The elements of failure in a start-up

How can you ensure that your start-up is a success? Ahmad Raza explores in Tech in Asia

Blood, sweat, and tears are the basics of a start-up but that’s not all it takes to win. As a businessperson you need to put together the right team with associates who have contemporary ideas. You need to receive constant feedback from clients. You also need to trust your partners and empower the people who work with you. Lastly, you need to lean on the job and consistently work to understand the marketplace.

The necessary conditions for a start-up

The first important thing you need to ask yourself is whether or not you have a feasible large or small medium business idea that you want to pursue. Most people assume they only lack a few things for starting up such as help with legal and tax issues or money. Yet, these are just a few of the concerns you need to address. 
 

You can’t be an entrepreneur by chance, you need to be an entrepreneur by design. Therefore you need to ask yourself, “What is the most important condition for a business?” Most people may think of one of the following:

• Company values
• Competitive advantage
• Investors
• Money
• Strong team
• Vision
• Business plan
• Customer need
• Technology
• Product
   

All of the above are essential for a start-up, but the single most important element is a paying customer.
 

Your start-up will grow into a large company when someone pays you for your service or product. You can’t define your business as a service or product if no one buys them. Buying customers open doors for you. For larger doors to open, you need to get enough customers paying the right amount of money in a short amount of time. 

This is an excerpt from Tech in Asia. You can read the full article here.