Six things successful startups do.
We believe a successful startup must excel in these six points and more:
- Surrounds itself with the best and the brightest of ambitious, dedicated and passionate people; the best give the expertise and experience needed, the brightest will always find innovative solutions and the ambition & passion will give the courage required to pick yourself up when you fail.
- Understands that it will, baring incredible luck, likely fail catastrophically at some point and is always planning for this.
- Has the patience, courage, conviction, and irrational faith to persevere even when there are better alternatives in the market and when the going gets tough.
- Recognize a significant and genuine market pain. Provides a cost effective and adoptable solution to an undiscovered need or problem that exists and is better than any present, emerging or conceivable alternatives.
- Knows how to successfully market and monetize their solution. Validates their market pain and monetization plan by lining up potential customers for their solution early on.
- Executes, executes, and executes. Makes sure to do the right things and to do things right. Thomas Edison is known to have said “Genius is 1% inspiration and 99% perspiration” he is also known to have said “There is no substitute for hard work.”
Do you agree or disagree? Please feel free to comment and suggest what you feel makes successful startups!