What are the ten things start-ups need to be successful? According to Frank Levinson, it’s the following.
And Frank may know a thing or two about start-ups, considering he founded Finisar in 1988 with $60,000 and 12 years later hit the Forbes 400 list of richest Americans.
10 Must Have for Start-Up Success
- Spending everything on a good team and equipment
- Letting people know the company is in business
- Raising limited capital
- Taking stock of a company and determining its needs
- Being open to opportunities
- Having a supportive family
- Targeting mass markets, not just niche markets
- Having confidence in new ideas
- Acquiring and selling to real customers
- Choosing a great partner
Did Frank cover the essentials for start-up success? Let me know your thoughts in the comment section below.
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I don’t know about #7. I mean I’m no expert but it seems like the kind of “obvious myth”. You’d think that targeting mass market would be better but there’s a lot more completition whereas in the niche market small companies are often welcome and can make a lot more money.
@Dieta
True, but smaller niche markets won’t scale for growth. I guess it’s finding a happy medium between large mass market (lots of comp) and small niche market (low comp) where you can dominate your niche yet still grow to a reasonable size.
Matt
It could be hard to spend enough money on mass marketing. I think the word of mouth is better in the long run, but the problem is that it takes time to spread the good word.
@Martin Lindeskog
I’m a big proponent of WOMM. You’re right it can take time to spread, but it’s nearly free and usually only takes doing the right things right…which any good business will be doing anyway. Happy customer’s begat happy customers and in the long run that will beat out mass marketing any day.
Another good point is to move fast and be dynamic.
We’re trying to figure out what works and what doesn’t, and we don’t have much time and money to spare. Try small experiments with your target market. It’s okay to make mistakes, just don’t repeat them.
The faster you learn and NOT move into the wrong direction (since the entrepreneur doesn’t know the RIGHT direction yet ); the more likely your company will succeed.
@nick
Such a good point to do small experiments with your target market. See what sticks and what doesn’t before you commit the big $$$.
Matt
I can see how #6 Having a supportive family and #10 Choosing a great partner can make it alot easier and faster to succeed.
Essential or a must have???
It would be interesed to see what others have replaced it with
Maybe a good replacement for those of us that don’t have #6 or #10 when we start–creating an intuitive and empowered team.