Mentorship is central to successful start-ups. It is different from consultant support because mentors provide the pastoral and personal support essential for young entrepreneurs. The Prince’s Trust (PT) pioneered the concept of mentorship which, in 35 years, has helped almost 400,000, mostly disadvantaged, young people start successful businesses. The great majority of them have grown to provide significant tax revenue to government and reduce their benefit bills. Youth Business International has franchised the model to 50 countries with similar success, convincing many policy-makers to see the wisdom of investing in mentored start-ups.
Research done by both organisations across several countries shows that, where there is effective mentorship, 70%-80% of youth start-ups are still in operation after three years. Where there is no mentorship, that figure falls to less than 50%.
Tusshar Munoat ‘s Indian construction company has increased its turnover 60 times in five years to US$6 million in 2016, generating thousands of jobs. “My enterprise contributes to the development of country’s rural infrastructure by building dams and laying pipelines to connect and channelize water for providing irrigation and drinking water to villages.”