Sramana Mitra, experienced entrepreneur and Founder of 1M/1M, the program One Million by One Million (1M/1M) that "aims to nurture a million entrepreneurs to reach a million dollars each in annual revenue and beyond by 2020, thereby creating a trillion dollars in global GDP and ten million jobs", takes on the tough questions about Mentoring and Entrepreneurship. Why is it that many Mentoring programs don't seem to offer the kind of help entrepreneurs need, and why is it that 99% of entrepreneurs don't get funded by big VC firms?
Sramana sees two kinds of mentors, volunteer mentors who offer advice when they have time and are often not available when entrepreneurs need them, and investor mentors, who mentor entrepreneurs as a source of deal flow which makes these investor mentors only available to the top entrepreneurs. Listen to what Sramana says about the state of mentoring today. Sramana is also concerned about what happens to the many entrepreneurs who are not successful in raising venture capital and don't get the attention from the investor mentors. The group of entrepreneurs not funded Sramana calls "the other 99%". Sramana sees too much emphasis on raising capital and wants companies to focus more on "building value". Read more...
I have had so many women tell me that they just don't learn enough at the mentoring events which they attend. This is why I ran the education session with Chase Bank in New York in early January where we discussed using bank products to help grow a company. Women not only made new contacts with other entrepreneurs, but they also learned about what a bank looks for when making a loan, issues regarding collateral and guarantees, and other topics important for entrepreneurs to understand.
Better mentoring and more financial education for "the other 99%" is essential and Sramana Mitra's efforts with 1M/1M will go a long way in helping these entrepreneurs get the support they need!