Here’s a Venn Diagram with three key elements to startup success. It’s really a three-legged stool. When one leg is missing, the stool falls over, the startup fails.
COOL NEW PRODUCT. Many startups think this is the only element for success, it isn’t. But it is certainly the most important.
MONEY. Re$ources. Enough to secure the idea legally (patent, etc.), Tier I web design, development, manufacturing, and people.
GOOD MARKETING. One could argue that $ can buy good marketing, not necessarily. Good marketing is a spot-on message, imagery, logo, and of course, killer PR.
If you have a GREAT IDEA, $, but insufficient marketing, I call it the “wink in the dark.” You’re there, but people will either not find out about you or miss the point completely. What happens when you have $ and GOOD MARKETING, but lack the GREAT IDEA? “DOA.” People will admire the effort, buy they won’t buy it. The third scenario: Cool New Product, Good Marketing, no $. Lots of energy goes into the product and execution, but entrepreneur never secures trademarks, patents, the right web development or people. Someone bigger and better will come along and do it right, or blatantly copy the idea.
A “Home Run” occurs when $, Good Marketing and a Cool New Product are all in sync. People will love the product, enhanced ny great marketing. Since the entrepreneur has secured the proper people and intellectual property, @** holes won’t try to copy it as easily.
Now, go out and hit your OWN home run.