Entrepreneurship: Why Mentoring Is Important Essay Example

Mentoring plays a significant role in guiding new entrepreneurs in manoeuvring the modern business world. With their extensive experience in a variety of fields relating to business development, management and innovations, sharing this knowledge with business starters not only help new entrepreneurs avoid making unforeseen mistakes but also help them through the decision-making process. Mentors play a vital role in steering the success of a start-up business. Mentoring is not only crucial in exposing entrepreneurs, and business owners to the knowledge and skills learned from the mentors, but also because mentoring provide opportunities for socialisation, networking, and personal support (Bellows & Perry, 2005). In this regards, therefore, this essay aims to critically analyse and evaluate notes and presentations from three speakers and demonstrate how shared knowledge has played a vital role in starting my business.

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It is a global concern that even with the advancements in technology and civilisation, a considerable number of people especially in remote areas and the elderly do not adhere to medication because they do not understand the importance. The fact majority of these patients has partly contributed to this catastrophe have not been educated on the importance of adhering to medical advice by healthcare providers or find it annoying to taken to homecare. Thus, in an attempt to solve is the problem, Tinderly was developed.

The presentation by Guy Robinson, Deputy Director of IPO, share valuable information that will have not only enlightened but has also helped me and management team to new ways of protecting the intellectual ownership of all our innovations. Robinson discussed three significant elements of the asset journey. Taking the assets generated by the innovation activity on the appropriate tour can result in growth (Robinson, n.d.). It does not guarantee it, but failed to do so will undoubtedly mean the loss of an edge and decreases the likelihood of scaling.

• Identify - recognise and understand - diagnostic, discovery, planning phase
• Protect - protect and exploit - regulatory, commercial aspect
• Enforce - enforce and defend - more accurately 'dispute resolution' - legal and market normalisation phase.

Transactional costs, look at these stages but not in a linear way - encounter businesses at different stages of development and will need to consider which most appropriate.

Patents play a severe role in protecting small business and their products from being copied or counterfeited. In a scenario presented by Kleerex Group in 2009, it was through the help of the IP and patented designs that the group won its case against a competitor who was selling almost similar designs with those of Kleenex (Kleerex Group, 2015).

Robin emphasised on managing business intangibles seriously. Businesses that lead their intangibles well grow faster and are more resilient, and have a better chance of survival and growth. These businesses are taken seriously particularly by investors because they make ALL their assets seriously. This knowledge has played a critical role in attracting external investments and sponsorships in Tinderly development, production, and marketing activities.

All businesses to apply best practice from the outset not only about all the above functions in their business plan but also as an iterative process throughout the whole business life cycle. Thorough and timely administrative and management procedures will mitigate many risks and strategic planning driven by strong leadership will ensure opportunities are taken to provide growth

Eline Wyn, Chair of Trustees presentation mostly dwelled on how start-up companies can get financial aids. Stable financing plays a significant role in the smooth operation of any business (Wyn, 2008). Her presentation focused on Chapter Art and its journey. Established in 1971 by a co-operative group of artists. Visual arts and artists got together - multi-purpose art centre in the UK. The Centre is a registered charity and company limited by Guarantee. The Board of trustees, who are also the directors, are the significant sources of funding. Public funding from the arts council of wales. More competition for trusts and foundation funding. A need for more unlimited funds. Trading is seen as a potential additional revenue stream.

Critical issues such as Cash flow is a problem for most startups since income comes at different times of the year (Wyn, 2008). He pointed out that looking for funds is always hard and thus small companies need to persevere during the process. However, such as activates as fundraising Collaboration and partnership ease the burden (Wyn, 2008).

Uniqueness plays a fundamental role in market penetrations. Being unique often involves being creative in ideas, in operations and management of the innovations and their smooth running. Uniqueness is also one of the bases that distinguish an entrepreneur from a business owner. While both the entrepreneur and a competing business owner may be trading on the same commodity, the packaging, language of presentation, and attitude of the seller make all the difference on the like of the product being bought from the two separate businesses. Tinderly production and operation cost including package is covered by products income, donations, sponsorships, governmental support and, the profits are divided across Research and Development of our product (10%), operational costs (30%), NGOs and medical research donations (10%).

Lastly, the third speaker Brian Morgan's presentation was on Entrepreneurship and how to grow a Small firm. According to Morgan, entrepreneurs have a role of coordinating production in a world of uncertainty. Identify opportunities that are generated by a change in technological, economic, and social conditions. Innovative and take risks (Morgan, n.d.).

Conclusion

My business can be described as a Tech entrepreneurship. My team and I innovated an electronic device called Tinderly. Tinderly is an electronic device that helps the elderly to stay I n touch with their families and friends, as well as promote healthy living by automating medical assistance through IP telephony and gadgets monitoring capabilities.

The mentorship from the above speakers have not only influenced the planning and organisation of the business but has also offered new opportunities that were not considered before. Although the project sourced of funding were mostly external, by having our internal fundraising team will make it easier to raise funds through charity activities. Lastly, the diversity in topics covered has also evoked the need to seek further advice on the best ways to improve our company performance.

References

Bellows & Perry, 2005. Why mentoring is important. [Online] Available at: https://www.unl.edu/mentoring/why-mentoring-important[Accessed 29 March 2019].

Kleerex Group, 2015. The Importance of Copyright and Patent Protection in Start-Up Businesses. [Online] Available at: https://www.wipo.int/ipadvantage/en/details.jsp?id=899[Accessed 29 March 2019].

Morgan, B., n.d. Entrepreneurship: Growing a Small Firm - The Penderyn Whisky example, s.l.: s.n.

Robinson, G., n.d. IP: Identity, Protect, Enforce, Newport: Intellectual Property Office.

Wyn, E., 2008. Chapter Arts Centre, Cardiff: Chapter Art Centre.