Why do start-ups tend to fail?

India is a country with thousands of new startups coming up every year. Every individual at any age group is a founder and an entrepreneur ready to create the next big thing for the country. However, most startups are unable to cope with fundraising because of inexperienced leadership. Therefore, 90% of start-ups in India fail to succeed because of a lack of mentoring. 

The founders do not have it easy; they have to juggle a lot of workloads and make several important decisions to keep their start-ups on track. Mentors with vast experience can help them out by bringing their valuable insights to the table and finding the right investors and talent on board. Founders such as Steve Jobs and Mark Zuckerberg achieved heights in success because of their highly experienced mentors beside them, Andy Grove and Don Graham respectively. 

Mentors share their experiences with the founders, they direct them when things start falling apart or getting out of hands. This is where the mentor’s experience and perspective help the start-ups fall back on with proper guidance and also bring in great new opportunities. They also make sure that the founders don’t make any kind of mistakes that would end up costing them a fortune. The mentor-founder relationship is very raw and honest, therefore, mentors tend to speak up the harsh truth and point out the wrong no matter how hurtful it might be. The main focus is the success of the start-up and all the steps that should be taken towards achieving that goal. 92% of small business owners agree that mentors have a direct impact on the growth and survival of their business.

Nowadays, with advanced technology and upcoming digital platforms, it's become difficult to draw a line between personal and professional life. Mentors help out with time management and balancing everything. Along with years of experience and knowledge, mentors also have a huge network built up over the years which comes as a great help for the founders as they get provided with an established network. This wayfinding investors and fundraising become easier. Running any business today requires a good tech team to support their start-up. Technology comes in very handy and establishes connectivity which also helps to get things done better and faster with limited resources. 

Technology mentors, therefore, guide their founders in choosing the right tech that fits in their budget which will help increase the value of the company. Dell is a multinational company that helps start-ups with their needs by connecting them to their technology mentors. The mentors bring in ideas and technical opportunities for the start-up. Dell had partnered with several organizations to implement such initiatives. Dell partnered with the National Science and Technology Entrepreneurship Development Board to coach entrepreneurs and give them new perspectives on running a business facilitated by technology. Other programs such as Dell small business solution center and Dell women’s entrepreneur network were also launched for the same.

 Choosing the right mentor for the start-up is a very crucial decision that has to be made by the founder. As only a good mentor would be able to make a difference and help achieve the goal and growth of the business. It is essential to find the kind of mentor that is able to understand the founder’s perspective and visions and can guide them accordingly. The relationship should feel a connection and if they don't click, it might raise conflicts among them and the founder won't be able to implement the vision that was expected. It is necessary to understand the mentor and ensure the mentor understands the founder and the company as well. 

Sometimes celebrity mentors seem like the right choice as they have a lot to provide with but it might not always be the right choice. The choice of mentor differs from what the start-up requires and the founder is looking for. Therefore, detailed research is required in order to find the perfect mentor as the relationship is going to continue for a long period of time considering the personal dynamic between the founder and the mentor. The founder should have a clear mindset about what it is that the founder expects the mentor to bring to the table and what does the start-up require help in that would push the business and help it grow. It can be fundraising or network building or maybe tech support. The problem of finding the right talent for the company or implementing new strategies could be done with the guidance of the mentor. 

After understanding what it is that the founder requires, approaching the right kind of mentors for that specific area becomes easier. Different mentors have different experiences in their own fields. For example, Jay Dutta, mentor of MAKEMYTRIP would be a great mentor for a founder looking for guidance in user experience. The mentor-founder relationship should be bonding and connecting on a personal level where the discussions happen openly and mentors make founders feel approachable as they can reach out to their mentees in need. This way the relationship grows and takes productive turns. 

The 'mentor – start-up' relationship ratio in India is significantly low as these relationships have been established only in metro cities, as getting access to mentors can be a difficult process in India as the well-established companies do not support the budding start-ups. Therefore, survival for such start-ups becomes more challenging in the market.