A successful company usually has these four characteristics.

These characteristics are not shortcuts. They will not guarantee that you will make a successful company. But they may help you a lot.

Instructions

  1. Proprietary technology.
    Proprietary technology must be at least 10 times better than the technology of the closest substitute. Otherwise, it will be very difficult to sell on the market. In order to create a technology that much better, you must do something completely new.
  2. Network effect.
    The value of your product should grow, as more people use it. Just as it is the case in a social network. The more friends you have there, the more you are willing to use it as well.
  3. Economies at scale.
    It should be very cheap to serve your product or service to a greater number of people. This is how most of the internet services work. When a new user starts using Google, it’s a marginal cost for that company to provide a fully working service.
  4. Branding.
    By owning a strong brand, you own the market. Currently, the strongest tech brand is Apple. And Apple builds their brand by designing great products, showing great presentations, having a charismatic leader, and more. Copying all of it is not the recipe for success. You need a strong underlying substance.
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