Archives For October 2013

8 Simple Keys to Success

22 October, 2013 — 1 Comment

LadderOfSuccess 3Richard St. John, a brilliant entrepreneur and lecturer at TED, agreed on a plane with a high school student who asked what leads to success. St. John could not give her a good answer. He thought it would be very useful to find out and transmitting it to the young. So over seven years he interviewed over 500 successful people to find out.

St. John condensed the interviews into 8 keys to success and recorded this amazing 3 minutes video. The video is very interesting because it gives examples of successful people explaining each key. Although it is not specifically about startups, it can be very useful to those who are starting an innovative business project. Continue Reading…

Broken Chair

I frequently use a metaphor of a chair when I advise entrepreneurs. I compare the viability of a company with a four-legged chair. If any of the four legs is missing, perhaps you can keep sitting on the chair for a while, but when you lose balance you fall. When two legs of the chair are broken, then a fall is sure!

What are the four legs of the viability of a company?

THE FIRST LEG OF THE CHAIR: TECHNICAL VIABILITY

This is about entrepreneurs or their teams who dominate the production process. The means of production and the appropriate technology should be available, and entrepreneurs should be able to own it. As a conclusion the company should be able to produce something that works.

The technical viability leg is usually the first thing that entrepreneurs achieve, because entrepreneurs normally start a business on something that they control and that they have knowledge in. However, this is not the case for some entrepreneurs and their business projects start limping from lack of technical viability.

An entrepreneur wanted to develop and to sell an innovative tool for household recycling. Continue Reading…

Chasing the Dream

Some business projects require exorbitant figures of funding in proportion to the entrepreneur capital. These projects are out of your reach, unless your father is a millionaire or you’re a genius. This idea seems obvious, but some entrepreneurs love their idea so much that they do not see it that way.

I remember an entrepreneur presenting his project in a forum of investors. He needed three million euros, because he needed to set up a manufacturing plant. Continue Reading…