Now here’s something for you budding entrepreneurs out there. And my apologies to those of you who are Rolling Stones fans.
The secrets of start-up success have always been hard to pin down. There are a few pointers that any successful start-up operator will gladly share.. usually beginning with work your ass off, never stop believing, and to quote Winston Churchill “if you’re going through hell, keep going”.
However some very bright sparks have taken a more quantitative approach, and had this to say:
“Building a successful business is every entrepreneur’s goal–but only 1 in 12 succeed in doing it. Why do startups fail? The Startup Genome project analyzed data from 3,200 companies and came up with some answers. At the core of any successful business are two things: a good product and a large market for that product. In other words, a startup should be able to scale. And to scale properly, it must balance the growth of five core dimensions: customers, product, team, business model, and funding. The dominant reason for failure: premature scaling of one or more of those dimensions.”
Once I had a good look at their work I realised I had no deep insight or opinion other than.. read this. Think about it. Follow it.
And don’t forget to work your ass off..!