When we think of successful startups or fast growing businesses, we often think of the star CEO. Or the amount of money raised. But the data driven truth when it comes to startup success is quite different. It comes down to mentoring relationships.
When analysing the top performing New York startups, Rhett Morris found that 33% of founders who are mentored by successful entrepreneurs go on to become top performers in their own right. Drawing upon interviews with over 1000 entrepreneurs from 20 countries, Endeavor Insight revealed important lessons for creative, social and tech entrepreneurs:
- Mentor quality matters: We work with leading entrepreneurs and business mentors who have a particular interest in seeing the next generation of young entrepreneurs succeed
- Good mentorship requires a sustained relationship: You don’t need to meet all the time – after all some plans and activities take time to rollout. But once a quarter is a good cadence
- Focus on critical business issues: The best mentors are busy people. Founders should ask mentors to focus on the most challenging of business areas – rather than just general business banter.
Over the last month, our StartupSundays pilot program has brought together dozens of young entrepreneurs with our team of mentors to help them solidify their ideas, flesh out their business models and drive forward their business activities. It has been a stimulating and rewarding way to start a Sunday morning – and the feedback has been fantastic.
Like any good minimum viable product (MVP), we’ll be recalibrating and refining StartupSundays in order to make it even better. Be sure to join our Young Entrepreneurs Sydney meetup or our Facebook page to find out when the next StartupSunday is scheduled.
The non-profit youth org saw Lucy take a swing at every curve ball, including Communications, Human Resources, Editing, Design and Business Development. In the last year she has settled down as one of Vibewire's Online Community Managers, loving the close contact she has with Vibewire's supporters on Facebook (link).
Academically, Lucy has dabbled in a variety of fields, including Literature, History, Arts and finally finding her place in a degree of Media and Communications at Sydney University.
When she isn't rolling with the Communications Team at Vibewire, you'll find her pointing her SLR at beautiful landscapes, break-dancing in her living room, and wine-tasting at her birthplace.