Founders try and find the exact formula for a successful startup. A secret formula that would produce a successful company. Take a little bit of this; add a little bit of that. Salt it up and let it ferment for a month or two and you got yourself a successful company. But that’s not the case.
Companies that are starting out in new fields, breaking new ground cannot be looking for a secret formula. Because it doesn’t exist. Especially for companies that are breaking new ground, doing something that hasn’t been done before.
There are places where formulas for success exist. They are the franchises and other well established industries. They don’t require much thinking or experimenting. You just follow a basic formula and success (to some degree) is guaranteed. This is not the case with most startups today. There are tips on startup marketing strategies, but nothing that works 100% of the time.
The Bag Strategy today the formula for success is the bag strategy. You throw a whole bunch of good stuff into a bag, mix it up a bit and hope that something useful comes out of it. Take product development, marketing, personal networking, promotion, coincidence and a bit of luck, mix it all in a bag and see what comes out. And don’t believe the hype about that latest thing or marketing ploy. Sometimes it’s the classic go-to things that work.
Sometimes it’s useless crap, sometimes it’s a half-successful company. Once in long while you’ll get a company like Facebook or YouTube.
What’s going into your bag?