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Key ingredient responsible for startup success? Poll๐
If you were to select a single most crucial element that determines the success of a startup, what would it be? ๐ง
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Jakob Thusgaard
It's clearly TEAM. Agree with @balvinder_singh_powar1 - mostly.
Maybe it's too complex to be boiled down to a single element. Especially any of these 5, which have overlaps. For instance, aren't most of the factors relying on "Team".
Timing - the decision to take your offering to market NOW is a Team decision. A good team has a higher chance of getting it right.
Speed of Execution - the speed with which you do all the things and iterate towards what works. This too is a team function.
Capital - maybe the TEAM can afford to not get paid for a while. Maybe the TEAM has capital from previous ventures. Maybe the TEAM needs to use existing network to raise capital or use experience from previous funding rounds. The team...
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@balvinder_singh_powar1 @jakob_thusgaard a 100%! The reason it's done this way is that when you polarize things and get people to openly debate and we all collectively get more value. Check this video Jakob it's pretty cool:
The single biggest reason why start-ups succeed | Bill Gross
https://youtu.be/bNpx7gpSqbY
@balvinder_singh_powar1 @vedranrasic I've watched that video several times. I think it misses the point that TIMING is a result of TEAM.
@balvinder_singh_powar1 @jakob_thusgaard very interesting conclusion. You mean founders (core teams) insights? Very cool
@balvinder_singh_powar1 @vedranrasic Precisely! It has to be right? Unless you think timing is just sheer luck.
@balvinder_singh_powar1 thank you for sharing your thoughts, Bal. Always so happy to hear from you my friend. ๐
I found these two videos to be very indicative:
1. 2015 - The single biggest reason why start-ups succeed | Bill Gross https://youtu.be/bNpx7gpSqbY
2. 2016 - The surprising habits of original thinkers | Adam Grant https://youtu.be/fxbCHn6gE3U
If you have the opportunity to have a team then that's definitely the key success factor just because no one can do everything
@maxwellcdavis thx Max. What would you say are the signs of a healthy team in your experience?
I think this will make more sense if there were multiple choices or ordering these from 1st - last place. I still think there are at least 2 things from the list which could be crucial and its hard to split.
@nikolanoxious I am sure Nikola :) The reason it's done this way is because when you polarize things and get people to openly debate we all collectively get more value. It's all these things combined and millions of other activities, luck etc that come into play but this way we get more value. Does that make more sense?
@shruti_vrm thanks a lot for sharing Shruti. Did I get that right - you think traditional structures are more effective compared to self-managed teams? Tell me more pls
@vedranrasic Nope, not talking about traditional structures here! Our teams work on Scrum framework, and it has driven some crazy outcomes every now and then! Scrum helps achieve the pace we look for in startups of todays day and age.
Nothing can work without people, even with no money a team can make things work.
If by a team you mean a smart and passionate group of people who are able to communicate without any issues, then I think that's the obvious answer.
Timing plays a role, definitely, but I still think team comes first.
@price2spy thx Misha. Find me a team that can communicate without any issues and I'll go raise $$$ to acquire that team :))
Nothing beats a good team as a foundation that leads to everything else.
Grouping a set team of individuals who share the same values and build a strong company culture is something that can cover up a lot of mistakes and lead to a successful startup story! ๐
A team that is willing to adapt, and get through hard times and curveballs
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