The brilliant, unique idea: whether it serendipitously strikes in the middle of the night or emerges out of frustration over a problem you have experienced, it is a precious seedling with the potential to blossom into a thriving new business. When you are an entrepreneur, this singular idea will become the center of your universe as you begin to cultivate a living business from thin air.
With this idea in hand, along with passion and technological savvy, you may feel your company is ready to go out and seek funding. Although passion and technological savvy are critical ingredients to propagating any new company, they are simply not enough by themselves to drive a technology startup to success.
Entrepreneurs are often misled by tales of companies that are born from the minds of smart, scrappy inventors whose companies legendarily explode into multi-million dollar successes overnight. The harsher reality is that many startups do not succeed, and those that do rarely see success overnight. A number of different studies generally estimate that around 80 percent of all new ventures will fail within the first three to five years.
So, how you approach your project in the beginning matters a great deal. There are countless variables as to why companies fail, but one body of research draws a clear distinction between a startup’s failure to engage in good, old-fashioned business planning — gathering information>>> READ MORE at: