Secret Sauce of Startup Success

 Is there a Secret Sauce of Success for startups?

We all know that there are no shortcuts to success. Neither is there a magic formula that will make a startup immune to the existing death rate of approximately 90%. True entrepreneurs are not deterred by the fear of failure; they are passionate about their ideas, driven to succeed and eager to disrupt the status quo. 

Success consists of going from failure to failure without loss of enthusiasm. - — Winston Churchill

Your probability of success is proportional to the number of people that want you to succeed. Work to keep increasing that number.  Hubspot founder-Dharmesh Shah..

 Is there a Secret Sauce for Startup Success ?

1.Stanford Ventures Research

Research findings  by Charles Eesley-Assistant professor of management science and engineering-STVP-

ü  Funding is only one part of the complex entrepreneurial ecosystem, and an innovative product isn't necessarily enough for success.

ü  To purely compete on efficiency and low cost is very difficult over time and you don’t gain the higher profit margin from offering a differentiated product or service.

ü  Environment shapes the type of entrepreneurship for a specific region. China, the U.S. and Japan all have very different cultural and institutional environments. The forms of entrepreneurship that you see are a reflection of the policies at each place.

 Expert Comment 2

2.India- Success Factors

Svenja Müller, Senior Director-Bertelsmann India Investments

The market in India, specifically in the consumer internet and technology space, is very dynamic and evolving quickly, while execution remains complex. For startups and investment decisions, factors such as market opportunity and business model are important, but for me personally, the ultimate criteria for success lies in the entrepreneurs’ ability to spot trends, to be good leaders and build strong teams and to adapt to changing market realities.

Expert Comment 3

3.Secret Sauce for Startup Success- Tips by John O’ Nolan- Founder- Ghost.org

ü  Make more friends.

ü  People Work with Friends

ü  Everything is About Relationships

Expert Comment 4

4.Youngstartups.com

ü  Develop an offering with a Distinct Value Propositionü   Get the right team in place

ü  Build a business model that scales

 Examples

i.              Paytm- Pay through Mobile

Quick Transaction time and ability to use it in more outlets

ii.             Snap Deal

Ability to move fast

Proactive- Their latest offering magic box deal is a tough competition for Flipkart

 Recommended Books

Entrepreneurial Spirit Sauce: Secrets of Unmasking Your Entrepreneurial Spirit: Volume 1 – Troy D White 

PASSION, PROFITS & PLOTS... Discover the proven formulas these 14 entrepreneurs used to live the life of their dreams. Troy White sought out 13 other entrepreneurs who wanted to share their most coveted recipes for success and happiness. From the marketing tools that help you grow yoru business quickly, to the spiritual and healing practices that you need to understand... Entrepreneurial Spirit Sauce is a fantastic compilation of stories and blueprints to help you move your business to the next level. Why waste your time and money recreating the wheel when it is rolling by, right in front of your eyes? 

 Conclusion

The available literature and research in the net has clearly outlined that there is a secret sauce. One common secret is the man behind the wheel and his ability to steer the ship, is a must ingredient in the sauce.

In the startup world they call it the “secret sauce”; those unknown elements that help make a collaboration between 2 or more founders greater than the sum of its parts. Edmund Ingham

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