How to benefit from a business incubator.

• Position: THE "HOW TO GUIDE"

Every entrepreneur knows the early phases of a business are the toughest in terms of survival. The list of decisions to be made is endless, forming a network of business connections is time-consuming, and costs must constantly be monitored.

Business incubators provide precisely this type of assistance. A business incubator's main goal is to produce strong ventures that will lead to successful survival in the working world. This is accomplished by providing management support, referrals and shared resources.

Typical incubator clients are pre-launch phase entrepreneurs who have an idea, but need the support and assistance of a structured framework or existing entrepreneurs who are looking for support services while regrouping in anticipation of a growth phase.

Whether it is a new or existing business, these clients benefit from a support network of other business owners in the business incubator and essential management support from the business incubator staff. Typically, this includes an incubator manager and assistants who act as sounding boards for clients. Key connections and referrals are also made through established links to the community.

Client operating costs are greatly reduced by the policy of shared resources. The scope of shared resources may vary from one business incubator to the next. However, shared resources usually include a receptionist, use of a boardroom and office furniture, photocopier, fax service, telephone and Internet connection.

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