Thought I’d share with you a 6 minute TED talk by Bill Gross. He’s identified the most critical factor in the success of a new business venture – and you may be surprised by his findings (I certainly was!)
A serial entrepreneur, Bill Gross is the founder of Idealab, an incubator of new inventions, ideas and businesses. He’s started at least 100 ventures, some profitable (like ticket.com) and others which folded.
Using his insights from his 100 start ups, plus researching 100 other companies (the likes of Instagram, Uber and YouTube), he’s defined 5 critical factors for success and then prioritised them in importance.
Traditional wisdom says that it’s the big idea for the start up that determines success or failure. According to Bill, the idea matters a lot, but it’s not the most important ingredient. Although having the right business idea is a critical factor on his list, it’s merely the third in order of priority and only makes a 28% difference to whether or not the business is there for the long term or fails.
In similar vein, Bill looks at the need for a solid business model and venture funding. Both these factors make his list of priorities for success but are number 4 and 5 respectively. They are not the key factor.
So, what then is the major determinant of whether a new venture will perform or fail? Bill Gross reckons that this number one ingredient can make a 42% difference between success and failure.
I’m not going to steal Bill’s thunder and am leaving this up to him to reveal this to you himself.
Just take a couple of minutes out of your busy day, sit back and click on the link below now:
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