As the world reels under the ongoing onslaught of an event as terrible as the ongoing pandemic, one of the big questions being raised in the world of new ventures and entrepreneurship is how the start-up community can survive and grow. For young companies that were looking to scale up or expand their area of business, this period has been an even more difficult one as they struggle to stay relevant. This is the time to not just think of a strategy to move on to the next phase in the lifecycle of their businesses, but plan for a future that takes into account contingencies of this kind.

It is well known that a crisis often forces companies to look at their core value proposition and at the same time, forces them to maximize the utilization of their resources. Given the widespread impact of the pandemic, it may be a good time to ask what the young entrepreneurial generation must take away from 2020?

Management experts across the world have opined that the present state of the economy and the uncertainty that has gripped us all has shown that it is important that businesses learn to rely on mentors and build robust collaborative tools for their teams. As Jack Dorsey, founder of Twitter has said in a recent interview on Twitter, effort does not come down to one person, it’s a team.

The value of a mentor-guide ecosystem

Many scholars have written extensively on the need for mentorship to young entrepreneurs. It is a necessity even when there is no crisis, but naturally, its importance is far greater when businesses are grappling with many unknowns.

An old article in HBR, written in 2016 but one that is still relevant today pointed out that there are four critical activities for successfully scaling a venture. “Firms must hire functional experts to take the enterprise to the next level, add management structures to accommodate increased headcount while maintaining informal ties across the organization, build planning and forecasting capabilities, and spell out and reinforce the cultural values that will sustain the business.”

The thrust of the article and many other similar works across the world is that a good idea and a dynamic entrepreneur are not the only ingredients for a successful business. One needs the seasoned eye of a veteran whose experience can help guide the businesses through their ups and downs.

For proof, take the many examples around us of great ideas that failed the start-up test. If you look closely you will find that in most cases, it was the inability to manage a large team or create a sound base for the business—in other words, the founder was unable to translate the vision into reality.

This is where the need for reliable guidance comes into play. A mentor or a set of mentors can help start-ups decode the situation. In the present situation, many have faced the biggest disruption in their business, due to the pandemic and consequent lockdowns. An ecosystem of mentor-aides of the company can help define the roadmap for the future.

The importance of a collaborative framework

It is quite impossible for any CEO, new or experienced, to be able to deal with a crisis all by himself or herself. A team that works together and looks out for each other could well mean the difference between survival and extinction for many businesses. Such collaborations can become a binding force.

How does any start-up or for that matter, any business, new and old achieve this without a coordinated operational framework? Companies need to be supported by an external team of mentors and senior functional experts to build and run such a framework.

Start-up energy, when matched with a mentor’s professional experience and wisdom is a sure way to create magic!