DUBLIN, Feb. 19, 2013 /PRNewswire-iReach/ -- Many entrepreneurs who move forward with a business idea frequently reach a point in development where they feel that they are not actually as well-equipped to start a new venture with their existing skill sets. However, as startup businesses have become a staple of the modern economy, the benefits of enlisting the help of a business incubator have become more apparent. A recent article from TIME analyzes the potential advantages of business incubators, noting that it could help new companies "blend office or co-working spaces with mentoring programs, funding assistance, business services and [provide an] opportunity to network with experts and fellow entrepreneurs." Leading UK entrepreneur and business development professional, Scott Dylan, comments on the invaluable resources that incubators can offer. However, he notes that there are some precautions to consider before diving head first into this option.
As the article reveals, although business incubators are often associated with providing some sort of mentorship angle, most do not offer guidance free of cost. Scott Dylan explains, "There are two types of incubators. One option is where you pay your rental fee and the services provided by the incubation center are included within this rental fee. The other choice is when you give away shares in your company or idea in return for rent and mentoring. I would definitely think hard before taking the latter route and be happy with the decision; otherwise one might want to go down the path of paying the rental fee and keep 100 percent of the business without any regrets."
Noting that the decision is often a lofty one, Scott Dylan encourages all entrepreneurs to heavily research all options before cementing a plan in with an unsuitable incubator. The article suggests that hopeful entrepreneurs weigh the pros and cons of enlisting the services of a general incubator, and those associated with the direction provided by more industry-specific incubators. The article also recognizes the importance of understanding the requirements and milestones are necessary before one can graduate from an incubator.
While it is essential for entrepreneurs to fully understand the weight of the commitment that an incubator relationship carries, Scott Dylan explains that those who are able to effectively utilize these services can experience tremendous growth potential. Dylan concludes, "I think incubators are great-they provide a lot of help, support and mentoring in areas that budding entrepreneurs might not necessarily have knowledge or experience. For instance they can provide assistance with writing business plans, as well as in finding investments or additional funding. Ultimately, incubators really are worth their weight in gold."
Scott Dylan is a young business professional focusing on many efforts in modern entrepreneurialism. Since the beginning of the 21st century, Scott Dylan has expertly maneuvered through technological developments, social trends and business responsibilities to become a well-known figure in the media and creative industries. With an impressive and diverse skill set, Scott Dylan has gained recognition and career experiences as major companies have sought him through his freelance efforts in business development.
SOURCE Scott Dylan