All over the world, entrepreneurship is a challenging journey. It is tasking, competitive and requires a high level of determination and effort to flourish. Early-stage entrepreneurs in particular experience numerous challenges. According to statistics, two-thirds of them find the first year in business the most difficult, having to face issues related to self-esteem, cash flow, breaking even, managing success and failure, and much more. Although there is no universal solution to the abounding challenges facing startups, one-way entrepreneurs can get support as they navigate this tough but important journey is by being part of industry-relevant communities.
At Ventures Park, this is one core way in which we support founders - we foster a vibrant and thriving community where founders can forge relationships to achieve shared success. Through our community events, held at least once monthly, we provide a fun and relaxed environment for digital and creative industry entrepreneurs to unwind, connect, inspire and provide support through each other’s respective journeys.
On the 23rd of February 2024, in partnership with Founders’ Friday, we converged an array of entrepreneurs for Abuja’s Biggest Founders Meetup where activities included games, Fireside sessions, pitching sessions, networking sessions and more. Among many benefits, here are 6 that communities like ours offer startups and entrepreneurs:
Benefits of Community for Startups and Entrepreneurs
- Getting shortcuts and learning from other people’s experiences: Whether you’re an early-stage entrepreneur or a seasoned one, there’s always something new to learn from people who are walking or have walked the same terrain as you. You never know the wisdom you will learn that will, in turn, save you time, money, and effort, and help you avoid the mistakes others have made.
- Positive reinforcement from people who understand your journey: The truth is, non-entrepreneurs rarely fully understand what entrepreneurship is like. With 45% of entrepreneurs reporting being stressed compared to 42% of other professionals, entrepreneurs need to frequently be among people who understand and can provide positive reinforcement on their journeys. Having a community of people who ‘get it’ can therefore be highly positive and refreshing for entrepreneurs.
- Provides a solution to entrepreneurial isolation: In society, community is central to the human need for belonging. Having community positively impacts mental health, problem solving, childhood development and diverse other areas of life. Similarly, in entrepreneurship, having a community protects entrepreneurs from the isolation that can come with putting one’s mind and soul into building.
- Finding or becoming mentors: 88% of business owners say having a mentor Is invaluable. From Steve Jobs mentoring Mark Zuckerberg to Alhassan Dantata mentoring Aliko Dangote, his great-grandson, having a mentor-mentee relationship is a centuries-long principle for breaking through barriers achieving business success.
- Access to investors: For many founders, finding an investor is what they need to propel their startups to the next level. Unfortunately not many people know where and how to meet with investors but being part of a community and attending industry events is a good way to get started.
- Staying up-to-date: When you are part of a community, you naturally engage and have conversations that keep you up-to-date with ideas, trends and practices that can help your product or service stay relevant.
In summary, as a founder or entrepreneur, it is crucial to find and be part of industry-relevant communities. If you’re an Abuja-based digital or creative industry entrepreneur, there’s no need to look too far. You’re welcome to join us at Ventures Park. We offer collaborative work spaces, enterprise support programs and a vibrant community of entrepreneurs where you can interact and grow.
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For questions, partnerships or more information call 08097973816 or email info@theventurespark.com.