As an experienced entrepreneur, what One key Advice will you give to the new entrepreneurs, which served as a major breakthrough for your venture's success?
Money is important, though not nearly as important as you think. And, people are important....way more important than you think.
Great question. I'll give you one key run-on sentence with 4 keys because I think they're all equally important and worked best for me in this order:
Study INTUITION, research the GREATS (in your industry), INNOVATE their strategies to your own , and maintain GRIT.
Have a strong vision. Really understand what you're starting and where you want to go with it. Just having a good business model is not enough.
Be clear about your "why". Why are you starting this venture? What is your vision? Is this venture truly your passion? You will pour you heart and soul into your venture so make sure you are clear on the answers to these basic and fundamental questions! I am happy to chat with entrepreneurs that have answered these questions positively!
Mi advice , although there are many others good for vesture's success , is mainly for higher probability of getting financed and easy go to market when in early stage.
Shortly, my key advices is,
The entrepreneur has to stay in power (perform a continuous and intense effort) and to rely on a complete and balanced team , while familiar with the target market, aiming to solve a real problem with proprietary technology and(or) showing uniqueness of product and technology and present a valid prototype.
Doesn't matter how many times you fail but how many times you stand up and fight again... Who Dares Wins ;)
Be customer-centric through the whole process, especially the beginning. Make sure you're solving the #1 problem *they* want you to solve, and don't deliver any more nor less (watch your scope!). Make sure it meets their price point, while still providing a *very* good return (note, novice back-of-napkin estimates usually wrong by 3x). Be customer driven ... treat them like your PM.
Finding the most profitable niche within all your services, so that you constantly push it in all your marketing efforts as your 'primary' goal.