Press "Enter" to skip to content

How New Entrepreneurs Can Foster a Business Support System

Being an entrepreneur is not for the faint of heart. Most who embark on this journey have to decide at some point to make a change in their life — and change is not easy! But as entrepreneurs, we live by many strict guidelines, including what Theodore Roosevelt said, “nothing in the world is worth having or worth doing unless it means effort, pain and difficulty.”

Starting your own business means having to sever the umbilical cord that is your comfort and reliance on a corporation or someone else’s business for a paycheck and learning to hunt for your own meal. 

This article is for people who have chosen to pave their own path. 

For many entrepreneurs, going against the corporate grain means doing everything yourself and wishing for the best. Millions of entrepreneurs feel or have felt stressed out, lonely and likely to fail because we can’t do everything ourselves. Also, this past year definitely posed its own unique issues for small businesses. Many entrepreneurs think they need to walk the walk and talk the talk alone, but this actually doesn’t have to be the case.

Starting a successful company requires an experienced, creative, and innovative support system, improved incentives and structure around investment rounds, and faster pivots fueled by a network of partners. Though an innovative support system, such as an incubator, provides emotional and mental support, partnering allows startups to think big. The following are some examples of what this type of support looks like:

Tech Learning Curve

When you think of modern entrepreneurs, who comes to mind? For me, it’s Steve Jobs, Bill Gates, Elon Musk and more. What do all of these entrepreneurs have in common? They are all trailblazers in their respective fields of course, but they are all also tech leaders. Being a modern business owner means being a tech leader. If you are technically-challenged, now is the time to learn something new and start your business with state-of-the-art technology in place to reach its full potential. Executives in companies do not get a pass for not knowing technology — this is the future of conducting business. A good incubator and partner helps you to integrate and understand these modern technologies.

Outside Analysis

An outside source provides a far-reaching ecosystem of partners that enhance and shape the vision of your concept through years of experience and pushes it past its present potential. It is also much easier from someone on the outside looking in to analyze and consult you and your team on a plethora of issues. Chances are, this team has already worked through something you are facing for the first time as a first-time business owner and will help you overcome any problems.

Making Introductions

Outside businesses can introduce your company to their network of investors — if that is somewhere you foresee your business going. A good incubator provides benefits for investor relations like savvy offers and exits.

Accelerating Your Vision

Lastly, a good partner accelerates visions without sacrificing quality – You have the great idea, that is why you believe in yourself to start a business. A bad incubator will try to dictate what you do and say and who you are, but someone who appreciates and respects your vision will work alongside you and your team to make the dream a reality.

At the end of the day, it can just feel good to have someone who is in your corner. An incubator provides businesses with many benefits, but knowing that you don’t have to go through the hardships alone is priceless.

© Grit Daily LLC 2018-2021