Many have rushed into business idea execution with little or no knowledge about running a business, empty structured and viable business plans. These start-ups have found it even rough operating in the ever demanding business environment coupled with different forces. As a result, most of these startups, rarely live to see the 2nd year of operation, and that partly explains why a chunk of ventures fails and are increasingly unsustainable. The message is now deafening than ever, you can’t do it alone in business, especially for the new entrants. Support, mentorship, empowerment from veterans in the industry plus experts as well as other stakeholders play a crucial role towards your venture success. Going blindly into the new expedition is a precise recipe for disaster.
Many success stories have clouded the entrepreneurship space, portraying it as a bed of roses. This narrative has dramatically attracted many ‘entrepreneurs’ into business even without skills to manage oncoming challenges. They have lived to regret their moves. More failure stories from veterans in various industries, and strategies, secrets used in overcoming the challenges, gives that great opportunity for more entrepreneurs to learn from the mistakes and strength to build a foundation of success.
Business accelerators are time-bound, short and vigorous mentorship programs that spike startup growth and profitability within few months. Many business accelerators and empowerment programs continue to rise in the entrepreneurship ecosystem to bridge the gap between jumpstarting startup ideas and business sustainability, profitability plus growth. Why should startups consider business accelerators?
- Opportunity for Learning and mentorship; Engaging someone who understands what he/she is talking about is a sage recipe for success. Business accelerators present that opportunity to learn from mistakes of others, secrets of success and avoiding costly business pitfalls. It’s wiser to learn from the failure of others to build a stronger foundation for success. Acquiring knowledge and skills from individuals in the same industry is rewarding, entrepreneurs get to share their fears, challenges in their respective business stages. They get the much-needed guidance from experts and veterans to grow the stronger business.
- Networking and exposure; Synergy/collaboration between entrepreneurs, experts, investors, industry veterans and other stakeholders provide an opportunity for increasing startups profitability. Business accelerators give the ecosystem where businesses interact, create linkages, and meet investors for financing, product marketing, emotional support from other firms in the similar scope. A network and cycle of individuals that are ready to support and inspire others to achieve productivity, through using their failure stories and difficulties faced in their journey to greatness.
- Increased revenue; Many surveys have pointed out that mentorship plays an essential role towards boosting business revenues, entrepreneurs get to identify various pitfalls costing the business and get to learn better ways of evading them thus maximizing profits as well as focusing on increasing margins by minimizing initial costs.
- Business sustainability; business accelerators have primarily boosted survival rate new entrants startups and transforming side-hustle ventures to main-hustle businesses. Entrepreneurs get to overcome the fear of failure entirely and dedicate much of time and resources within stipulated time-frame through step by step guidance by veterans and professionals to be better empowered to be on top of the game. Here you get to share your business vision and get the right inspiration and support to walk the path of your business dream seamlessly. Never shy away to be mentored, remember even the renowned greats owe their success to their mentors.
It’s prime time for aspiring and startup entrepreneurs to stop working in isolation and get connected with various parties in the industry to move smoothly with their endeavors, technology has played a massive role here to widen online entrepreneurship, service businesses among others. Entrepreneurs need the resources, knowledge, and skills to optimize productivity or get started; this is a viable avenue for those many aspiring CEOs and stagnant business ventures.