Bill Gross has founded a lot of startups, and incubated many others — and he got curious about why some succeeded and others failed. So he gathered data from hundreds of companies, his own and other people's, and ranked each company on five key factors. He found one factor that stands out from the others — and surprised even him.
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Webvan was on the bottom row of failures you had. Heh, I lost a lot of money in that company investing in the stock back in 2001 ish. Delivering groceries from the store was a little ahead of its time back then.
The issue with Bill Gross' framework is that its factors are non-exclusive. Employing a skilled team often requires having adequate funding, and a company without a well-defined idea cannot launch. In actuality, timing seems to be a byproduct of how well a company has addressed the other four aspects. To be sure, there are such things as seasons and trends, and many companies accordingly adjust their strategies to increase profits. But the future is largely unpredictable and uncontrollable. Thus, I question how practical Gross' advice truly is.
all he said was that actually, there is no correlation between some of his conditions and success in start-ups and he chooses like really important one ... this means that besides you are good at all this stuff ... you just neeed to be lucky to succeed ... yeah and timing .... its retrospective analysis, people when did their start-ups they had no idea whether it is or isn´t a good time .... you can say just after a few years after or just made up the reason why the timing was good like when he was talking about airbnb .... Scientific? No. Not even useful if you believe what he said ... do you wanna know more on topic of luck in life ? definitely you need to reed Nassim N. Taleb: Fooled by Randomness
Having retrospectively analysed (albeit in a rather subjective way), your hypothesis then has to be tested prospectively (still will be subjective but not prone to observer bias as a result of the "retrospectoscope").
For any business to succeed, it’s important to ensure that marketing is at the heart of the start-up strategy. Marketing is an extensive field that involves a lot of aspects. Nevertheless, your success depends on your strategy you put in place. Marketing involves strategies that introduce a product or service and then promoting it in the best way possible to not only maximize your sales; but also promote the brand or business. For any company to be successful, it’s important that they sell a target figure of products and services which eventually translates into profits. So, without an effective marketing strategy, most businesses would close down.
Anyways, read the below. This might help.
What is successful? In less than 20 years, ROI, or shareholder return won't be the only metric to judge success and failure. By that time it will be perfect timing for businesses with purpose and profit. So, in the end, I guess Bill will be right again.
How does he not realize that "idea" is extremely subjective, also it goes against timing 100%
If I come up with the idea of "the wheel" today, is that a bad idea?
If you give it a 10 and timing 0, then we can talk
My guess is he'd measure it as a bad idea because of the timing
Check those posts too
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“All in divine Timing” - duh. All we need is FTL v>c transmission - the magic formula. Perfect advice for Halloween. Great timing :-)
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But, timing is pointless without having a team to execute, and an idea for them to use. I saw the recession as perfect time to invest in stock market, but I had no cash, so timing was there, and idea, but no funding. So really, it is a combination still, not sure what value there is here, except during brain storm sessions focus on timing first.
This is very stupid american business school style thinking and doesn't work. Reducting all influences to 5 numbers and draw conclusions from there on. Hope Bill Gross gets his student loans back from learning such a bullshit
Indeed a great talk. To put all this into perspective we have put together www.startup.pk an Online Knowledge Platform for Startups and Entrepreneurs to remove some of the uncertainties from their entrepreneurial journey.
"Uber came at a time when drivers were looking for extra money". WTF. Lol. Drivers always look for extra money. I mean I get what he is saying, it quite obvious and no rocket science. Except, he is trying to forecibly fit his hypothesis in several cases. Its simple. Everone has a mobile in their pocket now. So the more services you can push through it, the better. The more people you can connect and engage, the better. In early 2000, this wasn't the case however.
4:55 Wrong. Timing the consumer's need to earn extra money was not critical to Uber's success. Uber was first-to-market in solving an age-old supply and demand problem in that market. If the same service was launched 5 years prior to Uber by a different company, Uber would not exist. I'd say funding and execution were tops for Uber's success.
One aspect that helps just about any startup business in this day and age is definitely going to be establishing yourself online with a quality-built website and search engine optimization. With every passing year more and more shoppers and seekers of services are turning to the internet to find what they want. If you are in need for more information in this area, I can help. https://www.website-wizards.com
When opening a startup, you don't have to be the "world-most-success" business. (which are the ones he talked about).
Just the experience you gain from this process will profit your own-self, lot's of trail and error scenarios, that's part of the fun!
Not sure about the notion that entrepreneurs should wait until customers are "ready" for their product before launching it. Customers sometimes don't know they want something until it is being offered to them, and may prove initially dismissive/hostile to new technologies. That doesn't mean that the product will not prove successful over time if it does in fact offer great value.
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