Bill Gross has founded a lot of startups, and incubated many others — and he got curious about why some succeeded and others failed. So he gathered data from hundreds of companies, his own and other people's, and ranked each company on five key factors. He found one factor that stands out from the others — and surprised even him.
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"Uber came at a time when drivers were looking for extra money". WTF. Lol. Drivers always look for extra money. I mean I get what he is saying, it quite obvious and no rocket science. Except, he is trying to forecibly fit his hypothesis in several cases. Its simple. Everone has a mobile in their pocket now. So the more services you can push through it, the better. The more people you can connect and engage, the better. In early 2000, this wasn't the case however.
4:55 Wrong. Timing the consumer's need to earn extra money was not critical to Uber's success. Uber was first-to-market in solving an age-old supply and demand problem in that market. If the same service was launched 5 years prior to Uber by a different company, Uber would not exist. I'd say funding and execution were tops for Uber's success.
One aspect that helps just about any startup business in this day and age is definitely going to be establishing yourself online with a quality-built website and search engine optimization. With every passing year more and more shoppers and seekers of services are turning to the internet to find what they want. If you are in need for more information in this area, I can help. https://www.website-wizards.com
When opening a startup, you don't have to be the "world-most-success" business. (which are the ones he talked about).
Just the experience you gain from this process will profit your own-self, lot's of trail and error scenarios, that's part of the fun!
Not sure about the notion that entrepreneurs should wait until customers are "ready" for their product before launching it. Customers sometimes don't know they want something until it is being offered to them, and may prove initially dismissive/hostile to new technologies. That doesn't mean that the product will not prove successful over time if it does in fact offer great value.
But how would one know what is the time and how to catch it so that the competitor doesn't take your idea first? For example, more and more people want banks to diminish and use apps only for any transactions they have. But no one seems to fund that idea, to actually create one and only bank that is exclusively online. Now it's the time and nobody's going for it. Maybe it's not worth it financially? How would you know if you don't start and maybe fail. So, these factors are good, but in practice, it may not apply all the time.
Everyone quotes Mike Tyson, but isn't that just a paraphrase of a much much older quote?
Helmuth van Moltke. 1880,
“No plan of operations reaches with any certainty beyond the first encounter with the enemy's main force.”
I do agree that timing should be #1 on the list. Through personal experience I was going to launch a business in the Medical industry but hold back my launch for 7mths because I knew the government was making changes to the Medical bulk billing. If I hadn't follow my intuistion I would have lost everything. I have re-model my business idea and now hoping to launch in the next couple of months. Fingers crossed my timing will be better 2nd time round. God Bless you all.
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Steve Job did not wait for the world to be ready, he pushes innovation and concept and then changes the buyer, not the product. by challenging people expectation, you lead the demands instead of following it. but that, of course, is not the safe way to take. but when business stop taking risk movie become all the same, music sound the same, and product stay the same.
Wrong first is how much tax u pay and how much u can fraud. Air Bnb no tax, Uber no Tax, Google no tax, Amazon no tax.
For exemple :
Facebook fr : 540 millions and pay 1,2 millions tax
Google fr : 1 billion and pay 6,7 million tax
Uber fr : 250 million and pay 1,7 million tax
I am sorry but I think it is hard to belief exactly what he is saying. Timing is way to subjective and prone to bias. Take Apple as an example. Extremely successful company that never believed in conducting market research because, as Steve Jobs himself believed "people don't know what they want'.
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I agree with your point and find it very interesting and helpful.
After checking out your video i find out other video on multiple Value Propositions for business and brands. Please have a look on this https://youtu.be/-GsL3SJgRRQ
this method of analysis is very very poor. Not even scientific merely one's subjective perpective.
Why don't you rate all those 5 factors for startups today and see which ones succeed and fail in the future?
As Tony (not the tiger) says, "Success leaves clues." While I don't agree entirely with his analysis, I will say that if you have a startup, you ignore this information at your peril. Good luck to you!
Love your story/talk and it was refreshing to hear your ah ha moment Mike Tyson story. This is a great example of how first time founders who are starting to raise venture money in silicon valley have an advantage when they have great coaches and mentors.
Your Mike Tyson example fits in with how Angel investors and Venture Capital invest in companies. VC invest when they see traction and validation and paying lighthouse customers. I think this tedtalk is a great example of how no matter what stage you are at, Founders need to nail sales execution and close their first 10 customers. VCs and Angel investors see over 5,000 pitch decks a year they invest in 5. They will invest in a strong team that can prove people will pay for the product. Angel investors and VCs will notice. So add this to your next VC milestone before you go out to raise money. I hope this helps. Darren as noted by http:///www.thesprintsquad.com
Nothing really useful here. Common sense. The biggest factor outside of having a great product is luck, plain and simple. There are thousands of really brilliant ideas that never flourished just because of bad luck.
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