There’s no definite recipe that will guarantee a start-up’s survival, but it’s important to understand which factors play the biggest role in predicting the success of a business. In this video, entrepreneur Bill Gross delivers a fascinating TED Talk sharing the results of his research into why businesses succeed.
If you’re short on time, here’s what Bill found:
Timing is the number one, most influential factor for predicting start-up success- it is crucial that a business arrives at the right time for the market. The second most important factor is Team and Execution, since a great business idea means nothing if it isn’t executed by the right people. The next factor is Business Idea Originality– although it’s useful to have a great business idea, it’s not the only thing that matters. The Business Model is the fourth most influential factor, since a business model can be developed later in the start-up process if necessary. Funding is the least important factor, since Bill claims it is not difficult for a business to obtain funding once it has gained enough traction.
Check out the full video to hear more of Bill’s thoughts on predicting start-up success.
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