Starting a enterprise and breaking into the market is an uphill task and having people and a strategy to guide you through the journey is essential. Take a look at some of the programs you can use to your advantage.
An enterprise incubator is a company dedicated to helping start-ups grow and become independent by providing them with services such as office space and training on management practices. Enterprise incubators fall into different categories, all aimed at propelling regional or national economic growth by helping out people yet to land on their feet.
The various kinds of incubators include venture capital firms, academic establishments, for-profit property development ventures, not for profit development corporations as well as a combination of the four.
Enterprise incubators are different from research and technology parks based on how they approach aiding start-ups. Where the parks dedicate themselves to housing all kinds of companies ranging from start-ups to university labs because of their large sizes, incubators work towards offering assistance on enterprise practices. You will find that many parks house enterprise incubators.
Enterprise incubators are more exclusive as to which clients they will take on, unlike the development centers which are bound by the law to take on anyone who walks through their doors. Enterprise development centers also work with all kinds of enterprises at all stages, unlike the enterprise incubators which focus on start-ups.
Many incubation programs partner with the local enterprise development centers to create a platform where they can nurture entrepreneurs. Some countries offer state programs geared towards consulting with entrepreneurs and helping them come up with prototypes. Look to such enterprise programs and get to acquire knowledge on how best to manage their enterprises.
In addition to getting aid from enterprise incubators, you need to have a enterprise plan to help you stay on track. An enterprise plan is a document where you write down your goals, why you think you can get to them and how you plan on achieving them. In it, you can also detail what your organization is about and how your team can work on completing the set goals.
Enterprise plans are not only essential when starting out but they also come in handy when you wish to make changes in the future. Supposing you want to target a new market, you must sit down and come up with a methodology on how to attain that goal.
The plans vary in the delivery period depending on the kind of undertaking you are considering.
The enterprise plan is essential because it gives investors a timeframe as to when they can begin to expect their returns and in what periods. It also ensures that you can get back on track when you realize that your activities are not in line with your targets.
An enterprise plan will often consist of the following: cover page where you list the table of contents, a summary of what is in the enterprise plan, a mission statement, a description of your enterprise, an analysis on the threats and opportunities as well as market and competition. It also includes a plan on how to market your products, a financial plan and a summary of management.
Though an enterprise plan sets out the aims of your enterprise and gives a map on how to get there, you can increase your chances of success by using a enterprise strategy. The strategy details the ways you will put to use so as to reach the desired end. You can look at it from a perspective of a long-term plan which can cover you for the next three to five years.
The strategy focuses on resources such as how to raise money to expand to a new location or which products should get most funding. The procedures are always in line with your choice of enterprise, and they fall into two categories: general and competitive. General strategies often delve into how to grow an enterprise, ways to reach the global market and how to cut back on costs through retrenching employees.
The competitive advantage strategies are all about making you stand out from the rest of the enterprises in your field. You can do this by differentiating your product to make it more desirable or pricing at lower rates especially when you enjoy economies of scale.
In a case where you are planning to invest in a tech enterprise, you have the options of angels and venture capitalists.