Page 132 - guidance-supporting-europe-s-aspiring-entrepreneurs-policy-and-practice-to-harness-future-potential

Guidance supporting Europe’s aspiring entrepreneurs
Policy and practice to harness future potential

For these reasons, helping both aspiring and new entrepreneurs to develop
their career management skills is crucial to new business formation and the
development of successful growth-focused businesses. Our research has
identified that there are six types of strategy and practice available for both
prospective and new entrepreneurs to help them in their early careers. These
include:
• mentoring;
• information, advice, coaching and training;
• tv/media and other awareness raising campaigns;
• online career assessment tests for entrepreneurs;
• private sector interventions;
• specific measures for under-represented and disadvantaged groups.
These are discussed on the following pages.

5.1. Mentoring

5.1.1. Background
Research shows that aspiring and new entrepreneurs require tailored and
personalised support delivered in a time-effective manner (St-Jean and Audet,
2008). Literature suggests that mentoring at both the pre-start and start-up
stages of a business can reduce business failure rates (Cull, 2006). Mentoring
schemes for new and aspiring entrepreneurs tend to run over the first 0-36
months of the life of a new business, with meetings held between mentors and
mentees every 2-6 weeks. It is usually a one-to-one and face-to-face form of
support, although online and group mentoring is increasing (Johnson et al., 2008;
Wikholm et al., 2005).
At its best, mentoring can provide a tailored service for new and aspiring
entrepreneurs to improve their business and career management skills and learn
through action, through the support of a person with extensive business
experience. Mentoring constitutes an adaptable and versatile form of
guidance/support that can be adjusted to the entrepreneurs’ experience, needs,
and the specific context and sector within which their firm is operating (St-Jean
and Audet, 2009). The Oslo Agenda for Entrepreneurship Education in Europe
recognises mentoring as a basic element in all entrepreneurship training
(European Commission, 2006a).
Typically, mentees have specific individual expectations and needs
according to the nature and stage of their business (Gravells, 2006; Wikholm et
al., 2008). Personalisation of the mentoring arrangement to an individual’s needs

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