There are many factors that will determine a success of failure of a start-up. Here is a listing of some of the more important factors to consider.
Solve a real challenge that customers have. Try to emphasise with the imagined customer to understand what could improve his or her life so much he or she would be willing to pay for it.
Identify your unique selling point. Is it price, speed of delivery, comfort, status, superior quality or service that will trigger the customer to buy?
Market size. Selling an excellent product on a dying market is probably not a good idea. Make sure the market you enter is either large or growing.
Write a solid business plan and learn how to present it to all stakeholders in general and venture capitalists in particular.
Timing is important. There are plenty of examples of products or services launched on markets not yet ready for them. Selling frozen food to customers who don’t have freezers is not a good idea even if the frozen food is great.
Having a superior sales process. There are many companies who has succeeded despite selling a standard product on what was supposedly a saturated market who have still been successful thanks to being much better at attracting the clients.
Receiving positive attention from media, from people who spread your story through word-of-mouth off- or on-line by having a sexy product, charismatic founder or management, intriguing company name or something else. People love to tell interesting stories and to be the first person that tells them.
Having strategic partners. Getting hold of strategic resources by entering a partnership with another person, company or organisation can be crucial for a start-up. You might have to give away equity, knowledge, products, marketing or something else but you might also get the very same resources back and cash from investors too.
Having the personality traits of a real entrepreneur.
Founder of Fryday, An International Network Of Professionals
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