What are the most important success factors of managing relationships in startups?
Research indicates four critical success factors for success of business networks “Precise definition of rights and duties”, “Contributing specific strengths,” “Deriving alliance objectives from business strategy” and “Speedy implementation and fast results” (Hoffman et al., 2001, p. 375).
Note that small companies that are not successful tend to underestimate these critical factors!
| No. | Critical Success Factors | Successful companies perceived very important | Not successful companies perceived very important |
|---|---|---|---|
| 1 | Precise definition of rights and duties | 54.5% | 25.0% |
| 2 | Contributing specific strenghts | 63.3% | 50.0% |
| 3 | Establishing required resources | 34.5% | 36.4% |
| 4 | Deriving alliances objectives from business strategy | 40.0% | 46.7% |
| 5 | Speedy implementation and fast results | 30.9% | 23.1% |
Reference
Hoffmann, W. H., & Schlosser, R. (2001). Success factors of strategic alliances in small and medium-sized enterprises—An empirical survey. Long Range Planning, 34(3), 357-381.
Technology Entrepreneurship: How to Start a New Venture
Technology Entrepreneurship: How to Start a New Venture
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