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A lot of recent MBA graduates want to follow an entrepreneurial path and start their own business instead of becoming a corporate worker an employee. A great business concept however, is not a assurance that you will succeed in the current challenging market. Entrepreneurs also need to be able to build and run a profitable business that can transform their ideas into a viable, marketable actuality.
To go from concept to business numerous entrepreneurs who are just starting out turn to incubators to get help. Startup incubators are programs created to provide startups with the space, resources as well as the expertise and connections they require to start their journey.
It is difficult to find success figures for a business. find, but an Forbes article written by OneClass Chief Executive Officer Jack Tai cites some research that provides insight into the value of incubators. These include:
A study in 2010 from the now defunct National Business Incubation Association (NBIA) discovered that companies incubated were successful at 87 percent rate, which is more than double that of companies that are not incubated.
The UK research study conducted in 2014 revealed 92% of newly-created companies were successful.
He also explains that many of the most profitable companies, including Airbnb, Dropbox, and Reddit have a storied beginnings in incubators.
With this type of information and the anecdotal evidence to support them incubators are a popular alternative for entrepreneurs who want to establish a company. Before pursuing this route it is important to have a solid foundation in the fundamentals of business is crucial. This type of foundation can be acquired through MBA programs like the Washington State University's Online Master of Business Administration. It offers a complete entrepreneurial MBA program, the WSU on-line MBA degree program trains students to make the most of any incubator for startups.
Providing Basic Needs
At the most fundamental level incubators aid entrepreneurs by providing practical tangible resources that are difficult for businesses starting out to access or pay for and include:
Office space. Incubators usually have office space which young companies can use for a fraction of the expense of traditional offices. Based on the needs of the business Participants can select from different options like offices that are shared as well as private offices and single cubicles. The office will typically have shared resources like printers, photocopiers, bathrooms, high-speed internet and utilities, and even support for administrative tasks.
Equipment that is specially designed. Some startups require specific equipment that could be prohibitively expensive to buy. For instance, a food-related business that requires kitchen facilities or a medical startup that requires laboratory access. Incubators are able to provide these facilities. They can also provide professional training and equipment for special equipment.
Through providing these requirements incubators are not only able to eliminate some of the financial hurdles to entrepreneurship, but they help with the work involved when starting a company.
"Because the infrastructure of running a business is already in place when you arrive at an incubator, you'll be able to focus solely on the core of your business without needing to worry about all of the distractions that typically occur while doing so," An company called University Lab Partners.
Expertise on Tap
Beyond the essentials for daily operations, incubators provide participants with useful business advice and information. The information is provided in three major types:
Peer contact. Most incubators have sufficient lab or office space to accommodate dozens of startups. The participants constantly cross paths with each when they are doing their job. They are able to build friendships and share "war stories" about what they're doing, what's effective, what doesn't work success, failures, and successes. They are also able to give and receive feedback, advice, and suggestions. This constant peer support is extremely valuable. "Speaking with and learning from other entrepreneurs can be the inspiration you need to push yourself--and each other--to reach the next benchmarks of success," states CO. U.S. Chamber of Commerce's website CO.
Training. The majority of incubators provide formal training however the details differ from one program to the next. According to the website for financial services CFI The most popular offerings are managerial training, advisory services; as well as support or education in business fundamentals like market research and marketing accounting, as well as legal compliance.
Mentorship. Learning from and collaborate with business professionals who have been around for a while is an important advantage of incubators. They are determined to help entrepreneurs get started with a positive start and avoid the numerous pitfalls that come with new venture ownership. "While making mistakes along the way to success is an expected part of the process, these mentors are there to help you avoid making similar ones they've made when they were just starting out," CO Explains.
Networking and Funding
Another benefit of incubators is the access to financing and networking sources, which are essential components that every fledgling company needs to succeed. University Lab Partners (ULP) examines the importance of these advantages:
Networking. Networking is the practice of sharing information and forming relationships with other professionals in the business. It is vital for the success of any business. "If you've never started a company before, you'll likely find it difficult to develop a strong network without a solid foundation of professional relationships and connections in the industry," ULP says. ULP. Incubators aid in this process by providing peers inside the program as well as external professional connections. Participants should anticipate having a solid professional networks at the point they quit the incubator.
Funding. A lot of startups require outside capital for their ideas to come to fruition. Some incubators offer participants the opportunity to receive a lump sum in exchange for a small portion of their company. Some do not offer directly funded funding, but do connect users with "angel" investors who may be able to aid. The incubator could also offer the opportunity to learn and prepare for pitches where entrepreneurs can present their ideas to investors who are interested.
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