What does it really take to successfully launch a new business? In this extraordinary interview with Amar Bhidé, author of the book The Origin and Evolution of New Business, the editor-in-chief of Inc. Magazine draws out some incredible truths from the research done by Dr. Bhidé.
Here are some highlights from the article summarizing 10 years of study that fly in the face of conventional wisdom:
- Most successful startups began without any innovative idea or product, with no specialized training and with relatively little capital.
- Critical success characteristics for entrepreneurs are: tactical creativity; adaptability and salesmanship.
- Successful entrepreneurs are very tolerant of ambiguity and find opportunities in uncertain "me-too" market niches, where they can offset risk to customers and other partners.
- The characteristics that propel a new business to initial success must shift to strategic planning and risk taking if the entrepeneur wishes to take the business from "good" to "great".