The birth of a business is its first success. It is questionable that some of the great ideas never meet the first step of success. On the other hand, ideas filled with doubt might end up being successful. According to research by Bill Gross, he puts some factors on a percentage scale weighing their impact on the success of startups. There is no single factor to success. This brings in the hard-pressed question of the reason for the success of a startup over another.
It is a minor element determining the success of the startup. This factor only constitutes 14 percent of the whole chart. The uniqueness of the idea determines its success or failure. The eagerness to launch your product could hit back at you soon enough without proper consideration.
This is the most important factor scaling at 42 percent. Despite entering the market at chaotic and busy times many businesses have prospered owing to their time of entry. A good example of this is Auto Towing in San Francisco. An entrepreneur must assess whether the market is ready to absorb what he or she has to offer. One could get in the market early giving an advanced idea that may not be received as expected. Another will get in at the right time while the other may get in too late which all affects how their businesses grow.
A business must have a clear path for generating customer revenues. This constitutes 24 percent of the scale. One could actually start without the model and add it in the future after a customer demand arises.
The execution of ideas and their adaptability come in second at 32 percent of the scale. The right team enables one to understand what parts of the original concept worked and those that did not work. Finding a balance to treat your growth carefully and objectively ensures the business meets its demands.
In this age, an underfunded business could get funding easily as long as it has a promising performance. One should also consider opening a line of credit if it well suits while keeping an eye on the cash flow. One negative move could put your business at very high risk.
Ensuring that all the factors above are adjusted accordingly to suit the business ensures its success. We derive the possible success from each of these dimensions. Although success is not certain, these variables create a framework on which one could build a stable business.
Business relationships are extremely important in furthering your business. Check our article out for some great reading and information.