Entrepreneurs are usually very passionate about their ventures. They put in the time, money and other necessary resources to make a business successful. However, the drive is not enough to sustain a business. There are other factors, external counsel and coaching that will help solidify a good enterprise.
These are the four persons every entrepreneur should have in their SME journey.
Mentors are experienced professionals. They know what it takes to build a business because they have gone through this same experience of starting out in the past, they have grown, become wiser and are willing to share their insights with budding entrepreneurs. Mentorship takes a lot of time and patience. A mentor should be willing to spend time with you as and when required, at least two to three times a week over the phone or in-person meetings. You could have mentors with diverse backgrounds such as finance, mindset, etc.
It’s impossible for an entrepreneur to know it all. An entrepreneur generally has expertise in one or two domains. But to make provision for growth, other aspects become equally important.
Having two or three partners in the area of operations, finance and technical departments would ensure that all parts of a startup are moving simultaneously towards a common goal.
Mentors can come in here to help you choose the right partners.
Domain/subject matter Expert
If you want your business to grow and scale to the level you want, you would have to work with experts. They will provide you with the required insights for decision making in a particular field such as accountancy, technology, production, marketing, taxation, etc. They are knowledgeable and skilled in a specific domain and can provide keen insights gleaned over long years and their vast exposure.
Domain experts are so experienced and knowledgeable in their fields that they proffer solutions that are not generally available to the public or easily found on the Internet.
Sometimes, domain experts could be difficult to find; or, might not want to share insights. Again, your mentors could be of help here. Through your mentors, you might be able to reach and connect with these experts. Entrepreneurial communities and platforms could make for easy access to these experts as well.
Advisors provide entrepreneurs with vision and direction. They foresee the future from the current position of a business. Their expertise is in tracking, understanding and visualising trends to tell what is likely to happen in the next three or more years.
As an entrepreneur, knowing the projections of your industry goes a long way in shaping your decisions. It prepares you for what’s to come.
Entrepreneurs must realise that business is a journey. Coaching and access to insights do alot for business owners. Network and meet with persons who will help you achieve business success. If you want to go fast, go alone. If you want to go far, go together.