Page 24 - 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 an individual entrepreneur, CMS can contribute to identifying the set of
skills and competences needed for founding and running a company as well as
mapping out the related learning goals to improve entrepreneurial capacity and to
unleash business potential. There is a range of self-management and guidance
strategies, tools and practices available to support the career development of
aspiring and new entrepreneurs. Much of the guidance is non-formal, delivered
by individuals with enterprise rather than career guidance expertise. Online
based business guidance and support tools are also emerging as a resource-
efficient ‘instant’ source of information/advice. The main issue for an aspiring
and/or new entrepreneur is to become well informed about the guidance support
available for developing his/her career management capacities, and to have an
easy access to such services.

Successful practices
Mentoring is one of the most successful practices for improving CMS, though
such practice is not widely available across Europe. Through the mentoring
relationship, aspiring and new entrepreneurs are able to develop both
professionally and personally. Mentors encourage novice entrepreneurs to think
objectively about and learn from their own actions so they are able to change
their behaviour if required or identify pertinent lessons. Mentoring allows
entrepreneurs to examine their companies, or 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. In some cases, private companies independently provide this type of
support in an ad hoc manner.
Networking also helps aspiring and new entrepreneurs to identify
opportunities and understand the ‘bigger picture’, e.g. the workings of the
economy or the opportunities and challenges facing an employer or organisation.
Peer-to-peer learning opportunities provide opportunities to share experiences,
discuss practical ways of solving problems and access information about training
and support services.
Support and guidance for migrant entrepreneurs is being encouraged in
response to political trends and social developments: migrants typically establish
businesses through necessity rather than choice. Migrants require coaching and
mentoring support from professionals with up-to-date institutional and
administrative knowledge of the host society, rather than informal networks of
personal contacts who might not have accurate information. Community based

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