startupsuccess #entrepreneurship #businessgrowth
Hey there, fellow entrepreneurs and business enthusiasts! 👋 Let’s dive into the big question: What makes a startup a huge success? It’s a tough nut to crack, but hey, we’re all in this together, right?
Here are some things that I believe could help a startup become a massive success:
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Innovative Ideas: Think outside the box and come up with fresh, compelling ideas that solve a problem or meet a specific need in the market.
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Passionate Team: Surround yourself with a passionate and dedicated team that shares your vision and is committed to making it a reality.
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Market Research: Understand your target audience, competition, and industry trends to make informed decisions and stay ahead of the curve.
- Adaptability: Be open to feedback, learn from failures, and pivot when necessary to adjust to market demands and customer preferences.
So, what do you think? What other factors do you believe contribute to the success of a startup? Share your thoughts and let’s learn from each other’s experiences! 💡🚀 #startup #success #growthmindset
If I had to rank:
1. Timing (+ a mix of luck)
2. Solving a major pain point
3. Huge market (like stupid huge, $1B revenue possible)
4. Product-market-fit (customers will be pissed if it stopped existing)
5. High performing team
6. Strong fundraising chops
Team. Product. Sales. Timing. Luck. No psychopaths involved. Good investors. Many many things.
If there was a single recipe that always worked VCs wouldn’t exist because the entire process would be derisked and governments would start investing because it was so stable and predictable. But it ain’t.
Quick exits. As someone who has done it twice, I prefer to find fit, scale quick, and be acquired. Times too volatile to grow a unicorn (at least for my temperament).
I see three main ways to have a successful startup.
1. The company gets bought because you have valuable assets and the acquisition makes you and your investors rich.
2. The company has an IPO and the valuation of the stock makes you and your investors rich.
3. The company is profitable and you are a major shareholder so you can have dividends and that makes you and your investors rich.
So you have at least 3 ways to make a successful startup.
1. Find a stagnant market, become dangerous enough to incumbents such that they would rather buy you than let the competitor buy you.
2. Find a fast growing market, grow your customer base very quickly such that investors have a fear of missing out.
3. Find a market with huge margins, make a cost effective solution and get a chunk of it.
Lots of paying customers 🤷♂️
It’s a surprising correlation but someone on the founding team needs to have a massive dongle. I’ve yet to see a successful team that doesn’t have at least one.
Have you seen 90% of startups? Of course only 1 in 10 is successful
Successfully solving a valuable problem. Period.
Its ten percent luck, twenty percent skill, Fifteen percent concentrated power of will, Five percent pleasure, fifty percent pain
Honest question: What is the “90% of startups fail” number from? Is there a study somewhere? A report?
Everyone says this so it has become an accepted truth, but… is it accurate? What if only half of startups fail? Or 67%?