Three actors of entrepreneur mentoring and their impact on perceived mentoring effectiveness: The Korean formal mentoring context

Purpose: This study investigates the impact of three actors that influence entrepreneur mentoring-mentor, mentee, and operating agency-on mentoring effectiveness within the context of formal mentoring in Korea. Specifically, the study considers the characteristics of the mentee, mentoring functions provided by the mentor, and support from the operating agency as antecedents to explain the perceived mentoring effectiveness of the mentee. Design/methodology/approach: I conducted two studies. Study 1 involves data from mentees participating in the entrepreneur mentoring program hosted by the Korea Venture Business Association from March to June 2018. Data for Study 2 was collected from mentees participating in the mentoring program hosted by incubating center of university located in South Korea from November to October 2022. Hierarchical regression analysis was used to examine the hypotheses. Findings: First, Study 1 shows that willingness to receive mentoring positively affects entrepreneurial competence improvement, but this impact was insignificant in Study 2. Second, the problem-solving function provided by the mentor presents a significant positive effect on both mentoring satisfaction and entrepreneurial competence improvement. Third, the motivating function undertaken by a mentor only has a significant positive effect on improving entrepreneurial competence in Study 1. This motivating function positively affects mentoring satisfaction and entrepreneur competence improvement in Study 2. Fourth, support from the operating agency has a significant positive impact on both mentoring satisfaction and improving entrepreneurial competence after controlling for the mentor and mentee effects. Research limitations/implications: This study provides a theoretical contribution to the research on entrepreneur mentoring. In this regard, it suggests three actors-based models of mentoring effectiveness and practical implications for organizations executing entrepreneurship mentoring programs. Accordingly, it confirms that the operating agency's managerial role is necessary for enhancing entrepreneur mentoring effectiveness. Originality/value: Entrepreneur mentoring is implemented via formal mentoring in many developing countries. However, little attention has been paid to the operating agency as the primary determinant affecting mentoring effectiveness. The current study addresses this gap by examining the effects of three actors in formal mentoring- mentee, mentor, and operating agency-on the mentee's perceived mentoring effectiveness.