Advance knowledge is power
In the real world, success is not dependent on just a university degree. Still, if you choose your university wisely, you could gain much more than just book knowledge.
Now that the students have studied hard and really gotten deep into a particular discipline, it's time to broaden their skill set.
Experiencing business firsthand and the challenges they face will help students understand the reasons for success or failure. Learning how businesses are structured, how they build their products, how management and leadership works is a skill. There is no way you can learn everything, but trying to understand most of it is incredibly helpful when starting your own ventures.
The students engaging in this new business experience will focus on finding the right road to build their company from the ground up. Defining the company culture will be equally important for them.
Urban Core Institute will create a community board for each business admitted into the our incubation program and will pull together a team of individual entrepreneurs that has a passion to create and build corporate teams that can work efficiently towards common goals. While each member of the team is capable of working within the structure of an organization they must also thrive independently. Given the nature of our business model, it will become be a major strength.
The board will be responsible for the initial corporate setup:
A) Overview of the product. The initial product is almost operational and ready for the students. We jumped started our program with a totally redesigned rare Dot-Com business with all NEW features!!
B) Researching the corporate brand. Research competition and design the initial plan of operation.
C) Filing corporate papers and stock certificates.
D) Obtaining the EIN number, etc.
When they've achieved a product and a market fit for their market, and we focus mainly on technology startups, the participants will then build a team in-house that will consist of students from various educational institutions to continue.
The Board turns the operations incubated company over to the CEO: A CEO's responsibility is everything, especially in a startup. The CEO is responsible for the success or failure of the company. They must choose wisely!
The Board and the new CEO will then focus on choosing a team: VP, COO, CFO, tech crew, video production team, marketing team, etc.
The sales staff and engineers of a technology company hold the keys to success.
Learning the product:
1. Creating a knowledgeable and friendly staff: Everyone participating in this project will gain hands on experience in the process of serving content and the issues that they represent.
2. State-of-the art applications: We will be using state of the art applications that have been road tested. The test helped to define:
a. End-User: The need for predefined solutions to common issues, but are personal and scalable
b. Support System: Email support with a personal and rapid response
c. Design Maintenance: Clear understanding of routine maintenance procedures and scheduling
3. Content Rich Site: From the moment users enter our server they should be mesmerized by our content. All to ensure that the users perceive the value-add aspect of the new dot com company.
4. Clear vision of the organizations need: All participants will learn what it takes to build a saleable product. Get to know the customers, get to know the technology, and learn how to build the service that will bring the two together.
5. Segment Relationships: Existing management has developed over the years, relationships with the various television networks, newspapers, religious groups, and government agencies that will hopefully allow access that other competing organizations will have to develop.
The team will start out with turn-key multiple products that provide a multitude of content rich services. Our hosted applications will provide customers and other advertisers the ability to create and upload information. Our unique applications allow us to provide a rich site that allows non-technical and technical site operators the tools to update and manage all information including:
" Web (automated) Site content
" Web (automated) News placement
" RSS Feeds (automated)
" Urban Core Oriented News Show - with reader response
" Community Networking
" Internationally Syndicated News Content
" Household Access: We hope to have the ability to utilize our national media contacts to promote our program and show "Urban Core POV".
" APP Global Access: This means there is a substantial opportunity internationally to reach other international Organizations.
Bootstrapping vs. Financing:
Too many people make too much about raising initial funds to build their startups. But bootstrapping is easier than you think. In this case the initial product is almost operational and revenue streams could be reached very quickly.
Let's build or tweak the product. Once the product is solid, your company can shift its focus to the other 80 percent, which is sales, marketing, service and support.
Your production crew, sales staff and engineers are the key to your success. Train customer oriented salespeople and engineers for the future of the company.
Open the business:
Tactics dictate strategy.
Whether it's the product, sales, hiring, where to make headquarters, etc., too many times companies will fail because they take too long to start and their competition launches first.
After companies begin to start and execute, it's important to expect failures. With failure comes the opportunity to make changes, and then you find the path to the company's eventual success. Passion and vision will provide a good foundation for the company. A successful business is built with a keen eye towards the failures and lessons that were learned in the past.
The bottom line:
Building a company, leading a team and sustaining a highly successful business is hard work and requires a lot of hands on knowledge. The required skill-set to start and run a company varies. Starting a tech business requires a strong sense for products, timing, trends and markets, which students can only acquire through experience. It would also be wise for them to know a bit of coding. Although that's not imperative, it definitely helps to understand the technical side yourself when you're discussing the product with your tech team.
Our dream outcome for all incubated businesses and participants:
To create a publicly traded tech company of which the profits will benefit all that participate including the community, mentors, students and educational facilities.
Participants gain hands on experience by creating a real Dot-Com company. They will also build extremely valuable business relationships to take with them and have an opportunity to receive interest in the company, the company they helped create!
Students participating will have the opportunity to help the community in ways never thought possible!