I just entered a contest sponsored by QuickBooks to win $25,000. I had to share the story of starting FanMinder.
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This article nails what it takes. Here’s the top ten list excerpted below. The only thing I would change is #8. I would make it say “Do you have an industry you’re passionate about?” Because I think your concept will change but your industry or space, not so much.
1. Are you willing and able to bear great financial risk?
2. Are you willing to sacrifice your lifestyle for potentially many years?
3. Is your significant other on board?
4. Do you like all aspects of running a business?
5. Are you comfortable making decisions on the fly with no playbook?
6. What’s your track record of executing your ideas?
7. How persuasive and well-spoken are you?
8. Do you have a concept you’re passionate about?
9. Are you a self-starter?
10. Do you have a business partner?
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