Analysing the feasibility of financial rewards for mentors engaged in entrepreneurial mentoring

Abstract

In the domain of entrepreneurship, mentors are considered as volunteers and philanthropists yet their value is undermined, the purpose of this paper is to explore the feasibility of financial rewards for mentors, which could help in understanding the perspective of mentors towards the opportunity cost associated with mentoring. This study uses a survey to explore the viability of different types of financial reward models based on the responses of mentors engaged in the mentoring of entrepreneurs. The results are analysed using multivariate techniques, followed by post hoc analysis; a combination of both approaches helps to increase the validity of findings in an exploratory study. The findings of this study show that there is a need to restructure the mentoring system in the entrepreneurship domain, wherein the findings reveal that mentors are more professional in today’s competitive business environment, with intentions to receive financial rewards for the long term showing a possible link between mentor growth and the growth of mentees. The pattern found in this study describes a new approach for mentoring in entrepreneurship and for this reason more research is needed to confirm the emerging pattern underlined in this research. This study is first of its kind that reviews the financial opportunities for mentors, especially in context of India, and develops groundwork for future empirical research in this area.

Keywords

• mentors
• financial rewards
• entrepreneurial mentoring