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This weekend the Rice Business Plan Competition will be held and over 36 schools will be vying for $1 million in prize money. Given that backdrop, I thought it would be good to consider some key tidbits for start ups.
Three bits of advice that I think can benefit all startups:
1. Have a great team working with you,
2. Don’t give up, and
3. Articulate the value of your product or service.
I have seen much written about the subject of startups, but I feel that these three areas are the key ones that help move you closer to success.
With the long hours and tough roads to be navigated, it important that the people you work with have the experience and moxie to take on the world with you. Second, you will face rejection and the word “No” quite often. Bill Gates experience with starting up Microsoft can offer no better example of not giving up on your idea.
But the last point is the key. Make sure you know the value of your product or service to your potential customer. I have heard lots of great ideas and plans at Houston Technology Center, and the Rice Business Plan Competition. But eventually one of the evaluators or judges asks the question, “What problem are you solving?” Some of the answers are quite interesting. A great idea does not always guarantee successful funding, or for that matter a successful startup.