When it comes to creating a thriving business, your initial idea is probably only 1% of the equation. Make that 1% of 1%. The other 99.99% depends on how the founding team executes, which is why venture capitalists back teams, not ideas. This begs the question – who the hell are you to start this company? What’s your background and why are you going to succeed instead of the Ph.D. coming out of Stanford who’s willing to work 120 hours a week? How are you going to beat the serial entrepreneur who has already started and sold three companies, all in this same industry? What do you bring to the table? One objective way to get to the bottom of it is to talk to potential advisors or industry experts (not friends and family) about your background and whether you can actually pull this off. How convincing are you when you make your case? You might be able to sell them on the idea, but can you sell them on you? It’s not a deal killer if you’re not the right person, but you need to surround yourself with the right team. Identify what you lack and be sure your team makes up for it in spades.
