Key Ingredients for Successful Business Start-up

Thanks once again for all the encouraging email, messages and tweets on my previous blog on Business Idea Generation and Evaluation. Your comments encourage me to write more as well as provide excellent ideas on topic to write these blogs and conduct discussions with eminent professors and renowned entrepreneurs.

During the last month or so, most of the questions in your emails were about business start-ups. I organised (yet another) discussion with Professor Paul Burns to explore the key ingredients of successful business start-ups. In this video, we talk about these success components in four major categories as follows:

1.        Motivation

  •  Personal characteristics
  •  Track record in attempting to start-up
  •  Objectives, and tenacity
  •  Network of support from family, friends, etc.

 2.        Ability

  •  Knowledge, skills, experience
  •  Education individually/collectively and relevance to business, especially technical and managerial

 3.        Ideas and market

  •  Viability of the idea
  •  Who are the customers?
  •  What needs are met?
  •  Has the product the quality?
  •  Is it better than the competition?

 4.        Resources

  •  Physical resources – premises, plant, materials, labour
  •  Financial Capital – How much? At what stages? From where?
  •  Social Capital

We also talked about the role of luck in the entrepreneurial journey.  Please enjoy the discussion and let us have your feedback and suggestions for future videos and blogs. For regular entrepreneurship news and more, you can follow me on twitter @MARoomi or, please join on facebook

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