Top 5 Key Success Factors for Start-up businesses

Top 5 Key Success Factors for Start-up businesses

Deon de Bruyn Deon de Bruyn

Deon de Bruyn

Founder Constructum Consulting / Where Businesses are Transformed into Assets of Value

发布日期: 2024年5月27日
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Bill Gross, Chairman and CEO of the business incubator the Idealab conducted research on one hundred Idealab start-up businesses and one hundred non-Idealab start-up businesses.

Bill identified five key success factors for Start-up businesses:

·???????? The Idea – That aha moment when an entrepreneur comes up with an idea or concept for a product or service.

·???????? The Timing – Launching a business at the right time in the market.

·???????? The Team – The quality of the people in the business responsible for executing the plan.

·???????? Access to Funding – The business accessing sufficient funding to start and sustain operations during the early stages.

·???????? Business Model – Crafting an effective structure for the business.

How would you rank these success factors? The results of the research rank the five success factors as follows:

1.????? Timing

2.????? Team

3.????? Idea

4.????? Business Model

5.????? Funding

Contrary to what entrepreneurs often claim, access to funding comes in last.

Source: Bill Gross, 2015, TED Talk The single biggest reasons why start-ups succeed, retrieved – 2024 – from – https://youtube.com/watch?v=bNpx7gpSqbY&si=g6pyrhf9J9aMbcQw


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