Setting up a new business has always been a challenging task because the nascent business entity has to struggle with the established competition. Generating the forward and backward business linkages from scratch is another challenge faced by the startup companies. Generally, these two dimensions prove to be the deterrents for the assimilation of the startup firms due to which these tend to fade beyond the oblivion of business economy. The men of caliber who have emerged successful in spearheading their business initiatives have always responded to the demands and challenges in a dynamic manner. Recently, we find another service sector that caters to the requirements of startups from different dimensions. Startup mentor is one such service provider! As the name suggests, this firm behaves as a mentor for the nascent business companies which are looking to establish them and get integrated with the rest of the economic turf. It is also hosting a startup seminar in December 2016!
Startup mentoring – a novel concept of utility!
The business mentoring and especially the startup mentoring is something new and has developed only in the last few years. The reason for this offering cannot be traced exactly to one objective lead but there are multitudes of reasons! At least, the first reason could be traced to the self-defined duty of the modern democratic governments which came out to prop and aid the new businesses with the broader aim to strengthen the economy. This move was to enrich their national economies and later cope up with the international competitive dynamics. This objective laid foundation for diversity of financial aid projects including the subsidies and interest free loans. Some technical offshoot was also developed deliberately in the form of training workshops; like for the agriculturists/farmers to help them. The startup mentoring, like by Startupmentor, is a novel approach that is aimed at assisting the new companies in a holistic manner that also includes the business strategy. This involves customization as the basal component so that the demands and challenges being faced by any company could be tackled successfully.
Customization is applied along the dimensions of –
- Financial requirements – finances are the core of any business! The problem with the startups is that there is no income in the initial stages and investment is must at each step. This generates a characteristic contradiction and a major challenge to their viability. Here attempt is made to ensure a judicious use of resources & facilitate subsidies. Capital garnering & management is also secured through investment seminars and consultations.
- Forward and backward business linkages – many a time it happens that the new company fails to identity the right business links. An expert mentor possesses the information on diverse sectors and verticals and thus delivers readymade plan and links.
- HR and manpower training – proper training of the HR is necessary for best results. Initiatives like Startupmentor have specialized in guiding the nascent companies for right training strategies.