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Determining Startup Success - Coggle Diagram
Determining Startup Success
Team
Concerned about the
execution
Business needs
ability to adapt
when reach a set back
If a good team can adapt to the true reality of a demanding customer, perhaps the team is the truest indicator of success for a start up
32% to success
Idea
The initial concept is built upon an idea, but the idea is not everything
"As soon as you start implementing those ideas the real world “punches you in the face” - Bill Gross
28% to sucess
Business Model / Plan
24% to success
A business plan is not necessary and is an easy addition once a company has started up
Funding
Funding is not always critical. Once an idea is released to the public, investors are likely to fund startups with good ideas.
Builds a business
organically
14% to success
If you inject too much money too early into an organisation, you might be making grow it
artificially
.
Timing
Poor timing (being
late
in the market) can result in too much competition
Poor timing (being too
early
in the market) thus consumers are unfamiliar and needs to be educated
Need to consider: "are consumers ready?"
42% to success