Role of University in starting your own Business

The decision to become an entrepreneur is a tough decision. Everyone faces the dilemma of whether to start early or get some experience before starting own company. This is where the University Incubators are helpful in guiding at young age. Universities are the knowledge hub, with a well studied past for a better future forecast.

Recently in the month of June 2019, a study was conducted covering 220 businesses that had passed through a university business incubator in Thailand. The purpose of this research is to study the factors related to the performance of the entrepreneurs who passed through the stages of business development at the university business incubators in Thailand.

China and Taiwan have both been regarded as countries that emphasize the importance of university innovation.

J. Open Innov. Technol. Mark. Complex. 2019, 5, 33

Generally, universities contribute considerably to research; therefore, if there is cooperation between a business and a university, the university will become a crucial part of the research that develops future products.

Universities in China play an important role in creating new businesses.

Hu, M.-C.; Mathews, J.A. Res. Policy 2008, 37, 1465–1479.

On one hand, there are over 70 university-based incubation centers in Taiwan, each with a diversified combination of knowledge, as every department within a university has its own specialization and different strategic development goals. Educational institutes were able to develop external organizations directly by training knowledgeable and skilled personnel, who were then able to apply their knowledge to develop the organizations further.

The institutional mechanism of university–industry linkage provides great incentive and opportunity for commercialization and fosters a stronger spirit of entrepreneurship in Taiwan

J. Open Innov. Technol. Mark. Complex. 2019, 5, 33

In addition, research results on the topic of “academic collaborations and firm innovation performance in China” found that collaborations between businesses and educational institutions resulted in an increased capacity for innovation, as collaboration creates knowledge and technology exchange, as well as affects learning and innovation development.

Knowledge hubs like Universities plays a vital role in setting up a fruitful Business unit. Getting back to these Universities become tough once people get job. To fill this gap, many universities have started online courses. This facilitates in creating “on your speed” learning environment. Potential entrepreneurs who once missed the University Incubators, can make the most out of such online courses.

There are many online academies that can provide the essential learnings for starting own business. Study and compare the curriculum with the support of the experts for setting up a long lasting Business. Don’t miss out the opportunity to learn before you earn.

The first goal of business establishment is usually to generate profit for the business owners or co-investors. There are currently no standardized criteria or theories for business performance measurement or any that are mutually used with businesses. One widely used method is the balanced scorecard (BSC) technique. 

Janchai [ Chula Press: Bangkok, Thailand, 2003] concluded from the concepts and management principles of BSC that it is divided into four perspectives, which are:
1. Financial perspective: This is considered to be crucial, especially in a for-profit organization,
because a financial perspective will indicate whether the given and applied strategies had positive
impacts on organizational performance. Financial strategies are comprised of two essential
objectives—increasing income and decreasing cost.
2. Customer perspective: This is focused on responding to customer needs. Groups of customers
are selected to predict their responses, as well as to look for whether the values proposed by the
organization respond to the needs of the customers.
3. Internal business process perspective: This perspective considers the crucial process of the
internal business, which helps the business propose values concordant with customer needs, as well as helping to achieve other aspects in terms of the purpose of the business.
4. Learning and growth perspective: This is considered as a crucial perspective for the future
of the business relating to personnel management, the information database system, the motivation system, and structural organization. Relating to personnel resources, it states that, for the organization to achieve the objectives of the other perspectives, the most important factor in the organization is its personnel. The crucial indicators include the skills and capacities of employees, their satisfaction and attitudes, and their turnover rate.