Thursday, September 26, 2013

Common Attributes Of Successful Start-Ups - Stanford's Technology Entrepreneurship (Assignment 2)

Attributes of Successful Start-ups (Assignment 2) Click to vote up 

1) Market Need: The ability to fulfill a need OR generate one.
2) Total Available Market, or the reach of the product: The more universal(ly applicable) the product is, the more likely it can gain traction/use/acceptance and therefore succeed.
3) Value Proposition: Separate from market-need, this addresses the actual value the product/service has to offer, and what it's worth to the consumer/purchaser.
4) Innovation: This could include building a novel product/service OR building upon/improving ones that already exist. 
5) Cost/Pricing, Ability to generate revenue: For most, to survive, the start-up needs to generate revenue on its own and/or be bought out, generating revenue via the new parent company. Pricing has to be finely tuned to maximize profit and cost has to be kept to a minimum yet not too low that it will be a detriment to the product/service.
6) Access to Capital: To scale beyond a typical angel-funded startup, it needs quick access to the capital and that is where VCs come in. It is very difficult to take the startup beyond incubation without those millions.
7) Company - Talent (inc. experience and knowledge), culture, leadership.
8) Open-mindedness, ability to put the consumer first - This may seem obvious but, I think, especially in the early stages, it might not be. The typical scene starts with an idea and a limited number of brains/views behind it. The creators need to keep a broad perspective of their users and different perspectives, and be able to implement its users'/consumers' feedback to continue to improve the product, satisfaction, and growth.

What else can you add to this list? Share below in the Comments, we'd love to learn more! :> :> xoxo

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