Around the country are many struggling startups and entrepreneurs, sometimes they just grope in the dark. In the quest to start their ventures, scale and grow, they make so much errors that hurt and ground their business mission.
When I was starting out as an entreprneur myself, I made so may mistakes, mistakes that ruined some of my ventures, making me lose money and all that I had dreamt of. If only I had some mentors to guide me in those my early days, perhaps things would have turned out far much better for me.
It is against these backgrounds that I am interested in mentoring entreprenuers and startups in their business journeys. I want to play my part and contribute positively in preventing the early death of startups, ensuring that young entrepreneurs do not make those early mistakes, but take the right steps, measures and strategies that will lead to their success both in the short and in the long run.
According to Investopedia, “in 2019, the failure rate of startups was around 90%. Research concludes 21.5% of startups fail in the first year, 30% in the second year, 50% in the fifth year, and 70% in their 10th year”.
Why are there these failures? The same Investopedea reports “According to business owners, reasons for failure include money running out, being in the wrong market, a lack of research, bad partnerships, ineffective marketing, and not being an expert in the industry”.
Mentor capital and mentorship has been known to reduce these failure rates. And I want to assist in this.
I want to give back to the startup ecosystem and entrepreneurs coming up and help increase the success rate of entreprneurs, contributing to the GDP, income flow and employment.