Budding entrepreneurs are often attracted to places that offer them better infrastructure, entrepreneurial connections, and resources. Networking events, investor meet-ups, and demo days all provide good advice and investment opportunities. Finding solid connections is one of the initial aims of any entrepreneur, and these valuable connections help them slowly integrate into the ecosystem of the corporate world.
Entrepreneurs have to decide whether to have a virtual hub or a brick and mortar, but many choose to engage in both. The decision to do both is a way to protect both avenues during economic downturns. However, doing both a virtual hub and brick and mortar may not work for every business type.
The idea of start-up hubs is one thing that reduces the worries of entrepreneurs by a bit. Here, you can find all sorts of resources in one place – from necessary connections to valuable information. There are a variety of hubs available depending upon the region you’re willing to operate in. There are multiple start-up communities, and one may also be able to find a virtual start-up hub.
However, here, a choice comes in deciding which hub will yield better results. Virtual hubs are convenient and can be accessed by an entrepreneur from an area with many entrepreneurial resources. Although brick and mortar hubs grant entrepreneurs the opportunity to meet mentors and investors in person, better grasp information, and present their ideas.
Virtual vs. Brick and Mortar
The basic idea of both kinds of hubs is the same; however, there are clear differences between them. The number of goals you’ve already set and the guidance you need can be the major factors in choosing between the two. Suppose you are clear with your business plan and have very specific requirements (for example, requiring a professional for accounting tasks such as bookkeeping). In that case, you may be able to go to an online or virtual hub to get a contract that will help you fulfill that particular requirement. However, if an entrepreneur needs more guidance, it is recommended to go to a brick and mortar hub to grasp information from experienced entrepreneurs easily.
The two main reasons for entrepreneurs to opt for a virtual hub are:
- Obstacles like the geographic location that hinder access to a brick and mortar hub
- The entrepreneur has a late-stage, well-settled start-up and is looking for contacts to help in starting operations or growth
A brick and mortar hub has its benefits. Interacting with investors and mentors in person can achieve a lot. Moreover, a physical hub allows the entrepreneur to become a part of a community. The sharing of knowledge can help in grasping a better understanding of the entrepreneurial world.
Both types of hubs have the same aim, which is to help budding entrepreneurs. Many entrepreneurs believe that the kind of hub they choose doesn’t make a difference. Most believe that their location is the only major factor when it comes to choosing between the two. Most entrepreneurs say that they’d prefer to go to a physical hub if they are in a big city with many resources. Meanwhile, if they are in a remote location that is far from a big city, a virtual hub would be where they’d access the resources they need.
Some entrepreneurs emphasize that both kinds of hubs have a different impact on the start-up’s geographical location. Meanwhile, other entrepreneurs believe that both kinds of hubs are important and that the utilization of both is necessary for success in different stages of a start-up. They also believe that to build a solid company, the entrepreneur must attend a brick and mortar hub for guidance and mentorship while also using the services of a virtual hub for contacts necessary to achieve goals.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.