Which factor is the most important in a startup’s success: Idea, Business Model, Team, Funding or Timing? Which one would you like to pick to run a business successfully?
In the above video, Bill Gross who founded Idealab to create and build successful businesses, talks about the single biggest factor for startup success – Timing. After he found different startups, and incubated many others — he got curious about why some startups succeeded and others failed. So he gathered data from hundreds of companies, his own and other people’s, and analyzed each company on the five key factors above. He found Timing accounted for 42% of the differences between the successes and the failures, followed by Team (32%), Idea (28%), Business Model (24%) and Funding (14%).
Except Timing, every other factor is changeable – But if you’re too early or (especially) too late – if consumers aren’t ready or you have too much competition – there’s not much you can do. You can add on a business model, raise more funding, switch up the team, or even refocus your idea, but you have to be really honest about that timing factor.
Check out this video to know more about startup success.Category Business Startups