By Nadia Lorencz
The article that I read this week about start-ups posed some interesting takes on why you should and should not start your own company. In addition, it provided some insight into what the most important parts of a start-up are. For example: is the idea itself more important than the team who sets out to build a product? In the case of this article the answer is no.
Let’s start with why The PMARCA Guide to Startups warns us of the ups and downs of starting your own business. Besides the emotional rollercoasters and having all of the control in weather or not your company is able to produce a product, there are outside factors that can and will hinder your product. Factors such as stock market crashes, terrorist attacks and more are able to affect the outcome of a product or business. Start-ups require time management and dedication from everyone involved in order to be successful.
The next part of the article that I found interesting was part 4: the only thing that matters. I was always under the impression that the idea was the most important part of a start-up. after all, if there’s no idea, there’s obviously no company. However, by reading this section of the article I learned how much more important the team that is working to make a product or company is.
It is the team who will make things happen. An idea is just an idea if there’s no one capable or willing to turn it into a reality.
Another important idea is that when you have a product that people need, they will be requesting it at rates much higher than the rate you are producing it. A successful product will have no problem being sold and customers will instead recognize its’ value and demand the product.
Finally, the most important piece this article discusses and ‘the only thing that matters’ is being in a good market with a product that can satisfy the market. If one or the other is missing, it’s likely that the product will fail. a good market and team will pave the way for success!