There are 5 things every start-up needs if it wants to be successful. The following list is presented in order of importance:
Access to Capital. If you are successful you will need more money and if you are not successful you will need more money. Having access to capital is number one for a reason.
Business Acumen. Most businesses are started by someone with technical skills. An understanding of finance, marketing, and operations is more important than technical skill during start-up.
Energy. Start-ups require a significant time commitment to get them off the ground. If the entrepreneur lacks the energy to do what it takes to get the enterprise moving it will never take off.
Industry Knowledge. Start-ups can hire expert technicians. The time and energy expended to start and operate a small business leave little time to do the actual technical part of the business.
Idea. A great idea for a new business is overrated. Having a new idea means people don’t know the product or service even exists. New business ideas require you first educate consumers about your product or service. If you have a great idea it will often take years if not decades to gain the traction necessary to make the business a success.
