Key Concepts Of A Successful Startup

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You need three things to create a successful startup Introduction This paper seeks to enlighten certain features of entrepreneurship on the basis of the following statement:“You need three things to create a successful startup: to start with good people, to make something customers actually want, and to spend as little money as possible.” ― Paul Graham An initial definition of key concepts will be followed by a thorough analysis that will include a variety of relevant topics which will lead up to a discussion on the thesis statement. Finally, I will state my own opinion on the statement of Paul Graham based on the findings in this paper. To fully understand and comprehend the above statement in order to analyze and discuss whether it is…show more content…
To define what as little money as possible is, I need to look at studies of successful companies, and if they needed capital to start, how much money was nessary to expand their business, did they need external capital to expand, and if their is some correlation between how much money companies spend and how much revenue they are generating. In order to arrive at a good and precise conclusion this paper seeks to answer a number of questions. Can you really define what caractaristics good people have. How can you know if people want the product you have. If you spend as little money as possible, you create a scarcity mindset, which can inhibit growth in the company, so how do you make sure you are not spending to little money. Analasis Good people To determine what makes a good entrepreneur, I look at a study, which is based on +100 individual studies, which looks at the following parameters for the success of the business: Age, gender, ethnicity, education, prior sector experince, prior managirial experience, prior business experience and partners. Age: Young people bring a lot of enthusiasm and energy and are willing to work hard, but is lacking experience. On the other side, older people tend to have more experience and more capital, but often lack the energy and enthusiasm. The study concludes that the best age is the prime age (30-40 year old), because this group both has energy, capital and experince. This is not so easy to make a
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