A couple days ago I was at an EO workshop put on by Cameron Herold, the former COO of 1-800-GOT-JUNK. Cameron covered a range of topics with the emphasis being on the painted picture where the future is vividly described in words. Towards the end of the workshop he revealed the ultimate formula for startup success:
___% focus x ___% faith x ___% effort = ___% liklihood of success
- Focus – the level of attention
- Faith – the passion and belief
- Effort – the amount of work
As an example, if all three are 80%, that’s only a 51% chance of success — not good odds. Even at 90% for all three you only get a 73% chance of success. Once all three are at 97% you get a 91% chance of success.
Cameron did a great job and I enjoyed the workshop.
What else? What do you think of this formulate for startup success?
David Cummings on Startups 