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Age of Entrepreneurship: Why mentorship for millennials is key

While the tribe of these new business chieftains is high on innovation, enthusiasm and energy; they may not necessarily be blessed with business acumen.But they are sure to evolve into successful business leaders if they are well guided in their business endeavors

Age of Entrepreneurship: Why mentorship for millennials is key

The second millennium AD has vehemently kick started as the ‘Age of Entrepreneurship’. The new millennium youth has innovative ideas, which they are neither hesitant nor afraid to turn into a reality. Entrepreneurship is slowly becoming the most desired ‘career goal’ of the new generation.

While the tribe of these new business chieftains is high on innovation, enthusiasm and energy; they may not necessarily be blessed with business acumen.But they are sure to evolve into successful business leaders if they are well guided in their business endeavors. Also, young business leaders find it difficult to take the next huge leap or struggle to move forward to take their ideas to next level. This is where the established industry leaders can step-in with their business expertise, well-meaning mentoring and deep experiences and guide today’s new entrepreneurs to metamorphose into tomorrow’s business leaders.

How can our industry leaders empower the new entrepreneurs?

If it is the matter of guiding young and aspiring entrepreneurs who are still making a place for themselves in the entrepreneurial ecosystem; who can be their better guiding lights than our industry leaders with their ample experiences, knowledge and foresight?Thought leaders of individual industries can provide these millennials with excellent mentorship and required tools to develop their entrepreneurial skills to grow in the business and beyond.

Leadership is a shift of ideas which when shared has a bigger influence on what is being created, accomplished and built. Becoming an entrepreneur, especially at a young age is a vital career-defining and undeniably a life-defining moment. Regardless the field, it is always beneficial to have a mentor as imbibing skills is a decisive element of building a flourishing business.

Mentors can help mentees by showing them ways to grow their networks, give confidence, and endow them with the required tactical understanding to grow their businesses. 5 ways in which business leaders can empower the new entrepreneurs:

Assessment of business environment

Assessment of business environment is gathering information, developing strategies and tactics (when, why & how to enter in a specific sector) to thrive in aparticular field. A mentor can guide the young minds to recognize both the opportunities and obstacles they may face in their journey to success.

Financial Advice

Young turks may find handling finances as the most difficult aspect of business. They require a modified financial guidance to build personal wealth and get to monetary security. Adhering to the instructions from their mentor on basic rules like hiring professional advisors and maintaining proper records etc., young entrepreneurs will experience lesser strain over money matters leaving them free to focus on more satisfying and innovative aspects of business.

Definite vision and mission

Stating a business is easy but staying true to its core values is difficult. A mentor can make millennials realize the importance of aligning values with the vision and mission. Whatever the industry may be, remaining true to the core will definitely direct one to climb the ladder of success.

Networking

Mentors can encourage the emerging entrepreneurs by introducing them to the power of networking. This will help in creating associations that may result in significant relationships in the entrepreneurial journey.

Technical & soft skills

Most millennial entrepreneurs are efficient in the technical skills department; but soft skills are equally important when one is running a business. Soft skills like excellent communication skills, work ethics, humility etc are great enablers in achieving success in any field. A skilled and experienced mentor can guide the budding leaders to develop soft skills by sharing their experiences and learnings in their own journey to success.

(The author is managing director, PC Snehal Group. Views expressed are personal)

First Published: Mar 13, 2019 17:05 IST

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