experience in data analytics at a leading MNC technology firm) and was currently ideating an artificial intelligence (AI) startup. I was surprised at his request, and when I asked why he wanted me to mentor him, he said that his friend had recommended reading my book Failing to Succeed. He liked the book so much that he wanted me to mentor him.
I am delighted whenever someone likes my book, but choosing a mentor is a bit more complex and requires careful thought. At a startup event a few years back, I was asked if founders must have a mentor. I believe a mentor can be very useful to a startup, especially in the early days, but it’s not mandatory at all. Many entrepreneurs do quite well without mentors, and deciding to have a mentor is a personal choice that depends on the specific areas where a founder needs help. Many founders pick a mentor because it sounds cool or there’s peer pressure because other founders have mentors.
Sometimes, founders even pick mentors who are well known in the startup ecosystem because it adds to their venture’s credibility on the pitch deck to potential investors.
In my view, most mentor relationships do not work well because there is a lack of clarity in the founder’s mind on where and how the mentor can contribute. As a starting point, I asked the AI founder to list a few key areas where he expected me to help out as his mentor.
Upon reviewing the list, I felt that I would be able to help him in a couple of areas but in most others I could, at best, be of modest help. I patiently explained to the founder that, based on his specific needs, I am not the mentor he needs. In fact, I felt he probably did not need any mentor at this stage of his startup and maybe we could review the situation after a year or so and, if necessary, I would be happy to suggest a couple of suitable names.
Before choosing a mentor for their startup, founders must know what they are looking for.
Next fortnight, I shall talk about what to look for in a mentor. Once again, happy new year wishes to you and may all your dreams and desires come true in 2025.
(The writer is a serial entrepreneur and best-selling author of the book ‘Failing to Succeed’; posts on X @vaitheek)
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