This study examines how forming mentoring relations impacts opportunity exploration and exploitation in aspiring entrepreneurs. Through conducting a longitudinal qualitative analysis, this study examines the evolution of mentoring relations in a sample of 32 dyads of mentors and nascent student entrepreneur mentees. We found that mentors adapt their approach to mentoring in accordance with their mentees’ stages of development. In both stages of opportunity exploration and exploitation, mentoring focuses on developing entrepreneurial competencies and establishing structural capital. However, in the opportunity-exploration stage, mentoring has a stronger orientation towards motivating mentees and building relational capital, while in opportunity-exploitation stage mentoring tends to focus on promoting self-efficacy and establishing cognitive capital. Conversely, during the opportunity exploitation stage, promoting self-efficacy requires a multifaceted approach, incorporating relational capital as well as structural and cognitive capital, to provide a holistic and robust support system for mentee development.
