The invention of Kane Kramer, MP3 player might have been lost in science chronicles and history books if it was not adopted by the Great Steve Jobs for commercial purposes. An idea is not the only thing to secure one’s goals and objectives unless it’s guided by the right advice and experience. Like a bright student requires a brilliant teacher to optimise her/his knowledge and intellect, to ensure the long-run success of a start-up it should be nurtured and strengthened by a team of experienced and qualified people under an accelerator programme.
After completing accelerator programmes, young entrepreneurs can easily perceive the changes in their business perception and what mistakes they could have made. Here’s how an accelerator programme can boost a start-up’s chances:
1. A biosphere to bolster a young business
Environment plays a key role in the growth and development of an individual whose average life is not more than 70 years. But, if you are familiar with the fundamentals of commerce, then it is futile to think that you are not aware of the very basic principle regarding the life of a business entity — that it lasts forever if controlled and managed rightly (Going Concern Principle of Accounting). A start-up accelerator not only provides a healthy biosphere to a business but also improves its immunity against shocks, threats, and challenges. The guidance of industry experts and support of venture capitalists help them provide financial as well as strategic strengths in meeting their business objectives. Moreover, the practical knowledge of mentors enables them to do a better SWOT analysis of the concept and overall business.
2. Capsule consulting
Many successful young brands that have captured the scene within five years had been nurtured and groomed in accelerator programmes. Anyone who studies the evolution of start-up culture in India would be familiar that how brands such as AKS Clothings, Whatfix, Portcast, and PayMe India registered massive growth after enrolling themselves in accelerator programmes.
From seed capital to office space, and market exploration to brand penetration; the well-qualified teams of mentors, strategists, and business consultants apply their ideas as well as experiences to stimulate the growth of a startup and that too in a highly safe environment. And, this is the power of capsule consulting.
3. Making leaders more competent
In start-ups with a few headcounts and not too many people at the C-Level, these are the founders who take all the major decisions and perform many managerial functions. For start-up entrepreneurs, leading the team is one of the toughest tasks even more challenging than convincing the investors for upcoming projects. So, apart from having expertise in the core functional areas of a business, leaders in the founding team must be capable to perform multi-disciplinary roles to beat all the teething problems that start-ups usually face. Under the mentorship of an experienced coach or consultant, entrepreneurs learn and acquire many pragmatic skills that help the organisation to compete in all the major departments such as Finance & Accounts, Sales & Marketing, MIS, and HR & Training.
For any business organisation, its people are the most valuable assets as their performance decides the overall performance of the business. But, under smart and competent leadership, the whole organisation can work as a unified body and mutual cooperation among various teams can ward off even the toughest challenge with much ease.
— The writer is Director, Overseas Operation, Risers Accelerator
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