A mentor will help you keep your priorities and motivation
At the start of a business journey, there is a long list of tasks waiting for you. It is easy to spend time on activities that are not essential and postpone the ones that really matter. That is why it is useful to have someone who supports you on your way forward, keeps perspective and helps you focus on priorities.
A mentor will help you concentrate on what actually moves the project closer to market entry. Look around you and try to find an experienced person who would be willing to guide you.
In the accelerator, mentors are assigned to projects that progress to the acceleration phase. Mentors provide both professional and psychological support. “Anyone who has ever started a business knows it is a journey full of ups and downs, and at times you feel like giving up,” adds Margareta Křížová. She also points out that she wants to stay in touch with students who do not advance to the acceleration phase: “We are building partnerships with large companies so we can connect students with experienced professionals from practice who will help them move their ideas forward.”
During market research, testing or the business itself, you may also realise that you need to change your plan completely. An example are companies that were successful players two years ago and today are struggling to survive due to changes brought by the pandemic. Part of an entrepreneurial mindset is knowing when to consider whether it makes sense to continue, modify the business, or stop altogether. A mentor, thanks to their external perspective, will help you recognise when the time is right for such a decision.
Prepare numbers rather than a story for investors
“For entrepreneurs, projects are often a matter of the heart and they tend to tell a story. But what an investor needs to know are the finances, the business model and the market. If someone wants to approach a venture capital fund, they must be prepared for tough negotiations,” reminds Margareta Křížová.
If you want to secure funding for your project, you can apply for an investment from NEWTON University Angels. The same opportunity is available to projects that go through the acceleration phase of the accelerator. During this phase, students are thoroughly prepared for investor presentations. The team must agree on who will present. It does not always have to be the founder of the project, but rather a team member who is strong in presenting and can handle the psychological pressure as well.
Explore everything about the NEWTON Business Accelerator, read more articles on how to kick start a business, or sign up for updates so you do not miss the next round.
