When investors and mentors enter into a startup’s/entrepreneur’s life, they ensure to put in all they have in order to see the startup grow. They guide entrepreneurs, help in taking certain tough calls, and ensure the overall well-being and growth of the company. It is very important that the founder-investor duo should be in sync.
Dr. Nancy Juneja is the Co-Founder of MENTORx and the CEO and Founder of REVUP SKILLS. She has also been honored with the highest civilian award, “the Karmaveer Chakra” by United Nations iCongo. She is a three-time TEDx Speaker, Educationist, International Youth Mentor, Social Activist, and more. Dr. Juneja also empowers women entrepreneurs and leaders through coaching.
With team Sociobits, Dr. Nancy Juneja speaks about mentorship, choosing good founders, and a lot more. Here’s everything she shared with our team:
Team Sociobits: How important is the role of a mentor when it comes to guiding budding entrepreneurs?
Dr. Nancy Juneja: I feel that a mentor is needed in each and every phase of your life. It is a 360-degree mentoring that we need. No matter which phase of life we are in, everyone including, next-generation entrepreneurs, first-time entrepreneurs, and someone who has spent 10-15 years in business need a mentor.
No matter which phase of life we are in, everyone including, next-generation entrepreneurs, first-time entrepreneurs, and someone who has spent 10-15 years in business need a mentor.
Mentors have been in the industry, they have made mistakes and by sharing them with others, they can help them (startups) avoid making the same mistakes. So, with the help of a mentor’s guidance, startups’ paths become easier. Mentors have a very important role to play, especially in the startup ecosystem.
Team Sociobits: If you want to give one piece of advice to all the budding entrepreneurs who are looking to raise funds, what would that be?
Dr. Nancy Juneja: I’d say going for seed investment is a big step for each startup, but my advice will be that you will face a lot of obstacles like stakeholders who don’t abide by you, you’ll have to face “nos”, and also experience failure but after each and every step, you will gain experience. So, never lose your heart, and try pitching as much as you can until you find the right investor that believes in you.
Team Sociobits: What are some of the common mistakes that startups make while pitching in front of the investor?
Dr. Nancy Juneja: While pitching to investors, startups may do window dressing but a common mistake that I have seen is that they come in without proper R&D. Unless and until we test the water and find out how’s it practically going from a customer’s perspective, we cannot convince the investor. First, we need to convince ourselves and then we should go for a presentation or pitching.
Unless and until we test the water and find out how’s it practically going from a customer’s perspective, we cannot convince the investor.
Team Sociobits: How do you spot a good founder?
Dr. Nancy Juneja: When the founder comes up with the idea, he/she comes with a spark, and an ignite that they have within. So, you can spot a good founder through your gut feeling which comes from experience. A founder is also someone who comes with innovation, they can never be a copycat and he/she should always have answers to the problems because today entrepreneurs can only be people who are problem solvers.
Dr. Nancy Juneja aptly points out how important it is for a startup to have the right mentors on board and also about a few things that entrepreneurs should be looking at so they can scale their startups to reach success.