9 answers

What are the odds of a small company actually taking off?

Asked Redwood City, California

9 answers

Carolyn’s Answer

Updated Little Elm, Texas
I believe it depends on the need most people start with what is a nice to have that you don’t see in the market place and start there. If after your research you see a great need the more chances of success.

Jeremy’s Answer

Hi Isaac,

That is a great question. I read an article recently that discussed the odds of startups failing, as well as the tendencies of failing companies vs. the tendencies of successful companies. According to the article, about 75% of start ups fail. That being said, the chances of having a successful start up can increase by implementing some strategies. The 9 key factors of success they listed were:

  1. Founders are driven by impact, resulting in passion and commitment
  2. Commitment to stay the course and stick with a chosen path
  3. Willingness to adjust, but not constantly adjusting
  4. Patience and persistence due to the timing mismatch of expectations and reality
  5. Willingness to observe, listen and learn
  6. Develop the right mentoring relationships
  7. Leadership with general and domain specific business knowledge
  8. Implementing “Lean Startup” principles: Raising just enough money in a funding round to hit the next set of key milestones
  9. Balance of technical and business knowledge, with necessary technical expertise in product development


Source: https://www.entrepreneur.com/article/288769


Timothy’s Answer

Updated Kensington, Maryland

It depends on the relevance of the product/service offering and how well the product developers listened to customer feedback in the product development stage. If the product/service meets more customers needs, the greater the chance of success.

A great book to read is Talking to People. It provides simple approaches to improve chances of success.

Gagan’s Answer

Updated Bend, Oregon

I've been an entrepreneur and failed . The odds of a small company taking off are usually really low. There are various factors that impact the success and failure of a company, some in your control, others not so much. The most important thing to think about when starting a company is not to make money, but how passionate you are about the problem you are solving. Every big company was a small company once and it all started with a dream and vision. The passion behind the mission will keep you motivated and help you overcome any obstacles, which there will be. When starting a company, ask yourself the question "why" and the target market and audience. Test your idea by talking to people who might be prospective buyers. Are they willing to pay for it and how much? Think about how you are going to raise capital for the company and to pay employees. Start small and solve a problem that is a niche and as you get success, grow the company.

You can refer to this website for additional info. I've been an entrepreneur and failed . The odds of a small company taking off are usually really low. There are various factors that impact the success and failure of a company, some in your control, others not so much. The most important thing to think about when starting a company is not to make money, but how passionate you are about the problem you are solving. Every big company was a small company once and it all started with a dream and vision. The passion behind the mission will keep you motivated and help you overcome any obstacles, which there will be. When starting a company, ask yourself the question "why" and the target market and audience. Test your idea by talking to people who might be prospective buyers. Are they willing to pay for it and how much? Think about how you are going to raise capital for the company and to pay employees. Start small and solve a problem that is a niche and as you get success, grow the company.

You can refer to this website for additional info.

https://www.entrepreneur.com/article/252811

Marcus’s Answer

Updated Plano, Texas

In today’s business industry smaller company’s have a competitive edge with utilizing their business models to be the next big thing in any industry. A small company allows more opportunity for growth compared to a larger company.

I would recommend researching competitors in whatever industry you plan to go in and see if they started as a big company or smaller company.

Kathy’s Answer

Updated Hatfield, Pennsylvania

Write a business plan, this will help with your concept and direction of your business. Also, find a mentor who can help with unexpected areas and can share advise, experience and possible connections.

Follow your instincts.

Amber’s Answer

Updated Sachse, Texas

Odds are great with right leadership, motivated team and a good product.

Carolyn’s Answer

Updated Little Elm, Texas

I started a small video side business where I helped people create there memories for pre wedding events. It didn’t take off because I didn’t dedicate the proper attention needed to make it a success

Taylor’s Answer

Updated Fort Worth, Texas

Marketing, marketing, marketing! The key to creating a small business and having it take off is by getting your company (it’s ideas) out to the public. You increase the chances of your business taking off if more people know about the business.