There’s no point in starting a company if the purpose isn’t to succeed, so the best place to look for advice is those who’ve made the all-star list, and what common denominators they possess.
Peter Cohan at Inc. interviewed 200 entrepreneurs to create the Hungry Start-up Strategy Index (HSSI), which rates start-ups from 0-100 based on a number of factors, and A+ companies shared these six characteristics.
Check them out, and see if your company is starting off on the path to success.
1. Setting goals. Start-ups almost always lack the cash to pay market-beating salaries to top talent. One way that they do this is by setting goals that talented people – founding executive, investors, and staff — find irresistibly compelling.
To practice the first habit well, you must do a great job on these three goals:
- Mission: Enduring purpose of the start-up
- Long-Term Goal: Approach to realizing investment return
- Short-Term Goals. Clear short-term milestones
Based on their talented executive teams, excellent professionals, and world-class investors, SimpliVity and Actifio have clearly done a great job of setting these three goals.
2. Picking markets. A start-up could pick any market in which to sell its product. But the most successful start-ups pick markets that pass four tests:
- Its founder is passionate about the industry
- Its founder has superior industry knowledge
- Strong forces drive its industry growth
- The start-up is solving a customer problem that the market ignores
SimpliVity and Actifio have picked markets wisely as evidenced by their extremely rapid growth – over five-fold.
- SimpliVity raises $58M, plans 150 Mass. hires over the next year (bizjournals.com)
- Growing at 300% Actifio Spurs EMC Reorganization (forbes.com)
- 6 common characteristics of incredibly successful companies (holykaw.alltop.com)
- IT Appliance Startup SimpliVity Raises $58M to Expand Staff, Sales (xconomy.com)
- SimpliVity Revenue Growing 5-Fold As Kleiner Perkins, DFJ Co-Lead $58 Million Series C (forbes.com)
- Premier global investors infuse $58 million into SimpliVity to supercharge global transformation of IT infrastructure (sys-con.com)
- SimpliVity snags $58 mln in Series C funds (pehub.com)
- Westboro IT co. raises $58M, to hire 150 (bostonherald.com)
- A Sneak Attack on Big Data Center Makers (businessweek.com)
- SimpliVity raises a massive $58M for hyperconverged infrastructure (siliconangle.com)