Before we get into the details, let us try to understand how startups get formed. In my experience, broadly, there are two main triggers for startups. 

1) When the founders have a unique idea that they want to develop it as a business and nurture it to success. The founders could have worked in an organization for years and gained confidence that their idea was viable. They can also be as fresh as students driven by the passion of building something and becoming entrepreneurs to fulfill their dreams. In both cases, we can assume that the founders are driven by a desire and passion to make the startup successful.

2) These are situations when an individual has to quit his job because of some compulsion, like downsizing, etc. As the market is not very conducive to new job opportunities, the person initiates a plan for a startup, primarily driven by the need to stay busy or the grand picture that has been painted of the startup ecosystem. There is hardly any planning or long-term research for these individuals before the startup is formed. The startups often voluntarily close down \when the founder gets a lucrative job offer.

There may be other situations that might initiate a startup business, but I thought these two scenarios are worth mentioning. 

As in every business, several key factors influence the success of startups, but one aspect is non-negotiable. That is the passion of the founder/s.

If we look into the stories of successful startups, we will find that each journey has begun with a compelling vision and the unwavering passion of its founders. It is that vision that guides the company’s direction. Driven by the passion of taking the solution to the market, the founders have a deep understanding of the problem they are solving and a clear picture of the value they will bring to their customers.

The founder’s passion drives the dedication of both the team and investors. Unless extremely fortunate to have a smooth sailing ship, the perseverance of the founder helps the entire team to stay motivated during the tough times, pushing themselves to overcome obstacles that might otherwise seem insurmountable.

On the flip side, sometimes the passion might get uncontrollable and push the founders to make decisions that may be detrimental to the business. For example, too much attachment towards a particular plan might restrict course corrections required for the changing market scenario or owing to the new learnings gathered during the journey.

As I plan to discuss other success factors for startups in my next blog, I strongly feel that passion is the biggest of them all. However, while many might have overwhelming passion, the key is to keep it under control and use it only for rational decision-making.