If you intend to start a new business in Mokokchung, the most common biggest problem you would face is finding requisite space for your business at the ideal location. There are many people looking to launch a startup but postpone or quit even before starting because of lack of space. The Mokokchung Chamber of Commerce & Industry (MCCI) just a few days ago floated an advertisement to let their commercial complex that is still under construction and it is reported that prospective entrepreneurs and business people have already made their bookings. The availability of space, or its lack of, to start a business in Mokokchung is a real and serious issue. However, the point here is that there are many people who are ready and willing to start their businesses in Mokokchung despite the mounting constraints. Unfortunately, there is no one to guide, counsel or mentor these prospective entrepreneurs and startups in Mokokchung.
The success rate of startups globally is about 10% while the success rate of startups in India is slightly higher, at about 12%. This is according to the Ministry of Commerce and Industry. The success rate of startups in Nagaland is not known, but it is likely to be lower than the success rate in India because Nagaland is a relatively small state with a limited market. There is no record or data to check the success rate of startups in Mokokchung. It is said that about 90% of startups fail within the first 2 to 5 years. Most of those that survive are merely sustaining without making the desired profits.
Given the scenario, it is high time for Mokokchung to have a business incubator. A business incubator is a program that provides support and resources to new businesses. This could help to encourage entrepreneurs to start businesses in Mokokchung. Business incubators generally support new businesses by providing office space, mentorship, training, and networking.
Incubators often provide shared office space for new businesses. This can help to reduce the cost of starting a business and to create a sense of community among entrepreneurs. Incubators provide mentorship from experienced entrepreneurs and business leaders. This can help new businesses to avoid common mistakes and to get advice on how to grow their businesses. Incubators provide training on topics such as business planning, marketing, and finance. This can help new businesses to develop the skills they need to succeed. Incubators provide opportunities for new businesses to network with other entrepreneurs, investors, and business leaders. This can help new businesses to find customers, partners, and funding.
The benefits a startup can get through a business incubator can include increased chances of success, reduced costs, increased speed to market, and most importantly, improved access to capital. There are a few business incubators in Nagaland that are doing a fine job which, unfortunately, is not directly beneficial for startups in Mokokchung. YouthNet Incubation Centre, Nagaland Tool Room & Training Centre, NIELIT Kohima, and EduCentre are some incubators that are helping startups and entrepreneurs scale up. It will be very beneficial for all concerned if such incubators are established in Mokokchung.
