What is required to be successful in starting a business?

Many started their first (serious) business venture while studying at University, they had:

1. Zero experience
2. Zero knowledge with online sales
3. Zero cash

At 25-year many young entrepreneurs made tons of mistakes, they became bigger and bigger as the business grew, yet they were able to overcome the many obstacles to build a successful online business and then founded an eCommerce startup and raised VC-funding.

I attribute my (relative) success to 4 elements:

1. Grit – develop the ability to keep going when things get hard, really hard, extremely fu*** hard. Your passion for a particular long-term goal or end state, coupled with a powerful motivation will help you get there. As the below illustration about the road to success explained it all:

Ben’s quote summarizes it pretty well:

2. Execution – ideas are worth nothing, it’s all about execution. Your idea is no good if you can’t transform it from a thought in your mind to action. The best way to execute is to set due dates for every action item and make sure you complete the tasks on time.

3. Vision – always have the long term plan in the back of your mind, you will be bogged down by the ongoing tasks but remember your north star and aim towards it. Investors must see and understand the vision, and then they have to believe that you know how to get there.

4. Friends/partners – Starting a business is a very difficult endeavour, and it is not recommended to go it alone. It is important to recognize what strengths and weaknesses we have in order to find a business partner that is strong in areas we are not. Without them, it would be impossible to succeed.

These are the four most essential components of starting a business: having a trusted business partner who has complementary skills and strengths; a robust business plan; an understanding of finances; and a detailed marketing strategy. Product, type of business, and target audience may be important, but without these four components, the foundation is not solid.

Good luck