What does a start-up company needs to be successful ?
After having served a number of start-up firms and early stage companies and sorted out thousands of priorities in newly formed companies we came to a conclusion that has a low theoretical content while is highly empirical and applies within different cultures and most, if not all, businesses and industries.
A similar question has been answered by Steve Jobs and Bill Gates together (Search Bill Gates and Steve Jobs together on youtube), they generically pointed out two elements: Passion for what one does which allows the entrepreneur to persevere, and Ability to attract and keep talented people.
The right people are a key element of any business within any industry indeed, determination and perseverance in my view can have its psychological source in several other elements other than passion, although the latter has proved to be a solid motivator.
Passion, however can also be negative in business, preventing entrepreneurs and manager to evaluate facts realistically when they are signs that the strategy, marketing, or even business model at times, requires adjustments which is often the role of Business Consulting, which in this case might turn to be exceptionally challenging, and require the consultant/consutling team significant human skills of other than analytical ones.
To draw a bullet point list of fundamental elements sorted by priority to answer the million dollar question: What Does a Start-Company Needs to be successful?
A well done Business Plan describing What, How and When
The right and committed people (team) to execute the above
The finance to reach break-even
The capability to attract more talents to grow organically,
If you have an early stage company and you are looking for a guide on how to raise capital have a look at this: http://www.docstoc.com/docs/101114049/How-To-Raise-Capital-for-your-Business-at-any-stage
by Leopoldo Rodriquez, Managing Director