The Impact of Mentorship on Entrepreneurship
1. Show the impact of mentorship on entrepreneurs and their businesses.
2. Define what successful mentorship looks like (and how to measure it).
3. Provide examples of companies for which mentorship has been critical to success or improvement.
Not all questions were able to be explored within one hour of research. However, initial findings were promising.
Early research shows that mentorship has an important and positive impact on both entrepreneurs and their businesses:
- In a study conducted by Stanford, 80% of acting CEOs report using a mentor, which is suggestive of its value.
- SCORE, a network of professionals providing volunteer mentorship, found via a propriety study that businesses with mentors were 12% more likely to survive into the following year, and that the recurring use of mentorship is tied to growth.
- 88% of entrepreneurs out of ~200 surveyed say that having a mentor “is invaluable.”
- According to another study by a private company who provides services to small businesses, 92% of clients say “mentors have a direct impact on growth and the survival of their business.”
- Mowgli, a nonprofit that provides mentorship for businesses in Africa and the Middle East, found in a study of their work that 81% of mentees “feel more confident in general” about running their business.
There are many examples of companies who rely on mentorship to improve their operations. To start:
- Sun Microsystems found that employees in their mentorship program were 5x more likely to receive a raise and get promoted.
Proposed next steps:
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