Startup Ecosystem in Kolkata: Lack of Good Mentoring

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These days, everyone is a startup mentor. There doesn’t seem to be a shortage of self-proclaimed mentors anywhere in the world.

The question, however, is what is good mentoring?

If you are an entrepreneur, what kind of a mentor should you be looking for?

10 Lessons We Have Learned Mentoring Startups

These days, everyone seems to be a startup mentor. Whether they have ever done a startup or not, whether they have ever raised money or not, they are ready to advise entrepreneurs.

I want to share some things we have learned in running the 1Mby1M program for the past twelve years. I feel that it may be useful for entrepreneurs, investors, incubators, advisors, mentors, and other players in the startup ecosystem to hear some of the highlights.

Throughout the years, we have continuously invited entrepreneurs to come speak with me about their business ideas during our Free Public Roundtables, held almost every Thursday starting at 8 a.m. PST. Serious entrepreneurs “pitch” and sell their business idea and receive straightforward feedback, advice on next steps, and answers to any questions. Others “attend” to watch, learn, and interact through the online chat and all are welcome.

1. First, it is extremely difficult to give negative feedback to entrepreneurs without triggering a defensive reaction. I was not good at this when we started. I am very good at analyzing a business scenario, but I was never good at sugar coating the feedback in a way that is particularly nurturing or reassuring. Very early on in our experiments with online mentoring, we told entrepreneurs that this forum is for candid, constructive feedback, and that may include negative feedback. We don’t tell entrepreneurs what they want to hear. We tell them what they need to hear. While some egos get bruised, entrepreneurs have more or less accepted our approach, and have given us permission to ‘critique’ their ventures. I have, personally, gotten better at giving feedback in a palatable way. The biggest thing that has worked well is that we never, ever give negative input gratuitously. Everything has been in the spirit of helping both the entrepreneur(s) and the businesses grow. >>>

Looking for Product – Market Fit for Your Startup?

Are you having difficulty getting traction for your product? You may need to work on the positioning. The One Million by One Million / 1Mby1M virtual accelerator teaches entrepreneurs how to formulate a crisp positioning for their product or service. Use our Self-Assessment tool to help identify where you may need help.

Interested in getting some help with positioning your product or service? Apply to win a one-year scholarship to the 1Mby1M Premium program, sponsored by DataStax, valued at $1000. Check out The DataStax – 1Mby1M Startup Challenge.

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Looking to Raise Funds for Your Startup?

Is your startup fundable? The One Million by One Million (1Mby1M) virtual accelerator offers funding diagnostics to its members. If your startup is not yet fundable, 1Mby1M will help develop a funding strategy. If your startup is already fundable, you may access the 1Mby1M network of investors. Learn more through the 1Mby1M Investor Introduction Overview.  

Interested? Apply to win a one-year scholarship to the 1Mby1M Premium program, sponsored by DataStax, valued at $1000. Check out The DataStax – 1Mby1M Startup Challenge.

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How to Choose a Startup Mentor

Startups should consider mentors who have:

1. A proven methodology that you agree on. 

Our methodology at 1Mby1M is Bootstrap First, Raise Money Later (or not at all).

Not all businesses can or should raise capital. 99% of the businesses out there need to be built in a lean, capital-efficient, bootstrapped mode. 

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10 Tips for Technology Business Coaches and Startup Mentors

I just did a search on LinkedIn for “Business Coach” and found over 175,000 results.

A similar search for “Startup Mentor” yields close to 125,000 results.

Well, if I could have a word with all the mentors and coaches that are out there, this is what I would say.

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