Crucial components to launch a new venture
There are 3 different components; all essential for success.
1. The concept
The idea has to be good on some basic level to succeed in the long run. The base concept has to make to make some kind of sense given the technical, market, and competitive environment.
2. Executions skills
Without great execution, success will be hard to come by.
3. The entrepreneur
Entrepreneurship is at the core of starting a company. Combination of vision, passion, commitment, communication skills, hypomania, fundability, and above all, willingness to take risks.
Establishing expectations
Ensure everything is coming to the table with similar expectations:
- What kind of business are we launching? What kind of growth expectations do we have?
- What role will each member of the founding team play in building the business?
- How much time will each member of the team be expected to contribute? Is this a full-time work commitment?
- What other resources will each member of the team contribute?
- How will decisions affecting the business be made?
- What personal goals does each member bring to the business?
- How many months/years each member expect to remain engaged in the business?
- How do the personal life goals fit with the growth expectations for the business?
You’ll need to develop a clear understand about how the rewards from the business will be divided among the founding members.
Allocating equity