Working with a mentor - support provided with AIM Startup loans
Blog by AIM Startups under Artist Managers, Creative & Branding, Finance, Law & Music Business, Live, Media, Music Publishing, Music Training & Careers, Record Labels, Recording & Production, Selling & Distributing Your Music
Supporting one another
As part of the package that we at AIM Startups offer, all loan recipients will be offered mentoring. In our view the money is almost secondary to the support these new startups gain from the program, and research has shown that 70% of small businesses that receive mentoring survive for five years or more, which is double the rate compared with non-mentored entrepreneurs (getmentoring.org). Asking for support is a strength, not a weakness. We want to see our startups still in business five years down the line.
This week we asked our startups and our mentors to describe their experiences with mentoring so far. It’s a two-way street, and both the startup and the mentor will benefit from working together.
Let’s hear what our startups have to say about mentoring.
Michael Gottlieb, Sunny Side Up Licensing: Mentoring for me has been a very important part of the whole process. It is very interesting to explain your business to someone who then has very worthwhile observations. It is a meeting I have come to look forward to and enjoy. Could not recommend it enough.
Verity Pabla, I’m Not A Machine Music: My record label & publisher I'm not a machine music is benefiting immensely from having mentors to guide and support me as the Company Director. It is great to be my own boss and be the one shaping and executing the 'vision' but I do find that there's something about having a person (or people) who are there to act as a sounding board for the actions that I'm taking and the plans I have. The mentors experience, understanding and the personal connection developed is both extremely helpful in shaping a successful venture as well as a rich unique experience.
What about our mentors?
Nick Lawrence, NWN Blue Squared: As a mentor, for me it’s about giving something back. There’s a real satisfaction in supporting entrepreneurs by sharing past experiences to (hopefully!) avoid potential pitfalls, whilst also providing inspiration to achieve goals and objectives.
Ville Leppanen, The Animal Farm: I’m happy to be a mentor for AIM Startups because it is, in general, a good idea for those who’ve been doing things for a while to guide and advise newcomers where they can. It’s what experience is for: you pass it on for the greater good. It’s very hard to look at your own business dispassionately, but an outsider may be able to spot the obvious bit you’ve missed.
In my first session I suggested something to my mentee and then thought: why the hell haven’t I thought to do the same in my business? It was great to see how after 20+ years of making music for a living a short meeting with a stranger can open your eyes.
AIM Startups is a new program designed to help new businesses with the initial hurdles by providing low interest startup loans, business specific training and mentoring, and on-going support from the team. Whether you’re a self-releasing artist needing capital for recording your next album, an artist manager facing an opportunity to sign the most talk about act in town if only you had the money, a record label needing a PR push for your latest release, we can help.
Applicants will receive help and support from the very first steps with perfecting their business plan through their first year of operating their business. Our motto here is ‘AIM for success‘ because we want to help you best as we can in creating a successful business.
To read more case studies, find out more about the scheme, or to apply for a startup loan, please go to www.aimstartups.com
Tags
association of independent music, aim startups, start up loans, music industry, music business, music company, music funding
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