Products and services are accessible now where anyone can start up any business of their interest with less difficulty. With technology, the right amount of capital and the right attitude, anyone can operate a business. Also, small businesses continue to thrive with the guidance of business acceleration. With this, entrepreneurs are provided with outlines or templates on how to carefully start on their business through customized programs, contact to mentors, talents and capital. Some businesses may take up on the idea of business acceleration and there are some that are still disengaged with it. Not all accelerators are of the same standard. Here are three reasons to benefit from an excellent business accelerator:
1. Acceleration: Simply put, is the increase of rate or speed. In business, it could be regarded as the objective of any company that started up small, then increased its presence in the marketplace and eventually have its own niche in the market with a signature product or a specific service for a short timeline. Taking into account also are some of the losses and slip ups encountered during the process. If one aims to build the business faster, it should be able to measure faster by employing business experiments, testing or monitoring. The results that came up from the testing will allow the business to learn faster which will provide action plans for product development, efficient practices or propositions on future expansions.
2. Talent: Business acceleration programs involve people with competency skills that will aid the improvement and growth of the business. These talents that take part of the program can become a team member who share the same vision or drive to develop a business following the program. You gain access to talents who act as mentors with immense experiences on the field. They will be able to provide advice or feedback which can be applicable to the business condition. But of course, one has to discern which opinion is valuable to the business in order to implement better and dependable solution to varying situations. Apart from the association to fellow accelerators, one can also exchange ideas with a network of business incubators thru the program. Business incubators help new and start up companies by focusing on the early stage of the business. Both accelerator and incubator prepare companies for growth. For the incubators, they provide focus on business skills training, access to finance and professional networks. It mainly provides the necessary tools and advice for the business to be established and to be fully operational on its own as a new entrant in the field.
3. Capital: Any business would not proceed without enough capital to cover expenses and maintain operational costs. The assistance that business accelerator offers in relation to capital is an opportunity to present to an extensive audience and allows entrepreneurs to highlight accomplishments given a short period of time and come up with raising or augmenting investment capital of the business. This part of the program may be a hard sell to some but in effect, it could also lead to another opening of collaborations and connections to other business or product integrations in the future.
About the Author
“Murray Priestley has 25 years of commercial and asset management experience having served in board, CEO and senior executive positions with a number of global public and private companies.”