Implementing a Web Based On-Demand Mentorship Platform for Young Entrepreneurs

Ojumah, S., Ogunleye O, Udoh A, Ameh F., Oluwatobi S.

Abstract


Over 90 percent of startups fail after the first five years of kick-off in many developing economies like Nigeria due to the lack of entrepreneurial experiences, understanding of the environment and relevant insights required to handle peculiar challenges that come with running a startup company. Entrepreneurs and founders of startup companies can, therefore, improve the longevity of startups and mitigate the degree of startup failures if they can be equipped with the required knowledge and capacity. Such capacity can be harnessed from years of experiences gathered from trying, making efforts, succeeding and failing. However, entrepreneurs and founders, who are starters or lack substantial experience, may contribute to the failure rate of startups. This, nevertheless, can be addressed by taking advantage of those who have already gathered substantial experiences. These are referred to as mentorship in this study. Thus, a sound relationship between an experienced entrepreneur (mentor) and a starter entrepreneur (mentee) can enable the transfer of knowledge that mitigates the failure rate of startups. This study, therefore, seeks to explore the development of a web-based mentorship platform, where experienced entrepreneurs and young entrepreneurs meet and transfer knowledge. The platform is meant to give young entrepreneurs a leverage such that they harness the already existing experiences of experienced entrepreneurs, such as their failures, successes, methods, leadership styles and efforts. This will foster mentorship relationships, quick-finding help, and knowledge-sharing such that the failure rate of startup companies in Nigeria is reduced.


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