How Millennial Generation Entrepreneurs Use Mentors to Improve Business Performance

How Millennial Generation Entrepreneurs Use Mentors to Improve Business Performance by Nathanael Moulson BComm, University of Ottawa, 2006 MBA, Royal Roads University, 2010 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University September 2015 Abstract Successful small businesses are critical to the success of the global economy, but they continue to fail at high rates. Mentoring is a technique proven to improve the performance of new entrepreneurs and their businesses. Building on the conceptual framework of adult learning theory, the purpose of this multiple case study was to explore how millennial generation small business owners participating in the Futurpreneur mentoring program used mentors to improve the performance of their small businesses. Data included semistructured interviews with 6 successful participants of the mentoring program, experience profiles of these participants, and public information about Futurpreneur. The intent was to examine the phenomenon from a Canadian perspective, drawing from unique perspectives of program participants previously identified as success stories. Manual coding, cross case comparison, and thematic analysis revealed a variety of salient themes. Themes supported the tenets of adult learning theory and existing literature on mentoring. The primary themes that emerged were (a) Futurepreneur mentors played common roles in successful mentoring relationships and (b) there are common conditions for building healthy mentoring relationships within the Futurepreneur program. Implications for positive social change include improving how entrepreneurs select and learn from mentors, how mentors approach mentoring relationships, and how mentoring organizations design mentoring programs for millennial generation entrepreneurs.Successful small businesses are critical to the success of the global economy, but they continue to fail at high rates. Mentoring is a technique proven to improve the performance of new entrepreneurs and their businesses. Building on the conceptual framework of adult learning theory, the purpose of this multiple case study was to explore how millennial generation small business owners participating in the Futurpreneur mentoring program used mentors to improve the performance of their small businesses. Data included semistructured interviews with 6 successful participants of the mentoring program, experience profiles of these participants, and public information about Futurpreneur. The intent was to examine the phenomenon from a Canadian perspective, drawing from unique perspectives of program participants previously identified as success stories. Manual coding, cross case comparison, and thematic analysis revealed a variety of salient themes. Themes supported the tenets of adult learning theory and existing literature on mentoring. The primary themes that emerged were (a) Futurepreneur mentors played common roles in successful mentoring relationships and (b) there are common conditions for building healthy mentoring relationships within the Futurepreneur program. Implications for positive social change include improving how entrepreneurs select and learn from mentors, how mentors approach mentoring relationships, and how mentoring organizations design mentoring programs for millennial generation entrepreneurs. How Millennial Generation Entrepreneurs Use Mentors to Improve Business Performance by Nathanael Moulson MBA, Royal Roads University, 2011 BComm, University of Ottawa, 2006 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University September 2015 Dedication I dedicate this work to the courageous entrepreneurs—past, present, and future—who dedicate themselves to providing innovative solutions to problems big and small. Your efforts continue to make the world a better place. Acknowledgements First and foremost, I would like to thank my wife for her unwavering support. It is because of her that we have been able to build a beautiful family while I worked on this project. I would also like to thank my advisory team of Dr. Steven Munkeby, Dr. Carol-Anne Faint, and especially Dr. Anne Davis. Finally, thank you to all those at Walden University who contributed along the way including Dr. Gene Fusch, Dr. Freda Turner, Dr. Yvonne Doll, Fred Walker, and Andrew Shoop.