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A brief note about Business Incubation & Bootstrapping Services - a solution for startup challenges.
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Business Incubation & Bootstrapping Services – Solution for Startup
Challenges
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Cogzidel Consultancy Services Pvt. Ltd
Internet has created a huge revolution in bringing world closer; it has also created huge opportunities and reduced costs. Advent of internet helps in creating many entrepreneurs and we have never seen this happen during pre-1993 days.
By getting these much opportunities, exposure and even countries like China becoming capitalist-friendly, it has opened doors for more entrepreneurs and there are hundreds of organizations emerging every day.
There are instances where some may be successful and some fail. It is always good to analyze and see how these successful companies are able to achieve. It doesn’t mean that people behind failed startups are not fit entrepreneurs.
In most cases a startup entrepreneur gets started with his operational experience or excellence. They are under the importance of many other supporting functions required to run an entity and also think about low and efficient methods for the same.
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In my experience, I’ve seen lots of startup starting it too big or too lean. Both are not a healthy sign for a start up. For example, couple of my friends started a BPO company and made huge investment on infrastructure and later suffered. Now they are forced to share there infrastructure with other companies to sustain. They could have very well found a shared office or a co-working office in the beginning.
Likewise, I’ve also seen startups making a lean beginning like not even investing in proper infrastructure required.
So, for a startup to flourish the promoters must be rich with information on all business function to satisfy Investors, Employees, Vendors, Customers, Government & the Society (Society also plays a vital role in some companies, take for example how politicians used Society to pull down TATA NANO plant).
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As said earlier, the entrepreneurs who start with their operational skills need experience and evolution of time to understand all aspects. For example, to prepare a business plan to approach an investor an entrepreneur must know the stakeholders who all must help him to create a business plan. Based on the business, an entrepreneur needs help from an Auditor, Company Secretary, Investment Banker, Lawyer, Data Research/Collection agencies etc.
Likewise, there are lots of statutory compliances a company must follow when it comes to Employee Management, Company Taxes, and Environment etc.
So, it is always advisable for a startup to join hands and grow along with other startups mutually. They need to be under the umbrella of a Bootstrapper or Business Incubators.
Business Incubators help Startups to concentrate on there core competency and help them in putting on to other startup which might be into complementing service or with the right consultant/company with their contacts to do things at right time.
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For example, a Startup by name “XYZ Technology” is under a Business Incubator and it needs HR services for its employees and if there is another start up “XYZ HR Services” under the incubator, he can connect 2 companies or he can help in sourcing a HR consultant who will do HR related activities for all the companies under the Incubator. By this way, incubator helps the Startups to get offers from bankers, vendors and consultants by showing the volume.
I think this post must be very useful for you and would be happy to know your comments/feedback. Feel free to email me at [email protected] for any help.
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