Growing a successful startup takes time, talent, and solid business acumen. It is well-known in entrepreneurial circles that approximately one quarter of venture-backed startups will find long-term footing in their respective industries, and 50 per cent of those will make it past their fifth anniversary. These statistics don’t mean only 25 per cent of all entrepreneurs have worthwhile ideas. While it’s understandable why some people want to tie the future of a startup venture entirely to the idea behind it, the ultimate success or failure of a startup is actually driven by a complex and diverse set of factors, decisions, and circumstances.
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