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How the right mentor can help the entrepreneur achieve great heights

2017-07-28 14:25:45 | Legal Services
A business that however generates positive cash-flow, with no debtors, is thus however capable of achieving a good organic growth.



A right mentor can however help an entrepreneur to achieve great heights of success . The following article however explains this better.



Organic Growth of Business: A business that however generates a positive cash-flow, with thus no debtors, is thus however capable of achieving a good organic growth. One must thus ensure that there is thus minimal external funding with the maximum turnover so as make the business thus more self-sustainable.


People-centric Offering: Also, The primary aim of thus any venture is value-creation. If one is however able to offer something that the people love and also require, one has thus successfully won over the clients. Positive goodwill is thus created, which thus generates a frequency of the repeat visits and also loyalty value. For the client, the requirement is thus generally considered as dual-fold: Extrinsic, which is thus the need in order to look good and Intrinsic, which is thus the need in order to FEEL good. Thus, the importance of the service provider thus


Building Trust Among the Clients: Trust of the client is thus considered as of utmost importance. Thus Ensuring an optimum level of quality service and also keeping the client happy is thus where the true key to however a successful business lies. Also , Working in the personal space of the customer thus inherently increases the likelihood of the customer which is thus giving one their complete trust.


Transitioning a Luxury into a Necessity: Thus, An important factor of any kind of business is thus to keep up with the current social developments, trends, and also the habits of the end consumer. With the social development, the aspirational outlook of people will however get enhanced. Thus, there are certain sectors such as grooming would however experience good growth, since there would thus be a high percentage of the people for whom this will however become a necessity.
Cluster Approach: A prime focus should thus however be on making the business profitable first and thus only then follow the expansion of its size. Hence, the launch and also sustain multiple outlets thus in a single market first instead of however creating a single outlet across the multiple markets. This thus facilitates the organic and also sustainable growth of the business.
Growth Barometer: Setting the metrics and also sharing of the data across the team also propagates a culture of transparency for the better management. Setting up the regular benchmarks which are thus backed with a substantial and also the legitimate facts and figures helps the employees in order to understand better the current placement of their company.


Challenges faced by entrepreneurs and solutions offered by the mentor

The challenge thus which is however faced in every growth story of the venture is how to differentiate the brand thus as a unique entity and also not just a generic enterprise and also as to how to make the offering relevant and also value-worthy to the customer.

Setting Pre-conceived Notions: Entrepreneurs thus also usually follow a set notion of the traditional industry practices and the blanket rules that however also have been implemented through the years. Hence, they thus often kill the creativity which is however required in order to invent the unique strate and solutions to the problems faced.


Neglecting the Importance of Best Practices: Entrepreneurs with the prior experience in the different domains thus often forget in order to capture the lessons which is thus learned from their previous experiences. It is thus also important for an entrepreneur in order to accumulate and also assimilate his learnings over the years so it thus serves an all-rounded approach in order to drive the business to its maximum potential thus in a minimum time-frame.


Lack of Sound Knowledge, Regular Apprising of Industry Technicality and Knowledge: After however being in an industry for a while, entrepreneurs thus start becoming lax in their adaptation of the developments which is thus in their industry. The entrepreneur should thus however consistently be technically sound and also constantly abreast of the happenings in the industry.


Neglecting the Regular Brand Evolution and also Strategy Innovation: Due to the lax which is thus in the attitude of thus conducting regular market surveys, entrepreneurs thus neglect the importance of the reinventions and also the redeveloped business strategies. This should thus however be consistently practiced in order to provide the business an edge thus over its counterparts, which thus sets it in a league of its own.
Sidelining the Importance of however Feedback Management: Regular customer feedback is thus also extremely important but it is thus often also either neglected or is left unattended. Ironically, this is thus considered as the most important factor upon which the business has its foundation.


Importance of Mentorship and Right Guidance to an Entrepreneur

A novice entrepreneur, while however starting out, thus sets foot upon a brand new, unfamiliar landscape. The future is thus uncertain and also the route is thus still being mapped. It is however natural in order to seek the guidance of one who however has navigated through a similar path before and also utilize that knowledge and experience in order to better his own journey.



In a start-up,thus at the growth phase, entrepreneurs are thus likely to take decisions, where the plausibility of the returns generally depends upon multiple factors. While the traditional relationships and also friendships are thus encouraging and may also thus provide personal guidance, the entrepreneur however requires impartial feedback, advice, and also experiences from a more unbiased, honest and also a fresh perspective.



This should thus however ideally be from someone who is however not personally or directly involved with the entrepreneur or either the business. Peer-to-peer platforms are a thus considered as a way in order to provide such impersonal redressal mechanisms. Fellow-members of these platforms thus also adopt the role of mentors and thus also help the entrepreneur in order to however refine his thought-process and also thus enable him in order to take informed and also calculative risks. It is when the mentor thus notices a similar pattern with thus another entrepreneur while veering off-course, can he thus guide him back however onto the correct path.







How Peer-to-peer Networks Accelerate the Growth of an Entrepreneur

A peer-to-peer network thus also encourages sharing of the ideas, experiences, challenges as well as the solutions.Thus irrespective of the diverse domains in which however we serve in, at the end of the day, we are thus all entrepreneurs who are however facing similar challenges.



Conclusion

The interaction at the peer-to-peer platforms is thus not considered as a theoretical phenomenon or either a law or a book of an impractical lecture. Oftentimes, we however take decisions in our own organizations - sometimes they thus work, sometimes they however don't. However through group therapy and also healthy discussions, we are thus able in order to boost the confidence and also the decision-making process in each other. We all however learn from the other through however our own life experiences.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for Section 8 company registration, Nidhi company registration, IEC registration.


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