What Makes a Successful Start-up?
This is an interesting Forbes opinion piece on what makes the few start-ups that succeed different than the majority that fail. As a lawyer representing many entrepreneurs and start-ups, I think understanding the market and having a good grasp of how to market to potential customers is critical. I also think that you have to be very resilient and take personal responsibility for each mistake that you make and realize that the mistakes are inevitable part of growth and achievement. If you can't acknowledge your errors, you can't address or overcome them. And if you aren't resilient, you are probably not going to get very far either once you make that first error. Finally, I think a focus on generating fast revenue is critical--if you lack that fundamental focus on making money and are affording your start-up a long lag-time before you generate cash, then you are likely to run out of money before you really get launched. Clearly, there are exceptions based on certain business models, i.e. biotech, but the vast majority of start-ups are going to flounder if they don't successfully generate cash sooner rather than later. This is the link to the article:
90% of Startups Fail: Here's What You Need to Know about the 10%
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