Business Incubation: Does it work?

How many businesses start and fail to the point of closure? How much time and money is spent on such ventures and could be channeled 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 businesses? Is a written down business plan sufficient to start any business? These are some of the key 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. This has been used by only a few entrepreneurs as it is deemed as an expensive venture. It is evident that many businesses function without a broad of governors or a team to keep them in check on their focus, direction and, speed of growth. A worthy solution might be to hire a business incubation team. Such a team should be equipped with professionals to assist in key functional areas of your business. This assists the business 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.