Running head: Propel Entrepreneurship Center 1

Business Incubation: Propel Entrepreneurship Center

Name

Institutional Affiliation
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Project Overview

A common phrase among business leaders is that “it’s lonely at the top.” This is equally

true for business entrepreneurs. As a business starter, an entrepreneur acts as a risk-taker and a

shareholder who also assumes key roles of the business which is an intimidating and exhilarating

experience. Small Business Administration pointed out that only half of all start-up businesses

survive their first five years. Therefore, it is important for the public and the private sector to

recognize the importance of supporting businesses in their startup years which is significant for

growth. One of the ways businesses are supported that has gained significant popularity is

business incubation. Business incubation is defined by the National Business Incubation

Association as “a business support process that accelerates the successful development of start-

up and fledgling companies by providing entrepreneurs with an array of targeted resources and

services” (Tötterman & Sten, 2005).

Propel Entrepreneurship Center is a business organization that is created to help students

in University Canada West startup up their businesses during their first years by offering them a

variety of services. Propel Entrepreneurship Center incubation business basically provides

services such as management training, organization training, rentable space, positive interaction

with clients and other business stakeholders, common shared resources, and other

entrepreneurship related services. The goal of the business is to help students improve their

economic development in general and encourage them to participate in businesses in particular

industry and grow financially.

One of the most prominent features of Canada is its vast collection of universities,

colleges, and other learning institutions that provide great opportunities to many students.

University Canada West is one of these institutions that has a high population of promising
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students who are always seeking job employments either as part-time work or full time work

elsewhere after completion of their graduation instead of staying in their communities to initiate

businesses as entrepreneurs. Propel Entrepreneurship Center wishes to encourage these students

to set up businesses in their hometowns or whichever place to demonstrate a variety of rich

cultures and economy. Therefore, to this effect, Propel Entrepreneurship Center is determined to

establish a business incubation center in University Canada West that has the potential of

incorporating all a significant number of students from the university and other groups to be able

to learn and get mentorship on running small businesses and creativity in the business industry.

The objective of Propel Entrepreneurship Center as a business incubation business is to

conduct feasibility study of viable businesses and business proposals within the university. To

achieve this goals, Propel Entrepreneurship Center will have to undertake a research study of

viable businesses in the city and nearby towns. This includes studying operation of pervious and

existing business incubation centers to determine their modes of operation. Also, the needs and

requirements of the community will be assessed to determine ways the incubation center will

best be used to fulfil and help people in need.

Business Requirements

The business has various requirements that will facilitate its function of helping start up people

during their training. The incubation center requires sustainable space that can be rented to interested

parties to initiate their businesses while undergoing training in various fields including management and

positive interactions with other parties. For the beginning, it is important for the business to gather

information regarding the operation of an incubator business to encourage development and what are

needed by entrepreneurs. Some of the ways and strategies that the incubation business will adopt to create

attention and bring possible investors and interested students includes hosting student business plan
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development competition, renting spaces to college students, creating a visually appealing interior and

exterior that conveys a perception of professionalism. Also, seeking funding from the institution and

fellow students as well as family is essential in collecting financial support.

Advertising is also important in creating attention. This can be done through social media

platforms such as facebook and Instagram, local university periodicals, and through posters. Weekly talks

with invited specialists in various business fields and university referrals including lecturers will be held

to offer students with guidelines and key investment ideas. Computers, internet, and other technical

equipment such as autonomous logistic tools for entrepreneurial support will be provided to enhance a

modern business environment and encourage students to do enough research regarding their business

fields of interests.

Goals of the Project

 To conduct feasibility study of viable businesses within the university.

 To improve economic development of students and encourage them to participate in

businesses in particular industry to grow financially.

 To support a process that accelerates the successful development of start-up and fledgling

businesses by providing entrepreneurs with an array of targeted resources and services.

Expected Income

Although the success of this project will viewed in the way students acquire and exercise

knowledge by engaging in entrepreneurship, students will be able to generate at least $2500

monthly while the incubation center will generate at least $1,200 monthly for the business

school.

Benefits of the Project.

 Supporting and accelerating business development and growth among students.

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 Broadening the thinking capacity of students by giving them income generating options

rather than seeking for employment after graduating.

 Students will gain mentorship and advisory services

 Students will be able to save money and time.

 Students will gain access to industry experts.

 Students will be able to create new cohorts.

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References

Tötterman, H., & Sten, J. (2005). Start-ups: Business incubation and social capital. International

small business journal, 23(5), 487-511.