Have you thought about starting up a business or have already and wondered what will likely determine your success? Do you have an entrepreneurial instinct and fancy taking a chance because you consider it is the right time in your life?
In a TED video (March 2015) serial entrepreneur Bill Gross offers his number 1 reason why a startup business is more likely to succeed and it might surprise you.
In June 2015 I attended the ‘Great British Workforce Revolution’ event and met many people who were either entrepreneurs or looking to sow the seeds of an entrepreneurial life. There were businesses at the event pitching to attract talent and finance and one in particular caught my attention. The founder had started a business alone some six years previously and the idea didn’t got off the ground. About five years later, following a rebrand it launched again and this time the business took off. There is a clue here to the question before, and it has nothing to do with the rebrand.
Here are Bill Gross’s reasons why startups succeed, of course, you can’t just do one really well and fail the others, but in his experience there is ONE that REALLY MATTERS.
The choices are IDEAS – TEAM – BUSINESS MODEL – FUNDING – TIMING
Care to take a guess?
Here is the clue.
Focus on timing and get your thoughts validated by others – is the market ready and why now? Wishing you success.