Research shows value of Mentoring


New research from insurance firm Hiscox has shed light on the level of global serial entrepreneurship, and found mentoring plays a huge role in success.

In a survey involving 4,000 owners and senior executives in businesses with fewer than 50 employees across Europe (the UK, France, Germany, The Netherlands and Spain) and the US, serial entrepreneurship has emerged as a dominant trend.

A strong factor influencing entrepreneurship at a younger age was the use of a business mentor. Younger business owners and managers, the survey concluded, are much more likely to have used a mentor than their older peers (55 per cent of under-30s compared with 24 per cent of over-60s). The figure for under 39s stands at 49 per cent.

Nearly a third (31%) of small business owners and managers have had a personal mentor. The practice appears most widespread in the US and Spain, where 45% and 35% of respondents say they have been mentored, and among the under-30s (where 55% have been mentored versus 24% of over-60s). Nearly all those who have used mentors (94%) say the experience was either ‘very useful’ or ‘quite useful’.

The full report can be accessed here.