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14Jan, 2022
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Business Incubation: Does it work?

How many businesses start and fail to the point of closure? How much time and money do entrepreneurs spend on such ventures instead of channeling them to more worthy courses? Does the government take note of the number of businesses churning out of the business environment? What role does business incubation play in the development of enterprises? Is a written down business plan sufficient to start any business? These are some of the critical questions any business owner would ask at one time or another.

Let us consider business incubation as the social, entrepreneurial or public development process designed to nurture business ideas through a comprehensive business support program towards helping them establish and accelerate their growth and success. Only a few entrepreneurs have used this as most deem incubation as expensive. Therefore, many businesses function without a broad of governors or a team to keep them in check on their focus, direction and, speed of growth.

An excellent solution might be to hire a business incubation team. Such a team should be equipped with professionals to assist in critical functional areas of your business. This helps the company to reach its set goals faster. The alternative to hiring a business incubation team would be to work with service providers with expertise in key business lines of your interest. This would include a financial consultant, a digital marketing expert, an experienced expert in your business field, etc.

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