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Succeed in Business

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For a business to succeed, it needs

1. Team

Don't just get superstar people that come with superstar egos. Get people with the right complementary skills that will work well together especially when things get tough.

2. Vision

Have a clear vision with innovative ideas and document it in your business plan.

3. Partners

Be very picky with the companies and people you choose to partner with for mutual benefit.

4. Funding

If the partners don't have deep pockets, raise at least twice what you project to spend in the first 1-2 years.

5. Execution

Focus on your well researched business plan and stay focused. Most companies fail, not because they didn't plan well, but because they get distracted with other "plans" or trial-and-error ventures.