Your Startup has a One in a Million Chance

There are millions of startups at any given time in the US alone.  How can I possible be successful?

This is something I’ve been thinking about for a while.  If you consider every startup as an equal then yes your chances are like the lottery and worse because you spend years of your life on them.  However startups aren’t equal.  The team isn’t equal.  The vision isn’t equal.  What is going to enable you to get to the next milestone in the life of your business?

 

Team:

Team is core.  Team is key.  We invest in the team.  Etc.  I’m sure we’ve all heard that and can absorb what that means.  Team is important.  But everyone thinks they have the best team.  Right?  What really makes up a good team?  Here is my 2 cents

  1. Visionary Leader: He/she who can move a team forward.  Project manager, speaker, promoter, and jack of all trades.
  2. Technical Guru: The creator of the product.  Knows the market but knows how to create even better.  Top level talent.
  3. Domain Expert: Someone who has spent 5+ years in the industry, preferably more.  Knows the ins, the outs, and has a relationship with all the leaders.  Perhaps is a leader him or herself

That is the core.  There are others which help accelerate your progress.  But they aren’t the core.

  1. Marketer / PR / Sales
  2. Design / UX / UI

 

Innovation:

You need to have a level of innovation to be wildly success.  “Most startups” aren’t innovative.  They are niche finders.  Consider that most startups recycle concepts which are happening now.  They aren’t thinking towards the future.  They aren’t pushing the boundaries of what is possible.  Consider the number of Groupon like competitors.  Consider the number of crowd funding sites..for a niche.

True startups are innovative.  True leaders think not about tomorrow about about five years from tomorrow.

Innovative startups and visionary leaders get people beyond them.  They get funding.  They get noticed.  A crop of ‘more of the same’ fight for a small amount of attention and money that is available.

 

The Math:

What are your odds?  Consider 1 million startups doing one thousand different ideas.

Have one rockstar on the team?  Odds go from 1 to 10,000.

Have two rockstars on the team?  Odds go to 50,000.

Have three rockstars on the team?  Odds go to 100,000.

Have an innovative concept?  Odds go to 250,000.

Suddenly you have a 1 in 4 chance of being successful.

 

The numbers aren’t hard facts just an aide to help illustrate the point: It isn’t a level playing field, not by a long shot.

Focus on what really matters and be honest about your team and your vision.

 

 

Author: Adam Perkins

Startup Entrepreneur from Madison Wisconsin.