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Rules of Success

This article is written by Mohammad Eslim, a Contributor Author at Startup Istanbul.

Morten Lund is a serial entrepreneur based in Copenhagen, Denmark. He has founded or co-invested in more than 100 high-tech startups in the last 15 years. These include Skype, ZYB, Polar Rose (facial recognition), Bullguard, Tradeshift, AirHelp and itembase.

Important it is to know that you can actually do it for you to be successful in the ‘it’ business you want to start and for it to actually launch. We live in a world with thousands of millions of brains in it, and fortunately the market is still big and variant where it can still take a lot more of what you might offer. You have the chance since it has been cheaper and more possible to do anything these days.

Structure is essential as you have to be extremely structured while still being creative. It is very hard and you will have to repeat and repeat and repeat until you end up successful. Most of the famous companies has been successful even though their startup was something very different than what they ended up doing as a company and that is ok if it happened to you too as a startup.

There are a few important things to consider in order to be ready for a successful start in the business as a company built from a successful startup:

Details, execution and technology
You can’t built a company with no reliable, well-planned and detailed structure on papers. Execution is the final move after summing all the details needed.

1.The team and the data
Don’t expect the support you are waiting for includes a team, you are the one who must hire a team that knows their stuff and are reliable. But also be aware that a team with no data supplied is not a sufficient team. Work hard to collect the data and choose your team carefully.

2. Dream big
As dreams are the source of creativeness, passion and our drive to accomplish them would be stronger than mimicking other businesses ideas. It also leads to innovative solutions and products in the company where it won’t stop rising.

3. Break the rules, not the law.

Be street smart which really means that you have the ability to convince people, investors and anyone that you are doing something they are interested in.

4. Be intelligent
About almost every decision you are about to take regarding business, don’t rush and see the bigger picture and have your data provide the probabilities of where to head next in your business.

5. Take it easy
There is only one Facebook every decade, means unicorns comes hard and rare in time.

6. Build fast and small

7. Think about technology
Don’t buy high tech only to figure you don’t need most, buy what is necessary.

Finally in business you will hire more people and fire other and that is ok, just don’t over-do things and take your time for success come to who works hard and who are patient. What else to take into consideration is building a network, because through networks comes support and lots of new ideas and you market will be bigger and very connected. Of course you might need help and also those will help you.

24 June 2019

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