Peter Wolf founded a start-up himself and sold it successfully. For Start-Alp he reveals 9 of the most important tips for a successful start-up.
#1 FFF: Friends, Family and Fools
You need people who believe in you and give you money and freedom to implement the idea.
#2 The right place to work
In order to put your idea into practice, you need enough space. This could be any of the following: An open workspace, a garage, a living room, etc.
#3 Time and willingness
To set up a start-up you need a lot of time, but also the willingness to sacrifice yourself to succeed. Important: Good health, both mentally and physically.
#4 Develop the right idea
Ask yourself the following questions: Does the solution already exist? Has the world been waiting for it? Was there already something similar? Did it fail? If so, why? Has the market changed since then? Do you have the time and the energy to make this start up idea?
#5 Find a market gap
How do you find a market gap? By examining the market and discovering something that is urgently needed, but does not yet exist. Creativity is essential to your success. It helps you to deal with the subject matter, to analyze problem areas and to see how similar problems have been solved.
#6 Find and convince investors
There are various events where startups and investors are brought together. You have to be convinced of your idea and present it plausibly. Bad pitches rarely make a lot of money. You need a business plan and a strong, convincing presentation of your ideas.
#7 Look for technical support
Not everyone has to reinvent the wheel itself; many technical solutions already exist somewhere and you can license or buy them. Technical supporters are found mainly by networking and connections.
#8 The team
You have to get on well with each other and to have the same ideas about the company. After all, you spend more time together with your team than with your own partner!
#9 Survice crises together
Crises are inevitable! If you have survived the first crisis (technically or mentally), this is already a good prerequisite to master the next.