Do Mentors Matter to Potential Entrepreneurs?

The answer is yes, according to new research.  Adults who have access to a mentor are three times more likely to say they are planning to start a business (14%) than those who don’t have a mentor (8%), found Gallup surveys conducted this year in 83 countries.  The surveys defined “adults” as people age 15 or older.

While mentor access provides the biggest benefit to younger potential entrepreneurs, it also helps older ones, shows the Gallup data.  Out of survey respondents in the 50-to-64 age group, 9% with access to a mentor plan to start a business, compared with 3% who plan to start a business without a mentor.  In the 65-plus age group, 5% of those with access to mentor plan to start for a business, compared with 1% who plan to do so without a mentor.

The Gallup surveys also found sub-Saharan Africa has the highest percentage of adults (20%) planning to start a business in the next 12 months, followed by the Middle East and North Africa region (10%) and Asia (8%). In comparison, the more developed world has fewer adults planning to start a business in the next 12 months: Northern America (7%), the former Soviet Union (4%), and the European Union (3%).

A Gallup article with more details about the results can be found here.

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About Lynne Strang

I'm a writer who blogs about 40-and-older business owners. I am also the author of "Late-Blooming Entrepreneurs: Eight Principles for Starting a Business After Age 40." Outside of work, I enjoy reading, cooking, vegetable gardening and exercise (especially cycling).
This entry was posted in Business, Career Changes, entrepreneurs, Entrepreneurship, Leadership, Retirement. Bookmark the permalink.

4 Responses to Do Mentors Matter to Potential Entrepreneurs?

  1. I just can’t imagine starting a venture or a new job without mentors. I think seeking the potential of mentoring relationships is an important part of the interviewing process and accepting/refusing a job opportunity.

  2. lbstrang says:

    It seems like we hear a lot about the importance of networking but not as much about the critical role of mentors. Whether you’re starting a new job or a new business, mentoring relationships can determine your success and satisfaction.

  3. Mike Wilson says:

    I didn’t really have mentors when I started out, but I sure have had some who helped along the way!

  4. lbstrang says:

    Me, too. Sometimes you don’t realize that someone has mentored you until after the fact!

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