In 2015, there were 27 million entrepreneurs in the United States alone, thus countless startups that sprouted with them.
But it's a well-known statistic that only 10% of startups are successful. What accounts for these successes?
Bill Gross has been a founder and CEO of various startups himself, so he set out to research what it was that made startups fail or succeed. In his research, he narrowed down his evaluation of companies to five traits:
- Business Model
Of the five, unequivocally, when he compared startup after startup against one another, he found that success boiled down to one predominant factor: timing.
Of course it matters if there is solid funding, and it matters what business model is put in place, but what mattered most in each success or failure story was the timing. When you present your product to the world is crucial to its acceptance. As a sweeping example, Uber came out right after the recession, a time when many people were looking for extra income. Uber fit the bill.
You too should be making sure your product is filling a current, critical need. That's where your success lies.
To hear Gross' full discussion, watch the video below!