Surround yourself with smart people

Starting a company can be scary.  If you haven't done it before, there are many things you simply won't know how to do.  That's okay.  You're probably only a few phone calls or mouse clicks away from the answer.  That's why it is so important to surround yourself with smart people, and build that network.  This doesn't mean that as soon as you have over 500 LinkedIn contacts, or 500 friends on Facebook, that you've succeeded.  Go for quality contacts...people who have been there and done that, then leverage your professional and social networks.

The requirements of a successful start-up

After watching many start-up companies succeed or fail, I've come to the realization that the requirements of a successful start-up company these days are: 1) solid management having a great network of relationships and contacts, 2) luck/timing, and 3) a darn good product.  Expanding these a bit:  1) People solve problems.  People buy products/services.  People tell others about your product/service.  The broader your reach into your industry, and your market, the better you will be able to solve your problems and sell your products.  2)  You have to admit, timing is critical.  Hitting that market window is critical.  And in this is some degree of luck, which none of us can control.  And finally, 3) you have to have a product that has sizzle...that compels users/customers.