Quest for Effective Mentors: A Way of Mentoring Potential Entrepreneurs Successfully

Mentoring has been found instrumental for successful survival of enterprises; yet, the enablers of the mentoring process, i.e., the mentors are under-researched in terms of their typology and effectiveness. Consequently, it leads potential entrepreneurs (mentees) to remain uneducated about their future mentors, which creates a gap in the process of uniting mentors and mentees, leading to a less amicable relationship with less possibility of entrepreneurial growth. The purpose of this study is to provide a knowledge base about mentors for their selection while engaging in mentoring of potential entrepreneurs. A mix-method approach has been adopted to conceive the study in a logical and sequential manner. First, experts from the field were interviewed to develop a typology of mentors, the inductive phenomenon facilitated in the development of a list of types of mentors. Next, the effectiveness of listed mentors was measured through a survey data of potential entrepreneurs. We argued that since mentees take a risk on their capital and career, they should be educated about the mentors and their preferences should be examined; thus, data were analyzed using multivariate analysis, which enhanced the validity of finding in an exploratory design through post hoc tests. The results of the study revealed that at least twenty types of mentors or combination of mentors exist in entrepreneurship domain and potential entrepreneurs preferred mentors from academia and a group of mentors with varied expertise. Interestingly, they have not preferred mentors from industry. The findings were rationalized based on the background of the mentees and the complex business environment. Policy makers may develop policies for entrepreneurship development considering not only entrepreneurs but also mentors. Understanding the preferences of potential entrepreneurs would help in the recruitment, training, and selection of mentors for the venture as well as in outlining the entrepreneurship development programs. The typology of mentors would make them aware about the available mentors and help them to contact mentors according to their mentoring and entrepreneurial needs. The findings have helped in filling the gaps in the literature by providing the understanding about types of mentors available in entrepreneurship domain and their effectiveness in mentoring. Moreover, a scale has been developed to conduct further research and hence provided the ground for prospective researchers in the domain. The study is first of its kind in India and no similar studies have been reported in other countries. The study has provided tangible grounds to mentors and mentees to understand respective perspectives. Additionally, it will help both of them in preparing themselves for forthcoming challenges.