6 Things a Successful Startup Needs

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What are the keys to startup success and how can you know if a startup is likely to succeed? A study by Inc. magazine and the National Business Incubator Association found the failure rate to be as high as eight in 10 businesses, so it is a worthy question to ask before investing significant time and resources into your new venture.

After years of researching this question with Sonya Zhang, my co-author from the book The Smarter Startup, we developed a heuristic model that accounts for important criteria every new startup opportunity needs to be consider.  Heuristics are generally accepted best practices that can be useful in pointing the way.  We’ve broken these down into six major areas and created a scorecard to encourage assessment of an idea against each of these six major criteria:

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