We all know startups fail at a RIDICULOUSLY HIGH RATE. Regardless of which statistics you find, they’re all pretty bleak. You can prevent yours from failing by addressing these five MUSTS.
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A Great Idea
What is a great idea? It’s a PROFITABLE idea. There’s a demand for what it is, there is margin in the product, there is traction for it, and it’s marketable.
Leadership
Everything rises and falls on leadership. Maybe you have a great idea but you’re a schmuck! If that’s the case, you won’t be able to create and implement strategies and build effective teams.
Funding
At some point you’re going to need money. Capital will be needed and you will need enough to try things and make mistakes and survive. Do you have enough funding to make a mistake or two. Do you have enough to last a year?
Team
You can’t scale without a team. How do you have multiple divisions or locations without a team? How do you have marketing AND customer service and support staff without a team?
Accountability/Oversight
Who is overseeing the money? Who makes sure you have the appropriate permits/licensing? Many parts of a business may require overseas that without it, you could be OUT of business.
Do not handle your own payroll! Get a 3rd party to handle it from day one.
