Why is coworking space more convenient for entrepreneurs?

With the evolving professional work culture, the methods of work are also changing. Professionals are becoming more flexible with their working skills, geographies, time and money. The concept of working from home and freelancing is not new now. A lot of people cannot adjust with fix time and money that a typical job offers and that’s why some of them choose to become freelancers or entrepreneurs. Now, as every coin has two sides, this method of work also had some drawbacks. Freelancers and entrepreneurs got bored of working in home environment and they needed a place where they can feel like office and work on their own terms. This necessity caused the invention of the idea of coworking space!

What is Coworking Space?

If we define coworking in professional language, it is work setup that offers a shared working environment, often an office, but an independent activity. People who are coworking, are generally not employed by a single organization like the mainstream office culture. These people can be freelance web developers, artists, contractors or entrepreneurs.

Coworking Stats

The trend of coworking spaces is still limited to some geographies only but it’s evolving faster and some people are really nailing at investing in it at this early stage and looking at multiplying their money when the concept is on boom! Currently, there are around 7000 coworking spaces across the globe which is expected to touch the 10000 mark by the end of 2016. But, why is it looked as a very attractive business idea? Why are professionals choosing to use a co-working space?

Reasons for choosing Coworking space

Professionals respect some common work values when they are looking to work for someone else or themselves which are Community, Openness, Collaboration, Accessibility, and Sustainability. They need a proper mix of these values in their work environment which has very less chances of existing while they are operating from home and even in a typical office environment, there is not guarantee of this mix. Coworking offers something far more than simply that of people working in the same place or operating from home, a fundamentally new way of thinking about how to work and share with others.

Some businesses are working dedicatedly towards the concept of coworking and offering coworking spaces to people who crave to work in an organizational setup without losing out much from their pockets. They offer creative infrastructure which includes dedicated working space with furniture, internet connection, print, scan and other basic facilities, food and some free events and trainings as well. Above all these, they offer a collaborative environment where people get the motivation to work.

The concept of coworking space is currently in the incubation stage itself as the trend is only prevailing in the major cities across the globe and it will take time to target professionals in smaller towns or villages. But, the future of the concept of coworking space looks brighter to many startup gurus!

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Are you a teenager interested to enter the startup world? Tips for young entrepreneurs

Entrepreneurship is the new buzz word that seems to be becoming the talk of the town. The latest development can be traced from the fact that most of the young brigade is getting inclined to become the proud owners of business rather becoming a mediator to fulfill someone else’s dreams. The passion for chasing the dreams have become so strong that many colleges have introduced entrepreneurship development classes wherein students are encouraged to come up with new ideas that can shape their as well as the nation’s future.

Advantages of having young blood as entrepreneurs:

It’s no denial that there is a rising inclination of youth to become job-giver rather job-seeker. The path-breaking contributions by these young entrepreneurs lead to employment generation which eventually helps in the growth of the economy. Entrepreneurs are an important asset for any economy as they bring forth the ideas and concepts that directly or indirectly act as a catalyst for the growth of the nation. Entrepreneurial endeavors lead to the influx of money into the economic machinery of the nation, whereas on one side the established business may hit the glass ceiling in terms of their services, offerings, and money generation, the entrepreneurial ventures will boost new products and technologies in the market resulting in income and wealth generation.

Entrepreneurs are breaking tradition, following the path-breaking rules to create something that was never thought of. Today we are experiencing the high rise of that stratum of people who believe in themselves rather than believing in the predefined systems and protocols. The latest examples of Facebook, Linkedin, Alibaba etc. are few examples of providing service to people in a manner that no had ever thought of and all this became successful because there were strong determination and perseverance of people who wanted to make it happen.

There is another side to the positivity of entrepreneurship and Italy is quite an example where self-employment has proved to be inefficient for the economic growth. Here I remember a famous phrase that says, “Too many chefs and not enough cooks spoil the soup”. Thus, it the role of the government and the state becomes very important here. They need to establish policies and rule that can work as a guideline for entrepreneurs. Unfettered entrepreneurship might result in some unsocial activities like pervasive corruption, criminal activity, unfair market etc.

Must read: 10 mistakes that you should avoid if you want to make your startup successful

Hence , the state needs to strike a balance when it comes to promoting the idea of entrepreneurship which will not only help the economy grow but will also lead to establishment of a regulated society. In order for entrepreneurs to grow, there are a few tips that will work wonder for you :

Fire in the belly

As a young entrepreneur you should be passionate about your idea and concept. Accept your failure with open arms as they are bound to happen however, don’t worry they are just a part of running a business. Your passion for your idea and zeal to succeed will help you come over this failure and make your way to success.

Delegating work

The success of any entrepreneur lies in delegating the right person right work. Your sole objective is to make your business run and increase the productivity ; technology has given us many options like Virtual Assistant, online work etc. which can be of great help .This not only reduces your workload but also lets you focus on your business.

Understand what market needs

Need analysis is the most important aspect of any business. Your product or service should match the customer requirement; make sure you run a pilot project r conduct a survey to understand what will be the probable response of people towards your product or service.

Look for mentors

Having a Startup mentor or a guide will not only help you get a third party view of your business model but at the same time they work as an excellent source to drive your business in a right direction. An important point to note here is that the mentor and the experienced brains in the business know the rules of the game, you might be good at technology but the experienced class has already, mastered the art of networking which is the key to success for any new venture.

Optimally use social media marketing

It’s never bad to use social media to market your product after all, people are now more driven by social media messages but remember to optimally use it. Don’t solely rely on social media as your only tool to market your product or service, see which is the best medium and best time to market your product.

It’s never bad to use social media to market your product after all, people are now more driven by social media messages but remember to optimally use it. Don’t solely rely on social media as your only tool to market your product or service, see which is the best medium and best time to market your product.

Is coworking right for you? Arguments both for and against coworking space

With the rise in real estate prices, it became very easy and convenient option for start-ups or freelancers to pay a small amount to operate in a readymade office kind of environment (actually better than that), rather than investing bundles of money in buying an office. Coworking spaces are often confused with collaborative office rental facilities and incubators. It is not exclusive to people looking to build tech startups and it is also not limited to a better way to rent space, it offers a lot more than that

Let’s look at what really are the advantages of working in a coworking space that professional are not able to resist themselves:

• First of all, it offers the office like infrastructure that has facilities like dedicated desks, conference rooms, cafeteria, wifi/internet connection, print & scan facilities, power backups, etc. at single cost and also saves time in maintaining records of such overheads.
• These spaces organize some events or conferences for its members, sometimes just as a part of motivational activities and sometimes specific to particular topics.
• It offers the most wanted feeling of an office environment to the freelancers or startups who cannot or don’t want to invest in their own office spaces.
• Contact building becomes very easy for the young entrepreneurs and that will help them grow their businesses in future.
• A very important advantage of a coworking setup is it has variety of business ideas and concepts operating from a single place which can really be helpful for its members as some of them can find the services helpful for their businesses right on the next desk which will provide prospective clients to that service provider who’s also a member.
• Idea-sharing becomes easy and insightful which makes the environment exciting.
• Because generally the members of coworking spaces are young or open minded freelancer or startups, the culture is highly energetic and rocking.

But, it is said that something that glitters is not always gold, same as that this highly aspiring concept of coworking space also has it’s own drawbacks which make it avoidable for some professionals:

• The biggest disadvantage one will have opting for a coworking space will be spending money just to have an office environment which is not always affordable for the freshers or people who do not earn much. Coworking spaces are not always cheaper as currently the concept is quite new and is only available in big cities.
• If a coworking space is not available nearby, one will have to incur the transportation cost and also time to reach at the location.
• Coworking spaces sometimes observe too many changes. Coworkers are never the same and same goes with the desk that one uses. Their staff and location are also bound to change if they have very low-profit margins.
• Coworking spaces are sometimes more noisy than what members who like peaceful working environment would have expected. Constant noise sometimes becomes annoying and distractive.
  Such places are not really meant for people who are working on some top secret projects. Privacy of ideas becomes very rare in coworking spaces, especially when members are of same work domain.
• Coworking spaces are not complete substitutes of typical offices. Sometimes, you might not get the same level of guidance or help from the coworkers that you get from your office colleagues.