What five things should young entrepreneurs do to succeed?
I have talked about it in the book, too. The five things are:
1. You must have an idea whose value to the market should be expressible in a simple sentence, not a complex or a compound sentence. . .;
2. You must have a team that brings mutually exclusive, but collectively exhaustive set of skills, expertise and experience;
3. The market must be ready for your idea. If the market is not ready for your idea, doesn't matter how smart your idea is, you will not succeed.
4. You need a good value system, because entrepreneurship in the beginning is all about sacrifice, hard work, deferred gratification, disappointments. It is the value system that creates confidence in each member of the community that other members too are doing the same to make this company succeed. . .
5. You need funds. . . but that is easy, finance is not a problem.
Image: A successful student holds up his hand to signal victory in London. | Photograph: Stephen Hird/Reuters
Also read: Top 10 Fortune 500 companies
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