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Are Startup Incubators Right for You?

11/5/2018

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by  R.A. Rowell; Startup Extraordinaire
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Image © Lyn Lomasi; All Rights Reserved
Have you heard of startup incubators? Incubators are a unique form of business mentorship which combines traditional investing with streamlined mentoring. They are designed to offer budding entrepreneurs both funding and experience in building a successful startup. Learn about what incubator mentorships involve, so you can decide if one is right for your business.


What Are the Basics of Startup Incubators?

A startup incubator is a business coaching program. They are run by highly successful former entrepreneurs that have decided to use their success to help fund the dreams of those who are looking to start a business and have a quick exit. Startup incubators typically provide between $10,000 and $30,000 in funding while taking anywhere between a two percent to ten percent stake in the company. The funding and stake depends on a wide variety of factors.

As part of a startup incubator program, you have access to the incubator facilities, as well as their network. You have the ability to work out of a shared office for free. Not only that, but you have access to the incubator’s in-house accounting and legal services, too.

You also get to start your company at the same time as others in the same startup incubator program. That means you get to work as a team with other entrepreneurs building their businesses. This team spirit can help make the big task of building a business more fun and allows you to figure out what works well and what doesn’t together.

Also, beyond the primary mentor at the startup incubator program, you gain access to other successful individuals, too. Incubator programs often bring in alumni of the program to share their own successes and advice, as well as other business mentors or speakers.


Are There Any Cons of Working with a Startup Incubator?


While the advantages of working with a startup incubator are plenty, there are some disadvantages to startup incubators to consider. The first major downside of a startup incubator is that they are very industry-focused. This makes sense, of course, since the more specialized an incubator is, the more likely they will be able to bring success to a startup.

Most startup incubators focus on the tech industry. There are also incubators that involve biotech and green tech. If your business is not in any of these industries, it may be difficult to find a startup incubator that will work for you. But if you are in any of these industries, then you don’t have to worry about this potential drawback.

The other major disadvantage of startup incubators is that they are often looking to cash out quickly on the equity they’ve put into your business. Most incubators want you to build your idea into enough of a business that someone else is looking to buy relatively quickly at a substantial profit. If you’re looking to hold onto your company for the long-term, a startup incubator is likely not for you.

Of course, your business could be so wildly successful that you can buy out the incubator’s stake and all parties are happy. But if you’re not the type of entrepreneur who is just looking to build a business with the intent of selling it, startup incubators are likely not for you.


Startup Incubators Operate with a Highly Specific Business Model

In order to work, startup incubators must operate with a highly specific business model. Incubators fund multiple entrepreneurs with the expectation that a large portion of them will fail. Even with substantial funding, a great idea, and superb mentorship, most businesses still inevitably lose money.

Of course, for the incubator to be successful overall, the successful investments must bring in substantial revenues. That way, the incubator can cover the losses, plus the overhead costs of offering the facilities and services for its members.


Is a Startup Incubator Right For Me and My Business?


The best type of business to be funded and mentored by a startup incubator is one that’s expected to become a hyper-accelerated growth company that you plan to sell for massive profits. That way, the incubator makes a huge gain that can then be put back into funding other entrepreneurs. If you’re into doing just that, in an industry that the incubator has been highly successful in developing profitable companies, definitely consider a startup incubator.

Startup incubators offer some of the best mentorship you’ll find in any business mentoring program. They offer experts in every stage of business development, from building your idea into a profitable business plan, to incorporation, to building out your infrastructure and assets, to inevitably selling your company.

Perhaps you want to build a company that you plan to hold onto for yourself. A startup incubator isn’t really best for that. Or, you want to build a company in an unrelated industries to those you can find incubators to fund and develop. Still, if you’ve always wanted to try your hand at building a company quickly enough to sell off to fund your other business ventures, then trying out a startup incubator may be worth it to you!

Whatever you decide to do in your business ventures, the experience of working with a startup incubator may be worth it. If you’re successful, you can create a lot of capital for building a more permanent business, or businesses, for yourself. If what startup incubators do sounds exciting to you, then definitely give it a shot. Startup incubators aren’t for everyone, but now that you know what’s involved, you’ll know if looking into one is right for you!

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3 Ways for a Business Mentee to Give Back to Business Mentors

10/7/2018

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by  R.A. Rowell; Small Business Owner and Mentor
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A business mentorship should be rewarding for both mentee and mentor. Still, it's common for business mentees to think that they have nothing to give back to their mentor. That simply isn't true. Even if you can't give back in a monetary way, most mentors aren't in it for the money. So, how can you give back to your mentor?


Showing Gratitude

Mentors take satisfaction in making positive differences in people's lives. So, let your mentor or mentors know how they're difference makers in your life and business. Show gratitude for the specific things that they've helped you with. Let your mentors know how your life and business would've turned out were it not for them.

After each and every meeting with you, your mentors should walk away feeling like they did a great thing. That good feeling is why many mentors are in the business, after all. Being grateful and showing that gratitude goes a long way and builds a much stronger, long-lasting relationship being you and your mentors.


Public Recommendations

One of the best ways to give back to your mentors is through public recommendations and mentions. As you and your business become more successful, you'll have opportunities to speak in public or be written about in public. When that happens, go out of your way to mention your mentors.

Public mentions can serve as huge recommendations. This will help your mentors build up their names. It also gives them a sense that you truly do appreciate what they do for you.

When you read books by successful people, you'll find that they often acknowledge their mentors and influencers by name. These mentions can even be as long as a chapter or an entire section of a book, not just in the acknowledgments. Successful people are happy to give credit where credit is due to their mentors. Whenever you have a chance to speak well about your mentors in public, be sure to do it.


Being Successful

Finding extraordinary success is the ultimate goal of any mentor, and it's the best way for a mentee to say thank you. Mentors do their best to contribute to helping you realizing your vision. Both hitting and surpassing your goals is the dream of any mentor.

Mentorships exist to provide a foundation for success. A mentor finds his or her fulfilment in taking brand new businesses to successful enterprises. Not all entrepreneurs are successful, of course. So, if you succeed, you'll make your mentors proud.

The best ways for mentees to give back to mentors is in emotional ways. Let them walk away from your meetings feeling accomplished. You want them better off having spent time with you than if they hadn't.

Don't view your mentor relationships as you taking something from them. Mentorship should always be a mutual relationship. Your success reflects well on their advice and guidance. In return, mentors get a wide range of emotional benefits, worth far more than the money.

Who are your mentors?


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Improve Your Writing With a Writing Buddy

1/18/2009

 
by Lyn Lomasi, Write W.A.V.E. Media Staff
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Even the best of writers make errors. From typos to grammatical mistakes to run-on sentences, mistakes in writing are common. In internet writing, many writers are editing their own content. This works well most of the time, but we all have our off days. Even a star editor can make a mistake in their own writing. So, how can you solve that? One way is to get a writing buddy.

What is a Writing Buddy?

A writing buddy is another writer whom you trust with your work. This writer also must entrust their work to you. Writing buddies give their final proofread copies to each other to be sure the work is of good quality.

What exactly do writing buddies do?

Writing buddies read over each other's final drafts and make correction suggestions if needed. If both writers also are good editors, there may not be many corrections, but it always is good to have more than one set of eyes looking over a project. It's a great way to ensure quality work is produced as often as possible.

Why Should I Get a Writing Buddy if I Never Make Mistakes?

Everyone makes mistakes. Everyone. No one is perfect. I'm sure that anyone combing this very post will find at least one (if not more than one) suggestion to make. There always is more than one way to look at writing. Also, like I stated, nobody is perfectly accurate all the time. I have gone over pieces of work several times, thinking they were up to par. Then, after they've been published of course, I've found grammatical errors or typos. Having a writing buddy can minimize the chance of inaccuracies.

How Do I Find a Writing Buddy?

If you're a writer, chances are you know at least one other writer. If not, you really should start networking. Having other friends who write can be extremely beneficial in more ways than just the one listed here. I recommend choosing your closest writing friend for this particular project. Be sure that you and this person can fully trust that neither will misuse the other's work in any way. I won't give legal advice on this because I am not a lawyer. Only you can decide how you should handle the legalities. But, I will say that it can be extremely helpful to have a fellow writer give an opinion on work before it is turned in to the client.

How Many Pieces Should My Writing Buddy Check?
All of them, if possible. However, if you are like me, then that may not be possible. I write way to many articles in a day to fairly have a buddy check them all. You and your buddy should decide on a fair number that is feasible for you both. Once you get a balanced writing, reading, and editing  routine down, you may be able to add to that number.

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