ROLE OF BUSINESS INCUBATORS IN ENTREPRENEURSHIP DEVELOPMENT IN KENYA

Entrepreneurship being the in thing in this era, comes with loads of challenges, the major one being getting the seed capital to bring the idea into life. The sweet gospel is that there are venture capitalists and non profits making organizations who are willing to hold your hand and see you walk this entrepreneurship journey successfully. With that unique idea that guarantees great returns in future,potential investors will not bat eyelids, trying to gamble on whether to absorb you are not, they will gladly take you in. But do you know the advantage that comes with such a God-given chance?

  1. Shared basic costs of operations.
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Being in the umbrella of a business incubator implies that you share a wide range of overhead costs, such as utilities, office equipment, computer services, conference room, labs. Normally, rent cost is below the expected.As an entrepreneur, you ought to realize the additional savings affiliated with some costs in the incubators.

  1. Free consultation and administrative assistance.

In the incubation centers, most employers and employees are individuals who are experienced and very learned.As an entrepreneur, when you idea makes to the incubation center, you are assured of critical information and advise from the team.The incubator managers and staff managers can provide insightful advice on a broad spectrum of business issues. From marketing, business expansion to financing.They are resources to be fully utilized.

  1. Access to capital.
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The fact that an incubator has credited your business means that it will attract potential investors and build their confidence in your idea. The incubator owners and directors provide seed capital access by assisting entrepreneurs in obtaining in federal grants, preparing financial proposals,obtaining royalty financing among others.

  1. Exposure.

Business incubators gather different entrepreneurs under one roof.This creates a dynamic where entrepreneurs encourage each other in their endeavors, share information on related subjects, establish strong networks that’s will serve them for years. That environment full of agile youths, challenges and self motivation encourages the entrepreneur to become persistent and focused.

  1. The aura of credibility.
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It goes without saying that entrepreneurs whose business  make into the incubation centers are likely to prosper more They acquire legitimacy  among both vendors and customers.

By Inzillia Sasi

TheFounder Magazine

Made Of Founders

TheFounder Magazine is an online business magazine that focuses on starting, running and growing a business in Kenya today

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