There is no one-size-fits-all formula for ensuring a startup's survival, but it is critical to understand which aspects are most significant in predicting a company's success. I saw a video on TED where an entrepreneur named Bill Gross gave a fantastic presentation about why firms survive, which he presented as the outcomes of his research.
According to him, the most important aspect in forecasting start-up success is timing; it is critical that a company enters the market at the correct time. Team and Execution is the second most critical component, because a brilliant business idea is worthless if it isn't carried out by the right people. The next consideration is the originality and uniqueness of the business idea – while having a brilliant company idea is advantageous, it is not the only consideration. Because a business model can be built later in the start-up phase if necessary, it is the fourth most influential aspect. Bill says that it is not difficult for a business to secure finance after it has gotten enough traction, hence funding, also known as capital, is the least crucial aspect.
We typically devote a significant amount of time to worrying about capital (i.e. money), but the truth is that if you have the right timing, team, idea, and business model, you can simply obtain funding.
The bottom line is that if you want your startup or business idea to succeed, you must do the following. When your idea takes off, look for perfect timing, a wonderful team, and everything else will fall into place.
