Mostly believed that these are the correct series of essential elements that lead to a successful startup:
IDEA > TEAM > BUSINESS MODEL > FUNDING > TIMING
But to Bill Gross, this is how he ranks the 5 important elements based from his studies and experience on Idealab companies.
“Idea matters more when it’s actually in great timing.”
“The last two elements, business model and funding make sense. You can start a business without a capital. Just like other multi-billion business companies such as Airbnb, Uber, Instagram.” Two of which started at the height of the recession and the alternatives they offer was just on point to the people.
“Examine thoroughly and understand whether the consumers are really ready for your product.” Is it too late, too early or simply at a perfect timing.
And remember, one of his best business startup tips is:
EXECUTION AND IDEA MATTER A LOT, BUT TIMING EVEN MATTERS MORE – BILL GROSS