The 1st Year of a Startup
from INC Magazine’s top 500 Companies by Growth 9/13 Compiled by Peter/CXO Wiz4biz
Average Growth of these 500 was about 3000% in 3 years. These are Targets for your Startup.
The Founders of these 500 were asked the following Questions. [Most significant answers are provided. For more details, go to INC Zine.]
Q1. Why did you start?
30% I wanted to use my Entrepreneur Skills
20% I wanted to be my own Boss
18% I had a great Idea
Q2. How much $$ did you use to get Started?
60% < $10K. 20% $10-50K Q3. What was your Sources of money?71% Savings, 13% Personal Loan
21% Loans from Family & Friends
12% Home Equity / Line of Credit
9% Angels, 6% VCs, 3% SBA Loans
0% Crowd-funding [Wud u believe? Wiz4biz]
Q4. When did you start Paying Yourself?
27% Immediately, 15% w/in 6 mo, 17% w/in yr
Q5. What was your “biggest” Challenge?
45% Short of Capital,
26% Bad fit of Employees
13% Not enough Testing
11% Spending too much $$
Q6. How did you pick a Name?
27% A moment of Inspiration
22% Domain Search or other Research
Comments: Do you accept these findings? Has it been different for you? Is there anything else to consider?