Being a management student, I am passionate about the brainstorming on new business ideas. Even today, I vividly remember when I was pursuing undergraduate studies; me and my friends met regularly to develop such new ideas. Nowadays, I see many business incubator centers commencing in the country. For instance, Kathmandu university based-KUBIC incubation centre, The British College based-Business incubation centre (TBC BIC), Agri-business incubation centre (ABIC), Business incubation centre Kathmandu (BICK), Centre for social innovation and business incubation so on and so forth.
Hats off to them and all those who are already involved in it. However, incubations are just one of many players in a typical entrepreneurial ecosystem. So, it is increasingly important for incubators to allocate the necessary resources, services and fund worthy start-ups – provide them with a platform to share and transfer knowledge across the ecosystem.
Activitied like regular boot-camp’s trainings, hack-a-thon’s trainings and conducting Startup Weekend workshops should be encouraged. Doing this may result in creating an immense energy to help generate brilliant new business ideas and concepts for emerging entrepreneurs.
Portfolio Management
In Nepal, the concept of ‘startup’ is being implemented by many entrepreneurs from service business to merchandising business. From manufacturing business to hybrid business. Meanwhile, every business has its own nature in terms of fund, growth strategy, product differentiation strategy, price strategy and marketing strategy.
Well, if we think about doing businesses, then we must remember the three important aspects; namely risk, create and change. Why? In order to set meaningful goals, with the right goals for the right reasons. Most importantly, it is that we should have faith in ourselves while doing businesses rather than living with a clueless mind. In business it’s hard to achieve goals at the end of the day..
After all, we have to keep in mind that there are many organizations in the market supporting entrepreneurs and also competing against each other. No matter if it is a boot-camp, incubation program, an angel investor network or an investment fund. They all exist because of the entrepreneurs. Although starting a business is not an easy, it’s a challenge. But it should be with a purpose. when things get risky and uncertain that’s, the path we should keep going on.
In a nutshell, therefore, all concern stakeholders should come forward to supporting such new incubation centers and business ideas.
Wagle is currently doing MBA at Charotar University of Science and Technology in Gujarat, India.
