
Let’s be honest: these days, everyone wants to start a business. This is a positive development, reflecting an increased risk appetite among people. However, a common issue arises when someone enters the startup world with the belief that all they need to succeed is money. They then find themselves in a race for funding, overlooking other crucial elements.
Today, we’ll discuss two vital aspects that are often overlooked
1. The Importance of a Mentor
One critical element often overlooked in startups is having a mentor from the industry. Many startups fail due to a lack of knowledge and experience. While intelligence and dedication are important, there are many lessons that can only be learned through experience, and having a mentor can be invaluable. A mentor who has faced similar challenges can offer guidance on how to navigate them.

In the early stages of a startup, with a small team of 10-12, you might manage through trial and error. However, as your startup grows and stakes become higher, every decision can impact multiple lives. A mentor can provide the perspective and guidance you need, helping you make informed choices.
The Story of Reid Hoffman and LinkedIn
Reid Hoffman, co-founder of LinkedIn, is a well-known example of how valuable a mentor can be. Early in his career, Hoffman was mentored by Peter Thiel, a prominent entrepreneur and investor. Thiel’s guidance was instrumental in shaping Hoffman’s approach to business and strategy.
Thiel provided invaluable advice on various aspects of building and scaling a company. For instance, Thiel’s insights on the importance of building a strong network and focusing on product-market fit were crucial for LinkedIn's early success. Thiel’s mentorship helped Hoffman navigate the complex landscape of entrepreneurship and make strategic decisions that would position LinkedIn as a leading professional networking platform.
Hoffman himself has spoken about the profound impact Thiel’s mentorship had on his career, emphasizing that having a mentor with experience and wisdom can significantly influence a startup's trajectory.
Since childhood, we’ve had mentors: teachers in school, coaches for competitions, etc. So why not seek a good mentor in the startup world? While finding a mentor can be challenging, networking is key. By connecting with people already in the field, you increase your chances of finding someone who can offer valuable insights. It’s important to remember that a successful person isn’t the only type of good mentor. Someone who has faced multiple failures but remains optimistic can provide a wealth of knowledge from their experiences.
Throughout history, successful individuals have relied on mentors or advisors. No matter how much intent, knowledge, strength, or money you have, without direction, it can all be wasted. Mentors and advisors have been irreplaceable from ancient times to today. Even in popular web series, like in Kota Factory, Jitu Sir sought guidance from Maheshwari Sir, highlighting the enduring value of mentorship.
2. The Need for Friends to Rant
No matter how much money you earn or how successful your business becomes, if you don’t have friends to confide in, you’re missing a crucial support system. When pursuing an unconventional career path, you’ll inevitably encounter naysayers. This challenge becomes even more difficult if your family also questions your choices and withholds support out of concern.
Having friends to rant to and talk with without judgment serves as a vital form of therapy. This support can be incredibly stress-relieving and comforting, making it an irreplaceable part of the entrepreneurial journey.

The Story of Sara Blakely and Spanx
Sara Blakely, the founder of Spanx, is another example of how the support of friends can be vital. Before Spanx became a global brand, Blakely faced numerous challenges and rejections. Throughout her journey, her friends played a crucial role in keeping her motivated and providing emotional support.
Blakely has shared that during tough times, her friends were there to listen, offer encouragement, and help her stay focused on her vision. For instance, when she was struggling to secure initial funding and faced skepticism from potential investors, her friends’ belief in her vision and their ability to offer a sympathetic ear helped her persevere.
The support from her inner circle was not just about emotional encouragement but also about practical help and networking. Blakely’s friends connected her with influential individuals and provided advice that was instrumental in getting Spanx off the ground. This network of supportive friends helped her navigate the ups and downs of entrepreneurship and contributed to her eventual success.
Both of these real-world examples illustrate how mentors and friends can play crucial roles in the success of a startup, providing not just guidance and advice but also emotional support and practical help.
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