Entrepreneurship has been blooming for the last two decades. People become entrepreneurs for different reasons, but the benefits for the society from this process are undeniable. According to the statistics, 65% of the new jobs in the US come from start-ups. The American government has recognised this fact and in 2013 has signed the JOBS bill, further facilitating the financing of newly founded companies.
We have found, however, that there are some significant differences between the understanding of the entrepreneurship in the Anglo-Saxon system and across Europe. After analysing the process in both systems, we have derived five major factors that determine the success of a business undertaking. These are:
- The idea
The idea is the core factor. It should solve a problem, fill a need, make people’s life easier. When speaking to people and offering them your product, they should be willing to buy it on the spot. This is the surest sign your idea is viable.
- The team
The team is another fundamental factor. The entrepreneurial way is uneasy and thorny. You need to have a real partner next to you, someone you can really count on. additionally, you need complimentary sets of skills, covering different aspects of your undertaking. You need to have clear relations with all duties and obligations set up. Trust is a must.
- The financing
Financing is crucial. There could not exist entrepreneurship without proper financing. To become a reality, your idea needs fuel and this fuel is the capital. Financing is one of the core differences between European and American entrepreneurship. One important thing to keep in mind is that there are tons of money out there which want to get into some good ideas’ realisation. You need to act smart and to let this money enter into your idea. There is a huge variety of financing methods and sources, each one suitable for different undertakings. We can help you choose the right financing method for you.
- The market
The market needs to be a global one. With the Internet and the globalization process for the last couple of decades the commercial opportunities have risen dramatically. If you are a start-up and anyway, you are going to undertake something, you’d better think big. Bigger market means more potential clients.
- The strategy
Strategy is the core of any business undertaking. Without a proper strategy your idea would almost certainly fail. Strategy gives target to your business, it chooses the road to these goals and it gives meaning to the existence of your business. Business strategy is the alpha and the omega of the business.
Of course, there are complex relations between any of these elements. To succeed you need to apply a holistic approach. That is why we have combined everything in a framework.
We could analyse your company and provide advice on any of the points above. Doing such analysis would spare lots of troubles to a start-up, that is why we highly recommend doing it before you start. Nevertheless, even is you are already an established company, it is never too late to check your status and remove any possible dysfunction which could be present in your business.