Entrepreneurs must generate a vision, communicate effectively about their goals, and galvanize people to accompany them on their quest. Focus is essential, so is money. Last year, more than half of all U.S. venture capital went into technology-based businesses. Many of the people who started those businesses were engineers or had domain experience or both. Today s Silicon Valley entrepreneurs, for example, not only have experience in a functional field, but a very large percentage of them even though they re under 30 have already gained experience in start-up businesses.
Location plays a key role, too.
The conditions that foster entrepreneurism people, networking, and a critical mass of venture capitalists exist in Silicon Valley, Seattle, Austin, Northern Virginia, Boulder, Newport Beach, San Diego, and Santa Barbara. Wherever entrepreneurs are, initial growth is not usually their problem. Sustaining it is. Anticipate growth fast-track companies outgrow people and systems every day. Guide the organization from an informal to a more formal structure.