importance of mentorinimportance of mentoring in entrepreneurshipg in entrepreneurship

How Important Mentorship Is During the Journey of an Entrepreneur

Do you have bankable ideas to establish successful startups in India? Hit the iron while it is hot! My experience highlights that you may not get the same convenient time again. Many young business enthusiasts come to me for trade tips. I believe in the importance of mentoring in entrepreneurship.

Novice business owners lack in-depth information about the trading world. A wrong decision can pave the path for financial losses. However, proper guidance from the business experts can keep these issues at bay. The mentor can assist you to cement your place among the top entrepreneurs in India.

Do you need a mentor for venture establishment? 

Not all possess a degree from business schools. A sound plan and policy implementation can ensure successful startups in India. But young aspirants cannot accomplish this task without assistance. Thus, every business needs a mentor for holistic development. The expert can go through business policies. His experience allows him to detect the loopholes in the plan.

Successful startups in India

I believe that a good business mentor can prepare you to tackle unforeseen circumstances. I suggest that you converse with the best in the business for adequate guidance. You can read my previous blogs to understand the role of a mentor in a startup.

The Prominence of Business Mentoring Sessions

Digital marketing makes it rather easy for young business owners to promote the venture. I believe you need more than an effective advancement strategy. Financial management is an essential aspect. Here, the importance of mentorship in business comes under the limelight. An experienced guide can assist you to follow the best business strategy. If you make any mistakes, he/she can offer corrective tips.

Here are other perks of business mentorship:

Practical Experience to Remain in the Game

I believe that books and online articles offer theoretical knowhow. You can learn about the ins and outs of the trade sector when you become a part of it. A mentor has a strong association with the business sector. He/she can provide the necessary tricks for success. Apart from this, your business guru can assess market risks. He/she can suggest significant policy alterations, which can boost business health. 

Networking Opportunities

I guide young business owners to invest time and effort in networking. You cannot remain afloat in this sector without seeking support from others. It takes years to build a solid trade network. Mentors and support systems in entrepreneurship can make this task easy. The guide can introduce you to investors and business think tanks.

top entrepreneurs in India

You can nurture these contacts for the betterment of your company. Novice business enthusiasts lack networking skills. The mentor can assist you to polish these skills. The status of your mentor can help you gain better, lucrative contacts.

Reassurance for Your Venture

Most young business owners lose hope when they make a mistake. I encourage them to make another attempt. You can learn from your previous mistakes. The benefits of the mentoring program can reduce the chances of errors. The mentor can warn you or reassure about the potential of the policies.

Prevent Chances of Failure

Business mentoring statistics highlight that many new ventures fail to operate in the market for long. Poor business policies and implementation strategies are behind this failure. I believe that a mentor can help you to remain in this competitive sector for a significant span.

importance of mentoring in entrepreneurship

Do you want to sign up for mentoring sessions? Are you looking for competent business advisors? If so, then you need to consult with the experts of Evolvers. They can assign proficient mentors to ensure the success of your venture. 

Author :- Sandeep Sagar

most important business skills

5 most important skills a new entrepreneur should acquire

A startup is a dream of an entrepreneur, where he/she plays various roles, from being a founder to even a laborer. The famous, renowned and most successful startups in India have seen their entrepreneur playing various roles. Starting from the most essential skills required for a startup to function adequately. This process is known as the will and hunger to grow, from a founder to an entrepreneur. This is not something be ashamed of, but it is the fire which continue to burn in them. This helps them to acquire most important business skills, which further aids them in propelling. As mentioned above, about the various roles an entrepreneur plays to succeed. it is these roles, that keep him grounded and keep on the track to achieving success.

Different roles of an entrepreneur

Source:- https://bit.ly/2lMrHkA

The role of an owner of an Organization as a member who has purchased the subscription. This role further gives them benefits which includes buying, upgrading, downgrading and cancelling the subscriptions, modifying product access privileges, inviting and removing members from an Organization, and changing member roles. An organization may have different number of owners, which is mentioned in the contract.

An admin of an Organization is a member that has privileges which include modifying product access privileges for other members, inviting and removing members from an Organization and changing member roles. An Organization can have more than one admin.

An entrepreneur refers to an entrepreneurship, which involves the creation of organizations. The process of becoming an entrepreneur begins which the creating of an organization, as mentioned above. Therefore, an entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit.

Being brief, an entrepreneur is a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so. … And let’s not forget the “entrepreneurial tendencies” people can have without owning a business,  that many companies today look for in the people they hire.

Entrepreneurial skills or successful startup skills of a startup founder

Fearless — You know that pit you feel in your stomach when you’re about to do something risky? Entrepreneurs embrace the same feeling because they trust their instincts that benefits outweigh the risks. This does not mean that we do not feel fear. It means that despite our fears, we move forward and take calculated risks.

Instinctual — Entrepreneurs rely on their instincts when moving forward with an idea. If we feel strongly that it is something the market needs, it’s very likely that we will trust our gut and go with it, no matter what the naysayers say.

Empathetic — The best entrepreneurial leaders are empathetic and authentic, allowing room for others’ perspectives, even if they are different than their own. They are great networkers and promoters. Empathy allows them to hear others, and by doing so, they fill gaps in their own knowledge and build relationships.

essential skills for startups

Passionate — Many entrepreneurs are driven by pure passion. Startup/entrepreneur founders often begin their businesses in fields of their expertise or interest. They put our hearts into it, and this passion fuels the enormous energy that is required to run a business. When entrepreneurs pursue their passions with purpose, diligence and intention the chances are good they’ll succeed.

Visionary — Successful entrepreneurs are creative thinkers with vision. They may see opportunities before others do and move forward to capitalize on them. We look for what’s around the corner, anticipating needs and finding solutions that serve others.

famous entrepreneurs in india

Analytical — The best entrepreneurs do not rely solely on gut instinct. We use data to prove that our instincts are correct. Market research, testing, sampling, surveys — just a few of the tools we use to gather information about the market and idea before we invest too heavily.

Confident — The best entrepreneurs know themselves well. Their strengths and weaknesses pay for their strengths and endurance. Wherever there is weakness, they find experts who excel and delegate tasks. This confidence allows them to make thousands of decisions that affect the viability of the business and enables them to lead their teams.

Adaptable — If there’s one thing that is constant, it’s changes. Surprises are around every corner. Entrepreneurs expect the unexpected. This enables them to keep calm in the chaos. Acceptance towards flexibility and adapt to a constantly changing marketplace is key.

Persistent & Focused — Even if you lack some of these qualities, as long as you have persistence, it may tip the scales. There will be stumbling blocks as you build a business. Successful entrepreneurs are determined, maneuvering around obstacles and creating new paths. They don’t give up, and that is why they succeed. Successful startup founders need to be laser-focused in order to make their businesses flourish. The expedition for constant growth and excellence is a full-time job, which is why having a startup as a side hustle is extra challenging. We avoid distractions. In addition to our time and money, we give our sweat, blood and tears in order to make our startups successful.

what skills does an entrepreneur need

Resilient — Resilience allows you to experience adversity and overcome it. Being able to bounce back from setbacks is perhaps the most vital skill to be a successful entrepreneur. Failure is a part of every activity; no-one learns without failure; it is often the best way to learn. It’s what you do after the failure that makes all the difference.

Conclusion

The successful startup in India, are amongst the best when compared with various startups in India. The brain behind them are mentioned as the known and famous entrepreneurs in India. Such entrepreneurs lay the base for developing India, with their different thinking and choosing the right platform to push their startup idea and taking to newer heights. They have perseverance with openness and the capability of taking risk. This quality encourages and facilitate them to their goals.

successful startups in india

Edtech Startups – Latest Trending Startup

The earth comprises of innumerable human being, each human being differs from the other and has unique and innovative ideas. Many times, the idea might be the same but the planning, organizing/organization of the plan and its implementation and management is totally different from the other. These ideas and plans are popularly termed as startups. Startups make a visible and comprehensive sector of growing India, which are most recent, popular and successful startups in India.

The most common fact or phenomenon about startup is the initiation, which started with an idea. An idea, the organizers or team believed would have a visible impact.  These peoples are the new and much appreciated entrepreneurs of India, who deserve respect because they had the courage and wisdom to follow their dreams, during the prime of their life.

Mumbai or Bengaluru might be termed as the technology hub of India, but Delhi NCR (National Capital Region) is now home to over 5000-10000 startups and continues to lead the race by all stats. A recent report by Jefferies, an equity research firm revealed that in the year of 2017, $3.5 Bn was invested in the first half and $2.5 Bn throughout the rest of the year in the startup in the Delhi NCR ecosystem.

The capital city of the country has been able to give an output of $2.8 Bn of funding only during the first half of the previous financial year which was a bit more than above mentioned states which stood at $1.8 Bn. As per the last decade, the startup revolution has been able to change the minds of professionals and heirs to move from the comfort of their steady jobs and start something of their own. The uniqueness of the startup lies in the power of attempt.

Best tech and recent successful startup in India:

These startups, fastest growing businesses are the reasons behind India development and emergence as a superpower.

  • Toppr: Toppr is an e-learning. It promotes learning app for classes 5th to 12th this iTutor is a platform designed to help students ace the cut throat competition of today. Toppr is the app to personalize learning to suits to the individual needs. It is also students to prepare for competitive exams; IIT JEE Main, IIT JEE Advanced, NEET, AIIMS, UPSEE (UPTU), BITSAT, COMEDK, MH-CET, TS-EAMCET, AP-EAMCET, WBJEE, VITEEE and AFMC.
  • Vendantu:  It is an interactive learning platform. with 1Million+ LIVE learning hours & 2.2 Million+ enrolled students from 30+ different countries. We provide personalized learning experience to students of CBSE, ICSE, State Board students from Class 6-12 through extensive courses which are designed and taught by India’s most experienced & renowned teachers. The name of the founders is Saurabh Saxena, Vamsi Krishna, Pulkit Jain, Anand Prakash with its headquarters in Bengaluru.
  • Unacademy:  It is another e-learning app. It is an educational technology company based in Bangalore, India. Started in 2015. It also helps the individual in preparing for various competitive examinations. Unacademy, give access to online education in India. Unacademy educators consist of either students who have cleared various exams or mentors who have teaching experience.Roman Saini, Hemesh Singh, Gaurav Munjal are the founders of this e-learning app, with its headquarters in Delhi.Unacademy, has recorded six time growth in it revenue since its inception in 2015.
  • Byju’s : The founder of the leading EdTech startup is Byju Raveendran, . headed by “Think and Learn Pvt Ltd.” which is based in Bangalore, Karnataka.It’s is an ed-tech (Educational Technology) and online tutoring firm. Byju simply operates via a mobile application (available for iOS and Android) and serves educational content to school students from class 4-12.It prepares student for many competitive exams like: IAS, IIT-JEE, CAT, CLAT and various other streams.Byju’s is all set to conquer Indian education sector as it has started to invest heavily in marketing and promotional efforts. PS: SRK i.e. Shahrukh Khan is the brand ambassador for Byju’s.
  • Swiggy: Food tech gained a lot of traction in 2017-18. Here we are talking about the pre-imagined startups operating in food-tech. Swiggy is an online food ordering and delivery service operating from Bangalore, Karnataka.It was founded in 2014 by Sriharsha Majety, Nandan Reddy and Rahul Jaimini. It is headed by Vishal Bhatia as it; s CEO (Chief Executive Officer).Swiggy is operated by Bundl Technologies Pvt Ltd. It operates in more than 25 cities across India and covers most of the metropolitans. It operates in what’s called the food-tech industry (Technology-based startups involved in the food sector).
  • It simply acts as a medium to order food and does not play a role in the making of food that is served to the customers. Practically and essentially more focused on the Logistics of food delivery and maintenance of a Platform (a mobile app or a website) where all nearby restaurants and food joints are listed dynamically to provide customers single app to serve their hunger needs. Swiggy competes with many rivals in 2019 like Zomato, UberEATS and FoodPanda. It has has been recently spending a lot on its marketing activities especially in the Indian YouTube space, as they are able to direct their prospective customers directly there Most of these food-tech companies are in the Infancy, cash burn and customer acquisition stage with significant discounts and offers.
  • Amazon Kindle: This is a device which is worth more 100%, if you love reading.It is one of most used e-reader, which protects your eyes from glare as it is designed for reading. In-built dictionary and bookmark are tools to beautify your reading experience.This e-readers enables you to carry up to 10,000 books in your pocket, a library on the go. It encourages you to learn more, helps you to learn new words and their meanings.
  • Zomato: It is an Indian Multinational food ordering and delivery service much like Swiggy. Pankaj Chaddah and Deepinder Goyal found it 2008 by  . It is is more focused on Restaurant search and has larger availability of restaurants to order food from.Zomato also operates on a much larger scale than Swiggy, which operates only in India, and currently operates in 24 countries. Itoprates and functions in India, Italy,South Africa,United Kingdom, Canada,Turkey, Phillipines, Brazil, United Arab Emirates, Sri Lanka, Qatar,United States, Australia and New Zealand.
  • Ola and Uber: These both are Indian transportation companies offering individual ride, as well as ride sharing services in India. These both widely acknowledged transportation services, has recently entered delivering food, offering incredible discount in both spheres. Ola taxi services, currently has its headquarters in Bangalore, with a revenue of approx. 2.5 crores and operates in 15 cities including Delhi, Mumbai, Bengaluru, etc.
  • The CEO are Bhavish Gggarwal and Ankit Bhati. Uber is an American transportation company with its headquarters in San Francisco, United States. Uber has its in India, Gurgaon, Haryana. The company has shown increase in its revenue despite increase in its total expenses over the same period. Both companies are in neck-to-neck competition since their inception, in every field be it food or transportation.
  • Creed: Kunal Shah, the owner has come back, after staying low for almost 3 years. After successful exit from Freecharge, his mobile recharge and payments venture, which got sold to Snapdeal for $450 M (approx₹3200 Crore) in April 2015.Cred is a financial platform which seeks to reward high credit worthiness consumers via it’s partners. Every time you make bill payments, buy stuff from your Credit Card, Cred rewards you with some points, (Currently 1 point = ₹1), and the consumer is able to use that credit to reimburse it the form of using services from partnered platforms like Airbnb, Urban Ladder, Bookmyshow etc.Also, Cred has secured its initial round of financing with about $25 M (approx₹177 Crore) from Sequoia Capital, Ribbit Capital, Apoletto and few other HNIs.It is operated by “Dreamplug Technologies Pvt Ltd”.
  • Khan academy: it is well known non-profit education organization started by Mr. Salman Khan in the year 2007, with its headquarters located in Mountain View, California .It offers more than 10000 videos, relating to all subjects with the aim to Build strong conceptual understanding. It also focuses for build a strong base for your boards, CAT, GMAT, IIT-JEE and other exam which includes studying with for exams with quizzes and unit tests. The sole goal is strictly limited to education. It is how one finds success in business.
  • Kids Spelling Learning: kids and their silly spelling errors, have always been a question of big concern for parents regarding their growth as a student. Not anymore, this application is directly connected to manage this issue always bothering students, and their well-wishers. It provides pictures with spelling for a better understanding of students. This apps gives spellings of more 500 words, and has been downloaded more than 10,00,0000 times.
  • Conclusion:

The above-mentioned applications are the immortal business ideas for entrepreneurs and are amongst the top profitable business in India. This statement makes sense, and is accepted because people in large are always willing to learn.