Dan ReichA Student – Learning, Living at the intersection of Technology, Business, and Innovation.

Starting a business is very hard. In a matter of 24 hours your emotions can range from thinking that your business will be the next Google, to thinking how moronic you were for even contemplating the idea in the first place.

In order to start a successful business, I believe you need two components above all else.

1. A Team
Collective knowledge is more powerful than any one individual. But I believe Eric Schmidt puts it best:

“How should you behave? Well, do things in a group. Don’t do things by yourself. Groups are stronger, groups are faster. None of us is as smart as all of us…..” – Eric Schmidt, CEO Google.

2. The Entrepreneurial Snowball Effect
Beyond having a team, you need a group of people that can feed off of each other. People that together, build continual momentum regardless of the challenges by feeding motivation to and from others in the group. If one person starts some momentum, others can build and build upon it until slowly, that once “idea” begins to grow into reality.

From my experiences, most people have great ideas but fail to see the execution through all the way. And the few that do see execution through quickly stop at the sight of any real obstacles (I’ve been guilty of both in the past).

If your lucky enough to find the right team with an entrepreneurial snowball effect, take your idea and just build something.