So much is written about startup mortality rates especially in the last few years. Plenty of examination and discussion has gone into pinpointing the causes of failure and what to do to avoid being a statistic in the “death” column.
But what about those successes? What are the common denominators of success and why businesses succeed and do so in spite of what would be expected?
The New York Times to a look at some of the ways startups can put themselves in a position to win.
Here are some of the factors:
1. Operating in an industry in which the odds of failure of the average business are lower.
2. Starting the venture as part of a team.
3. Writing a business plan.
4. Gaining work experience prior to starting the company, particularly in the industry in which your new company will operate.
5. Starting the business on a full-time basis.
6. Starting a larger company (in terms of initial capitalization, number of employees, size of assets).
7. Emphasizing the use of marketing plans.
8. Putting careful financial controls in place.
via Why Start-Ups Survive – NYTimes.com.