5 Reasons For a Startup's Success:
➊ Idea/Product
➋ Business Model
➌ Team/Execution
➍ Funding
➎ Timing
(no specific order)
Let's see which ONE reason matters the most. 👇
1. Idea 💡 - uniqueness? any differentiators? can we create competitive moats around it?
I've organised StartupWeekends & such hackathons to help people validate their ideas & come up with a prototype or a biz plan.
⮕ You can build a business with any decent idea.
2. Business Model ⚙️ - clear path to generate revenue?
I've run programs where startups had no definite biz model but could still sell.
⮕ To succeed it's not necessary to have a biz model on day 1, you can build one as you go. You'll test & pivot/improve it anyway.
3. Team/Execution 👩💻 - Skilled enough to adapt? Effective & efficient enough to get work done?
It has to the be the most imp reason, right? Nope!
A good team is crucial. It's up there but not the no.1 reason.
⮕ Like in sports, the best teams don't always win championships.
4. Funding 💰 - money raised? from whom?
Funding will never outweigh the drawbacks of a bad idea/execution. It's true.
⮕ In the last 8 years, I've met quite a few founders who're doing very well & haven't raised any money yet. Doable.
5. Timing ⏱- when did you execute your idea wrt the market/world?
On-time/early/late?
No point introducing your solution if the problem doesn't exist on a significant scale.
⮕ How can you provide value if enough people don't need it?
This is it, TIMING matters the most.
➊ Idea/Product
➋ Business Model
➌ Team/Execution
➍ Funding
➎ Timing
(no specific order)
Let's see which ONE reason matters the most. 👇
1. Idea 💡 - uniqueness? any differentiators? can we create competitive moats around it?
I've organised StartupWeekends & such hackathons to help people validate their ideas & come up with a prototype or a biz plan.
⮕ You can build a business with any decent idea.
2. Business Model ⚙️ - clear path to generate revenue?
I've run programs where startups had no definite biz model but could still sell.
⮕ To succeed it's not necessary to have a biz model on day 1, you can build one as you go. You'll test & pivot/improve it anyway.
3. Team/Execution 👩💻 - Skilled enough to adapt? Effective & efficient enough to get work done?
It has to the be the most imp reason, right? Nope!
A good team is crucial. It's up there but not the no.1 reason.
⮕ Like in sports, the best teams don't always win championships.
4. Funding 💰 - money raised? from whom?
Funding will never outweigh the drawbacks of a bad idea/execution. It's true.
⮕ In the last 8 years, I've met quite a few founders who're doing very well & haven't raised any money yet. Doable.
5. Timing ⏱- when did you execute your idea wrt the market/world?
On-time/early/late?
No point introducing your solution if the problem doesn't exist on a significant scale.
⮕ How can you provide value if enough people don't need it?
This is it, TIMING matters the most.