What's most important for the success of your project? Is it the team? Funding? Timing? Idea? Business model? Recently I heard Bill Gross, one of of the most brilliant entrepreneurs of this century, offer a compelling answer—one that changes my views on the formula for success.
This blog is a summary of Bill Gross's excellent talk.
5 Key Success Factors
Bill investigated how 5 key factors affected the success of the 125 companies in his portfolio at Idealab and 125 companies outside of his portfolio.
The factors he considered were:
- The Idea: How new is it? Is there a unique truth in the idea? Are there competitive moats you can build around it?
- The Team and the Execution: How efficient is the team? How effective is it? How adaptable?
- The Business Model: Do you have a clear path to revenues?
- The Funding: Can companies that can out money-raise others succeed where the others would fail?
- The Timing: Are you too early? Just early? Too late. Right on time? Did that matter a lot?
Of these 250 companies, Bill picked 10 in each category: five companies that turned into billion-dollar companies, and five that everyone thought would be billion-dollar companies but failed.
The question: Which variables accounted more for successes?
Read more here: http://snip.ly/5kaF
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