Do you know that for every one startup that succeeds, four fails? I believe it’s no longer news that more than 79% of startups do not survive their first 18 months and a higher percentage fails before the first 12 months. In spite of this alarming statistics, millions of startups rise into glorious successes annually.

No one starts a startup to fail, but the success of any startup can never be guaranteed without the availability of these basic requirements.

1. Great Idea
Not just an idea, but a great idea is the herald of a successful startup. Let’s just say it is the foundation upon which the edifice of a startup is built. That means a weak idea cannot essentially carry the burden of a great startup.

In the light of this, it is expedient that quality attention is dedicated on the development of an idea. Ideas don’t always come fully formed, as truthful as that may sound, it’s not a licence for one to hit the roads with an idea without properly beating it into shape.

Once the foundation is great, the possibility of erecting a skyscraper is sealed.

When thinking up an idea, it is important to put the market into consideration and to consider what the potential customers really want. The error people make is that they think more of themselves and less of the market.

Also one of the beautiful things about great ideas is that they are easy to explain. If it takes you so much time to explain your idea, then it means it is too complicated. A great idea should be simple to comprehend and it is best when it is unique.

2. Great Product/Service
What do you have to offer? Every startup must have a product or service to offer. Having a great idea is not a guarantee that your product or service will be equally amazing.

Not having a great product is one of the reasons startups fail. Sales and marketing is good, but no one has time to patronize junk. If you like, get your startup advertised on all the billboards in California and let it be viewed by on CNN by everyone, if the product is a junk, it simply won’t sell. A lot of entrepreneurs are very passionate at receiving seed capitals, running adverts here and there, but they’ve got nothing tangible to offer.

I tell my friends here in Nigeria that it is better you are prepared without opportunity, than to be unprepared in the face of opportunity. I know of a guy while I was in college that always urge people to download his debut song. He was passionate about it and was even running ads for it. The hype for the track was so much and I decided to listen to the song only to discover it was wack. I thought I was being unreasonably critical about the guy’s track, so I had a couple of other guys listen to it. But they said the same thing. The song literally sucks.

In the same vein, over the years, millions of startups have been founded and many didn’t survive the light of 6months simply because their products/services weren’t great. Though that’s not the only reason why startups fail, but great products sell themselves. There are often referred to as “investor magnet.” It’s always easy for investors to spot them out.

Follow the link to read more.
http://notemast.com/4-requirements-for-starting-a-successful-startup/