Venture Entrepreneurship - the 360 degree holistic approach to business incubation
Venture entrepreneurship is a 360 degree approach to business incubation and takes a holistic view for providing the entrepreneur at the centre of the venture with the support he or she needs to succeed. Most entrepreneurs are good at something, are passionate about sharing what they are good at with others, and are prepared to take action toward doing just that.
However most entrepreneurs also lack the skills, and more often than not also the resources, to grow the business either operationally or strategically. They have little or no knowledge of business structures and business systems, they may be weak in the area of creating and executing a strategy, most will hate administrative work and are poor at keeping and updating records; indeed why should they have to?
Albeit often great people persons, their hiring skills are more often less honed and they don't always hire the right personnel. The same goes when it comes to building a management team.
Frequently early stage entrepreneurs either don't want, or don't know where to turn, to find a business coach and/or mentor to help them along their journey, and although they know that to grow and expand their business the will need to lead people, the majority when starting out try to do it all themselves, don't rate themselves as a good leader, nor do they know where to turn to obtain the skills they need to effectively lead large teams of people.
Some may think that the above paints a bleak picture of an entrepreneur, and others will argue that it is not representative of them or people they know. It is certainly not representative of most seasoned entrepreneurs but it is a very clear snapshot of most early stage and emerging entrepreneurs, and the good ones will be the first to admit it. The above description is also not bleak. It is in fact more of a design than a description.
Entrepreneurs need to focus on what they do best, they need to attract the people to them who will help them do what they are not good at, and they need to have the confidence to make decisions in the knowledge that they are the right decisions, irrespective of outcome; and if those outcomes are not what they expected, that they will quickly learn from what has happened and quickly adapt or fine tune as appropriate. This flexibility, ability to adapt, and the attitude that goes with it is after all what is at the core of entrepreneurs.
Venture entrepreneurship is a form of business incubation that provides the entrepreneur with the support he or she needs in all of the areas where they are not their strongest. Venture entrepreneurship allows the entrepreneur to focus on what they do best whilst they develop their leadership and other business skills with the guidance and support of a team of seasoned professionals.
Venture entrepreneurship is an entirely collaborative approach to developing new business ventures bringing together industry experts from other companies and best of breed organisations, where appropriate, to provide additional support and perspectives to the incubated business, whether technical, marketing, sales, financial or any other area relevant to developing your business.
As an entrepreneur, you need to find the right people and resources and soft skills training to help you achieve your vision. Contrary to most formal 'old school' business education, leading any business, whether startup, emerging, or established, developing a business is not about hard skills development. It is the soft skills that matter when you grow, expand or run your company. Business incubation in the form of venture entrepreneurship provides precisely this, training and coaching to develop your soft skills and help you acquire the right resources with the hard skills your venture requires.
Venture entrepreneurship programs exist as both virtual programs and at physical locations. Virtual programs are delivered in a combination of self paced and live one-on-one and/or group mentoring and training sessions via online video communications. Business support services are provided and a senior member of the incubator will be assigned to be your first point of contact for all key business issues. Business finance and investment is also available for qualifying candidates who meet the finance and investment criteria. Business incubation programs in a physical location offer all of these services in addition to a physical collaborative workspace where you can call home during the period of the incubation program. Mentoring and training are also more often face-to-face.
No matter where you are in the world you can access a business incubation program. Finding a good cultural fit is important and an incubator will not accept every candidate irrespective of whether they are ready for incubation or not. Incubation like investments are very much like a personal relationship; if the chemistry is not present it won't last and neither party will be fully satisfied.
Original Article Source: Venture Entrepreneurship - the 360 degree holistic approach to business incubation
PAUL J. LANGE - RAINMAKER
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About Paul J. Lange:
Paul J. Lange is the founder and Chairman of CleverX Blue Ocean Business Incubators a new type of business incubator focused on collaborative hubspace and venture entrepreneurship offering incubation programs for virtual incubation, incubation readiness, and physical location based business incubation.
Paul is a seasoned and internationally experienced C-Level executive specialising in leading rapid growth start-ups & complex business expansions.
His career spans more than 25 years and five continents during which time he considers himself privileged to have been instrumental in helping both entrepreneurs and multinational enterprises to realise their vision and achieve their business goals.
As a business mentor and business performance coach Paul helps corporate leaders, entrepreneurs and owners of medium sized businesses to apply big business enterprise disciplines and solutions to gain a competitive advantage and increase profits.
What drives and inspires Paul is working with people who can visualise what they want, are passionate about achieving it, and take action toward it.
Paul's 'Business DIET'© system has helped countless entrepreneurs and business owners around the world to launch start-ups, expand existing operations, and greatly improve bottom lines.
Paul is also one of Australia's most connected management consultants, and leading business strategists, with a passion for helping corporate leaders, entrepreneurs and business owners who are committed to achieving outstanding results.
Paul's support can help you to develop strategic direction, implement it, execute and make more money. He can have you working on your business, instead of in your business, right from day one; and if you have already started down this path, he can help you to complete the transition to business leader from business manager.