So, you’ve got a startup. You’ve got a great team, you’ve got a great product idea, and you have a great market to sell to. When getting your startup off the ground I think there are a few key aspects to remember beyond the traditional “team, market, and product” mix.

• Capitalization- the number one reason companies fail is that they run out of money. Make sure you have enough personal assets, debt financing, or outside investment to keep running. Calculate your startup costs and add 50% for a buffer.
• Networking- get involved in local entrepreneurial groups. Having relationships with a wide range of people in different industries and skillsets, and generally being plugged in is critical to success. Having a network of informal advisors opens up new doors, sheds lights on problems, provides insight, and is generally good moral support. This is all in addition to meeting potential customers, partners, and acquirers.
• Leverage- When buliding a startup think of leverage. You’re recruiting people, you’re signing deals, you’re partnering, you’re working with investors. Do what you can to build up your company portfolio of assets. Do what you can to build up your companies options. Assets increase value and options provide room to negotiate. You want some leverage when you talk to people so you aren’t speaking from desperation.