October 12, 2012
When startups get together they tend to speak about how great there ideas are and why its the best thing in the world.When startups pitch their ideas its also how well they are going to change the world. But is there really some secret magic ingredient that makes success more attainable?
Having worked in the startup field for many years – I have tried hard to distill the essence of what makes successful startups. The usual factors are of course a must:
- Great Idea that captures the needs of a market
- Sound Business Concept – you can make money
- Good team
- Hard work
But also there is that other thing. Luck. But luck isn’t actually a real factor. There is serendipity – being in the right place at the right time etc but Luck while is the way we can express the missing ingredient of success doesn’t just happen like that.
I don’t think I have seen any successful startup who hasn’t thanked their lucky stars for a factor in their success. But digging into it – I keep finding something that affects almost all the startups who I have seen achieve that magic position of being a success. Yes its stamina.
I have seen ideas fail because people just didn’t take things all the way through. I have seen startups fail because frankly the team was too lazy to do some of the dirty work. But stamina IS a requirement. Mental, physical and of course financial stamina are all required.
While its no guarantee of success – just think about this carefully when considering your plans for success. Do you have what it takes?
Don’t’s scrape! Be sure the TEAM has stamina not just you Be sure that the concept has the stamina to survive a major blow – ompetitive threat or extended fundraising. So the Professor’s advice here? PLAN for stamina. It will significantly improve your chances of success.
Peace be upon you!