•What do you think is the probability you will successfully complete your semester side project (meet your semester goals)?
–Put a hard number on this – 30%, 60%, 90%, etc.
•Whydo you believe this to be the case?
–Review in context of top 5 reasons for venture success and top 5 reasons for venture failure
MY SIDE PROJECT IS COOKING LIKE CHEF, I TRYING TO COOK SOME CHINESE DISHES, ITS ABOUT 90% CHANCE TO ACCOMPLISH THIS GOAL. I PRACTICE COOKING EVERY WEEKENDS.
Factors Increasing the Odds of Start-Up Success (Top 5)
•Foundersare driven by impact (passion)
•Founders are committed tostayingthe course
–“If you want it to happen, it will happen.”
•Founders are willing toadjust
–We commonly refer to this as pivoting
•Founders are patient andpersistence
–Typically 3-5 years for a non-tech or software business
–Typically 10 years for a hardware business
•Founders are willing todo, evaluate, and redo until they are learned what they need to know
Factors Increasing the Odds of Venture Failure (Top 5)
•Lack of motivation
–Often young people overstretch, then get frustrated
–Very important to focus on a niche market
•Then figure out how to scale the operation
–Unwilling to learn by doing and making mistakes
•Listening to the wrong people
–Naysayers and pessimists will always slow you down
•Lack of good mentorship
–Not finding and listening to the right people
Search out, and listen to “yes, and” types