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| Saturday, January 10, 2009 |
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What determines success in a startup?
By Eric Koefoot @ 11:15 AM :: 1452 Views ::
0 Comments :: Eric Koefoot Blog, Start Up World
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I was at a Darden MBA entrepreneur event the other night - what a great bunch of smart, dynamic people! If they represent the future of entrepreneurship, we are in good hands.
The question came up, "what determines success in a startup?" One response was "mostly luck." Hmmm. Maybe, but I think more in the sense of luck as described by Thomas Edison, perhaps one of the greatest inventors in U.S. history. Edison was famous when responding to claims of his success being due to luck, saying (more or less) "luck is an amazing thing...the harder I work, the luckier I get."
I love it - you can make luck happen!
And I think that is largely true. As an entrepreneur, you can work hard and influence your fate.
When I talk about working hard, I also think about working smart. One of the absolute best things about being an entrepreneur is that you yourself determine priorities every day. No wasted effort or work that just looks good. You focus on things that bring in revenue, things that make the product better, and things that make a great working environment.
After hiring perhaps 300 people in my career, I am a pretty tough interviewer. What I look for is people who, frankly, get shit done. That means that when they say "I've got it", they do. They think smart, they solve problems, and they follow through 100% of the time. They work hard.
And this is what I am talking about making luck happen. Get shit done, follow through, and show incredible attention to detail. What is the iPhone awesome? Attention to detail. Why is Ritz Carlton amazing? Same. Their businesses are successful and profitable not because of luck, but because of hard work and sweating every detail of the product and the customer experience.
So get out there and make some luck!
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