Favorable influence on the increase in financial turnover of enterprises, as well as on the personal and professional development of young entrepreneurs, is provided by voluntary business mentoring. This is the conclusion reached by analysts at Middlesex University, who conducted the relevant study. Its results were presented in Moscow on November 22 at the site of the VI International “Days of Mentorship in Entrepreneurship”, organized by the International Business Leaders Forum, the Mentorship Institute and the Agency for Strategic Initiatives (ASI).
The study “The Impact of Mentoring on Young Entrepreneurs” was held in eight countries of the world, including Russia. The survey involved 1068 young entrepreneurs from 42 countries. The study was conducted in 2 phases - in February, March 2016 and from July to October 2017. After repeating the study of the same participants 18 months later, the researchers were able to assess how the mentoring model has changed and improved over this time, and how the relationship “mentor-mentored” has developed.
57% of those who were instructed said that without participation in the mentoring program, positive changes in their business would not have occurred so quickly. In other respects, the influence of mentors also showed a growing trend.
Joana Gray, a representative of Youth Business International, said that in any country in the world, young people should have chances for success. “Mentoring technology takes advantage of personal contact and professional support in the interests of thousands of young entrepreneurs around the world who need such support,” she said.
Boris Tkachenko, General Director of the Institute of Mentoring, cited data from the Russian experience in business mentoring and noted that at least 80% of businesses, thanks to the presence of a mentor, show survival in the first year of existence.
“This study will be a valuable contribution to the development of mentoring in Russia. I hope that we will be able to develop effective approaches to mentoring support programs so that in the future even more young people can develop themselves and successfully develop their business,” Natalya Kravchenko, the project manager for the development of the mentoring movement in ASI, said.
Youth Business International (YBI) is a global network of 56 expert organizations in 52 countries that help young entrepreneurs in need of support transform their ideas into successful businesses, create jobs and create sustainable local communities.
Middlesex University is an educational institution with an impeccable reputation and a solid history. It has campuses and other facilities in the UK and several other countries. The University has the Center for Entrepreneurship and Economic Development (CEEDR) - a leading academic institution specializing in entrepreneurship and small and medium-sized enterprises (SMEs) - and the Faculty of Management, Leadership and Organizations (MLO), which includes work on mentoring, coaching and leadership development, and over the years has achieved outstanding scientific and practical results. Both of these structures were directly involved in the preparation of this report.