Support, main factor of success for entrepreneurs

The support potential of business is still under-exploited despite the high number of existing mechanisms to guide new entrepreneurs. Geninc offers entrepreneurs the opportunity to evolve but also to be supported throughout their pathway to entrepreneurship.

More and more entrepreneurs despite the risk

Becoming an entrepreneur is not the easiest thing in the world.

And contrary to what many people seem to think, entrepreneurship cannot be improvised. Some basics are necessary to successfully manage a business. This basic knowledge is not only useful before starting a business but also throughout the whole entrepreneurial journey. And it is often after they have embarked on this journey that entrepreneurs really discover how hard it is to run a company, and even more to make it successful.

Entrepreneurship therefore does not have the reputation of being easy, yet the number of new business start-ups has never been so high, for example in france, where business creation reached a record in 2018 with 691,000 new businesses. This is 100,000 more than in 2017, i.e. an increase of +17% in only one year.

Although this number is growing every year, this year the increase has been tremendous. This craze can be partly explained by the desire people feel to become their own boss and thus by a disappointment with the classic employment system.

Supporting the entrepreneurs to allow them to succeed

Faced with this observation of management difficulties and lack of knowledge accross young entrepreneurs, it is conceivable that supporting new businesses is an essential issue to best guide and support new entrepreneurs who very often feel alone and lost in the middle of creating their business.

This is also shown by a study conducted by La Boussole and The Boston Consulting. According to this study, the bankruptcy rate is 40% for a new unaccompanied company compared to 20% for a new company that’s getting support.

Unfortunately, only 3 out of 10 entrepreneurs get this support. This is a pity, especially when data shows that supporting young business can multiply their chances of success by two.

According to Alain Belais, Director General of APCE (Agence Pour la Création d’Entreprises), this is probably due to “a lack of knowledge of existing mechanisms. But also because creators are often driven by a strong desire for independence and freedom that does not easily adapt to support, which is wrongly seen as a form of protection.”

Areas of support for entrepreneurs

When an entrepreneur embarks on an entrepreneurial journey, he or she must develop the skills necessary to manage his / her business, such as decision-making skills, or strategic planning. But many skills cannot be acquired without the help or guidance of a third person or structure.

According to a study carried out by RAISE and BAIN & COMPANY, what has been most lacking in the development of the activity of entrepreneurs is assistance with financing, advice on the strategy and development of their company, networking with key contacts and material assistance (accommodation, logistics, equipment).

• It is therefore difficult for a new company to progress alone without support, especially during its first year of activity. Fortunately, there are companies and organizations that provide entrepreneurs with a variety of known and effective resources that can support entrepreneurs in their various phases of development. This support can include, among others:

• legal training courses
• Finance training
• management training
• training and coaching in personal development
• training in human resources management
• training courses on strategic planning

Geninc trains and supports young entrepreneurs

Being supported in various fields such as accounting, finance, human resources management or strategic management, gives a new entrepreneur the means and tools to exceed his break-even point and enable him to manage a successful and sustainable company.

Geninc provides young entrepreneurs with all the tools and knowledge necessary for their development. Geninc supports entrepreneurs throughout their entrepreneurial project by offering continuous and free coaching and training. Geninc also help wannabe entrepreneurs to develop their entrepreneurial mindset.

Geninc entrepreneurs are also given financial training and advices, and benefit from a huge international network, they can build themselves by being invited in events that allow them to network and exchange with other entrepreneurs from around the world.

Do you feel ready to start your entrepreneurial journey? Join our entrepreneurial development program and start building your business!

Any questions? Feel free to contact the coworking hub nearest you or send us an email at hello@geninc.eu.