In part 1 of our KoSpace Founders Say Series, we went in-depth with our survey results to explain what inspired coworking space Founders to start their business. In this post, Team Kowrk will use those same survey results to illustrate what factors typically make Founders successful.
Deep market and cultural understanding:
The Founders understand that every market is unique and that a coworking space in India would have a different working environment than a space in Hong Kong. Understanding the entrepreneurship culture and market- in addition to the local culture and market as a whole- is something Founders say is key to success and longevity.
Background in media and PR:
Numerous founders have stated that their past career experience in these fields have played a crucial role in their success. An understanding of media and PR means that the founder is most likely adept at marketing their space, which is crucial in an ever-crowding market. As any entrepreneur can attest, getting the word out there about your business can be tough (not to mention costly), having contacts in the industry can be immeasurably valuable.
Diverse skill set:
Being good at more than just setting up a business is important to success, according to surveyed founders. Marketing, web design and sales- these are all transferable skills that can prove to be useful in a variety of fields. Entrepreneurship is tricky, you never know which of your skills will be needed in the future.
Access to capital funding:
The elephant in the room. What every entrepreneur dreads hearing: that they’ll need more investment. Surveyed Founders listed their access to capital funding as one of their chief reasons for success. Whether it was because they knew investors within their own personal network or they simply had a good idea that drew hungry VCs, an overwhelming majority of founders said this was key to their success.
Any questions or comments? Are you a Founder of a coworking space and want to share your sources of inspiration? Let us know in the space below.