Ötzi the Iceman is the well-preserved, 5,300-year-old mummy that caused an international sensation when it was dug out of a glacier high in the Italian Alps in 1991. Ötzi lived some time between 3400 and 3100 BCE. wearing clothing made from six different animal species and 17 different trees, and carried a belt with a pouch.
The pouch carried bare essentials: flint tools, bone awl, and tinder fungus - indispensable things that he needed with him at all times to ensure his survival as he braved extreme climate conditions.
For the modern day entrepreneurs, startups and businesses braving not extreme climate conditions but the brutal world of economics, commerce and consumerism. According to statistics published in 2019 by the Small Business Administration (SBA), about twenty percent of business startups fail in the first year. About half succumb to business failure within five years. By year 10, only about 33% survive.
A common business money mistake for failed businesses is having insufficient operating funds. New business owners often don’t understand cash flow or underestimate how much money they will need to get the business started. As a result, they are forced to close before they have had a fair chance to succeed.
Coworking spaces are a valuable resource that can provide budget restrained small businesses with workspaces to operate and expand their enterprises without breaking the bank. Unlike the long termed binding leases of traditional commercial contracts Coworking spaces offer furnished workspaces at shorter terms and economic pricing. This gives startup businesses the flexibility to scale up or down as needed.
In addition, the gathering of innovative entrepreneurs, startups, and small businesses boosts productivity and motivation to achieve goals. Surrounded by professionals across industries and stages of development, individuals serve as encouragement, and inspiration for growth.
Furthermore, Coworking spaces can increase in business opportunities. The hurdles of beginning and growing your small business can be intimidating, especially for those still figuring out how to establish their business. Coworking spaces offer some relief to the immense pressure that small business owners feel by providing incredible networking opportunities.
You can increase your business by meeting and connecting with field experts—either through social media or in person. Plus, you are exposed to chances and opportunities when you work in a coworking environment. Who knows where a casual discussion could lead?
Able to provide flexible workspaces, scalability, boosts in productivity and increased networking opportunities, Coworking spaces are a bare essential for the modern day entrepreneurs, startups and businesses.