As you begin assembling your business, your priorities change. Once, twice, countless times. As you're juggling these priorities, eventually you have to decide which one is most important.
Typically, there are five categories that determine success: great ideas, a strong team, good timing, a solid business model, and funding. Quiz yourself and try to order these in order of most important to least important.
Which did you decide?
In his TED Talk on what is the key factor to success, David Gross gives us the answers. Surprisingly, these five factors are important in these percentages:
- Funding - 14%
- Business Model - 24%
- Ideas - 28%
- Team - 32%
- Timing - 42%
Amazingly, timing was the key factor to success, even more important than having innovative ideas or a strong team.
So ask yourself: have you entered your industry at the right time? Are you pushing the right aspects of your product at the right time?
Bill Gross is the founder of Idealab, an incubator of new inventions, ideas and businesses. To find out more about Bill, visit Idealab's website and watch the video below!