The 10 Ingredients of a Successful Start-Up
1. Idea - Yes, it's not everything and most of the times it's not even the most important thing. But still, without an idea you got nothing. Your idea doesn't have to be very good nor it has to be original. But you still need it.
2. Team - Without a team, you're just a guy with an idea and it's not enough. You need at least one more person, preferably a friend, preferably with some skills that are related to the idea.
3. Product - If you want to make money with your idea (maybe because you've promised some money to you team mates), you're going to have to turn the idea into a product. Preferably a product that can be monetized. Something that you can sell, or charge for using or advertise on.
4. Knowledge - In order for you and your team to turn you're idea into a successful product you need knowledge. You need to know your market inside out, you need to know where it's coming from and where it's going to. You need to intimately know your potential users or customers. You need to know the competition, the bussiness, the technology and most of the time you just won't know enough.
5. TTM - Time to Market. You must use your knowledge and team to turn the idea into a product as soon as possible. The reason - there are a bunch of other guy out there with similar ideas, teams and maybe even products. If you're in for success, you better be there first.
6. Business Plan - It's not a "must". But it helps. Something that would explain how your idea and product will make money for you and your team.
7. Luck - It would be naive to think that nothing is left to chance. Sometimes the most talented teams with the most brilliant ideas fail. On the other hand, sometimes really poor and not original ideas become great successes (see my post about MySpace).
8. Marketing - You need an effective way of bringing customers and/or users to buy and/or use your product. If the idea and product are not too good, good marketing could just be the key ingridient. But don't forget that you'll need a lot of Luck.
9. Money - Some teams can turn ideas into products without using money. Most people need the green stuff for the development and marketing proccess. Usually a lot of time passes until the product actually generates money. In the mean time, You can get it from your friends or family. But if you don't want to stay without any friends and/or family (in case that you don't have enough luck), you better go to angels or VCs.
10. Exit - No one gets into a Start-Up without dreaming about the big exit from day 1 (or maybe even day -100). If you have enough luck, you might be the one to spend the rest of his life on a private island in the middle of the carribean.
































