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

the case mentoring) while in others it is indirect (e.g. in the case of media
activities, and information and advice services offered by business advisers and
coaches). Much of the guidance is provided through non-formal means by
individuals with greater enterprise, rather than career guidance, expertise.
Career management skills help novice and prospective entrepreneurs to
understand and appreciate their potential as an entrepreneur and how other
entrepreneurs network, think and learn. CMSs also improve the ability to learn,
deal with changes in business and career, and to overcome problems. Career
management skills also have a practical dimension. They help entrepreneurs to
become more aware of the opportunities for support, advice, grants, loans and
networks and what needs to be done to access them. Career management skills
are important to new business formation, sustainability and growth.

5.7.2. Successful practices
Mentoring arrangements are seen as one of the most effective, though not yet
widely available across Europe. There is an acute shortage of well-coordinated
and facilitated mentoring services for entrepreneurs. Evidence from literature and
case studies illustrates that entrepreneurial mentoring arrangements can yield
many benefits to prospective and new entrepreneurs related to their career
management skills. Through the mentoring relationship, the aspiring and new
entrepreneurs are able to develop both professionally and personally. Mentors
encourage novice entrepreneurs to think and learn from their own actions in
critical situations, with the result being either a change in their behaviour or
drawing out of lessons. Mentoring allows entrepreneurs to examine their
(prospective) companies from a more objective standpoint, while continuing to
play a role as a leader and think about its development. Mentoring is particularly
useful in the transfer of knowledge about the business world and the
development of entrepreneurial skills.
Networking can improve the ability to identify available opportunities for
personal, professional and/or business activities and understand the ‘bigger
picture’ such as a broad understanding of the workings of the economy, and the
opportunities and challenges facing an employer or organisation. Peer-to-peer
learning opportunities allow sharing of experiences, discussing practical ways of
solving problems and accessing information about training and support services.
Media activities on entrepreneurship can raise awareness and readjust
expectations about life as an entrepreneur. They can help to understand the
reality of being an entrepreneur (including failures and successes), teach them
about risk assessment, and improve their understanding of products and market
demand.

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