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Coworking: #7 Benefits Of A Community For Entrepreneurs Coworking places are an amalgamation of different business sectors and the skill sets they bring in can always be a powerful tool

By Vishwas Mudagal

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Entrepreneurship is a strenuous profession. Being determined can only help you take a few steps, but soon most of us get disheartened due to the ever increasing competition in the market. A unique idea is an advantage, but working on it constantly needs a perfect environment and with constantly changing requirements, one can lag behind in the race without even realizing it.

An entrepreneur needs to be in the perfect state of mind all along. A suitable place and the personality of people around you can contribute to the success tremendously.

Coworking places are multiplying all over the country. It is the hot new trend in entrepreneurship and subscribing to a professional community can prove beneficial in so many ways.

No wonder coworking is on its path to becoming the dominant form of workplace design. Amongst others it promotes collaboration, fosters learning and nurtures a strong culture.

Here, we discuss a few of the advantages of being part of a professional community.

Cultivating Innovation and Ideating

Discussing your ideas, analyzing them with a group of like-minded individuals and receiving ideas from others can refine your thought process as well as your basic operational models. Coworking places are an amalgamation of different business sectors and the skill sets they bring in can always be a powerful tool. It is always nice to consult people on a professional level and ask them to review your ideas. It broadens your knowledge base and helps understand how a particular product may be received by the consumer.

New Business Connections

Coworking is rewriting the rules of business and value creation to bring together different kinds of customers. Entrepreneurs, space providers, thought-leaders, investors and mentors come together and exchange value with each other creating a mutually beneficial ecosystem. This kind of shared economy helps build communities, support collaboration, encourage learning and improve sustainability. In the long run, you and your business both shall reap the benefits of such a strong social circle.

Acquiring NewSkills

Opportunities to learn new skills to meet business gaps in the market are rare. Interacting with other skilled professionals can help brush up our existing business skills as well as pick up new ones. Updating ourselves with the latest trends and disruptive industry changes is a necessity, and being part of a professional community helps us in achieving the same in an easy manner.

Learning from Mistakes

Every mistake made is a valuable lesson learned. It is an important function of your community of entrepreneurs to be aware of what is going on with each other's businesses. If you are paying attention you will be able to notice some activities that others in the group are using that may or may not work for you. It is a great way to avoid some major pitfalls in the business world.

Congenial Work Environment

Working amidst various people, observing and adopting diverse work cultures can increase productivity as it helps maintain a professional outlook and also helps create your own identity. This congenial environment doesn't only foster interesting and divergent work, but also instils a sense of ownership. Communicating regularly on work topics, trending news and exchanging jokes can build a healthy environment for entrepreneurs.

Nurturing A community

A professional community regularly hosts events and workshops that broaden the horizons of an entrepreneur. Such events are very helpful for understanding the pros and cons of your industry.

Access to such events will otherwise not be possible unless you are part of an active professional community. Also, as every coworking space has its own feel and vibe, community managers do need to go to lengths to cultivate and nurture a unique environment that meets the needs of its members.

Simplification of Business

In the times of flexible work environment, it becomes cheaper and far more beneficial to become part of a diverse community, as opposed to getting your own dedicated office space. Without administrative hassles of maintenance and associated unnecessary cost, work simply streamlines into what is the need of the hour. Productivity is far more lucrative when business processes are more focused.

Apart from being easy on the pockets, working in a community can build you as an individual who is prepped to take on the world of business. History has ample proof that working with a group of like-minded people has always been beneficial.

Vishwas Mudagal

CEO & Co-founder at GoodWorkLabs, GoodWorks CoWork

Vishwas Mudagal is a serial entrepreneur and a CEO with hands-on technology and management experience, a proven record of building brands and products and a history of creating sustainable companies. He comes with over a decade of diverse experience across entrepreneurial & corporate spheres – in Internet, Mobile, Telecom, Education & Legal domains. He helps global companies build strategies and enter new markets, build innovative products, and set up and scale software centers / R&D centers / offshore development centers globally.

Writing is his passion, and he has embraced storytelling as his parallel career. 'Losing My Religion'? is his debut novel, which has become a sensational bestseller and is billed as a must-read for every professional / student / entrepreneur.

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