The Single Biggest Reason Why Startups Succeed
According to the report by Startup Genome, 92% of the startups fail.
5 Essential elements that lead to startup success:-
- Business Model
Top 5 factors in success across more than 200 companies:-
- Timing: 42%
- Team / Execution: 32%
- Idea: 28%
- Business Model: 24%
- Funding: 14%
Examples of why timing is more important-
airbnb: airbnb came right out during the height of recession when people really needed extra money and that maybe helped people to overcome their objection to renting home to a stranger.
Uber: Uber came when drivers were looking for extra money.
- The idea may be great but timing is more important.
- Execution matters a lot, but timing matters even more.