1. PEOPLE

A great team is more important than a great product.  Pull a strong, compatible, complimentary team together to increases chances of success significantly.

2. INNOVATION 

Innovation is not measurable through numbers of patents. True innovation is about solving a real problem with a great solution to create a (scalable) business opportunity. It just helps if the solution can also be patented. 

3. EXECUTION

Get to know and learn from your customers by bringing your solution to them as quickly as possible. Then develop your solution further based on their feedback.

4. FUNDING

If you want to keep a big piece of a smaller pie it may be best to bootstrap or fund the business yourself.  If you want to grow faster and be happy with a smaller piece of a bigger pie, then others may wish to invest in you.

5. MINDSET

Every form of new business venture is a tough and bumpy ride.  But do not fear – the worst that can happen is that you become more experienced.