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Entrepreneur by Mads Faurholt, Lars Tvede

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APPENDIX B:46 TYPICAL CRITERIA FOR SUCCESS IN START-UP COMPANIES

Below is a list of 46 signs that show whether a start-up company has a good chance of future success (or continued success).

Founders and their cooperation

  1. The company has at least two founders.
  2. If its business idea includes both technical and commercial challenges, it is a great advantage if there is at least one founder with each of these backgrounds. Only if there are very large network effects may it be advantageous to have a 100% commercially oriented founder team.
  3. At least one of the founders has a ‘star power’ that will make it easier to attract talent to the company.
  4. It is a plus if some or all of the founders have attended top universities (irrespective of whether they graduated or dropped out).
  5. Although the founders have different professional backgrounds, they have compatible social and cultural values.
  6. The founders show many of the following characteristics: (i) enterprising, (ii) self-motivated, (iii) impatient, (iv) fast-working, (v) thrive in the face of speed, chaos and uncertainty, (vi) resistant to adversity, (vii) forward-looking but nevertheless learn by mistakes, (viii) constantly think about improvements in their surroundings, (ix) have professional pride, (x) ability to immerse themselves, (xi) curious by nature, (xii) cooperative, (xiii) persistent, (xiv) good at postponing reward, (xv) have had unpleasant, unrewarding jobs during their youth, and (xvi) are happy and optimistic by nature. ...

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