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| Incubators — a Safe Environment |
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Incubators provide a safe environment for start-ups, but there's more to hatching a successful business than the right atmopshere.
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Incubate in kye bat; verb; to maintain under conditions favorable for ...development. Incubator in-kye ba ter; noun; an apparatus with a chamber used to provide controlled environmental conditions
— Merriam-Webster's Collegiate Dictionary, 10th Edition, 1998 |
Business incubators, high-tech incubators, entrepreneurial incubators. Whatever they are called, their missions are the same: to provide start-up companies with an environment where they can develop their product and begin to successfully market it to identified market segments.
But there's more to a successful start-up company than starting out in an incubator. Oh sure, it certainly helps to have the support of knowledgeable business people, an established office staff and technical people available for consult. In the United States, that country's business incubator managers, all members of the National Business Incubation Association (NBIA) have identified eight characteristics they say are essential for entrepreneurial success. The identified characteristics are the result of a study recently released by the NBIA.
Given, Israel isn't the United States, however, you might say a start-up is a start-up, so the identified characteristics would apply to any new company seeking success no matter where they were located. According to the U.S. incubator managers, the most successful entrepreneurial firms had the following characteristics:
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- An effective management team that works cooperatively and includes members selected to provide a wide range of knowledge and skills.
- Sound financing, early on. Funding is directly related to a firm's success and in some cases can be the deciding factor between a business venture's success or failure.
- Principals who are able to focus on a lead product or service and avoid over-investing in development and diversification.
- Principals who make business decisions based on a clear understanding of the market and the competition, rather than their own enchantment with their product or service.
- Principals who keep on top of best business practices by surrounding themselves with knowledgeable people, by remaining open to their advice and ideas, and by being willing and ready to make changes based on new information.
- A well-researched business plan in place that provides clear direction and focus.
- Principals who are good money managers and remain in control of the venture's books.
- An entrepreneur who is passionate about his or her venture and communicates that excitement to potential funders, customers and mentors.
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According to the NBIA, entrepreneurial failures — the start-ups that didn't make it — often lacked some or all of these elements. And if you think about it, you can see how failing to remain focused, failing to respond to the public's desires (not necessarily their needs), failing to keep control of finances, and so on can spiral out of control, leading to the demise of even the best of potential products.
If you're an integral part of a start up company, honestly assess yourself using the above criteria. If you can say you meet all those requirements, go for it! Success will be — or given all things — should be yours. If you find deficiencies anywhere along the line, seek to make the changes that will put you on the right track. You might actually find it's the difference between success and failure
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The Trendletter team welcomes your comments.
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