Recipe for a Successful Startup

I was talking to a startup veteran this weekend in the Silicon Valley about the success factors that make a start up. Here are his pearls of wisdom:
1. Good Enough Technology (Need not be super-duper)
2. Great Leadership & Management
3. Good bookkeeping and accounting
4. LUCK (MUST Requirement)

My 2 cents:
1. Good Enough Technology : This is hitting the nail at its head as Engineers too often spend much of their time on developing and optimizing technology vs spending time marketing and making it more usable. Having something that is good enough that maintains a competitive advantage should be a good starter.

2. Great Leadership: The lack of this ingredient leads to the downfall of so many startups. Startups always find them at a stage where the VC's have a power play with the founders and may get incompetent people to accept the throne OR very often the founders are not experienced enough to handle management/leadership issues.
Good leadership ensures product roadmap, employee stickiness, good use of money and vision (company strategy and exit criteria) and the most importantly good team spirit.

3.Bookkeeping and Accounting: Ever heard of well funded startups that fly their Executive Management in private chartered flights? This is what happens when one does not have a stingy book-keeper or rather I would rephrase and say an accountant who is not ensuring that money is spent on the right things.

4. LUCK: I can't even stress the importance of this factor....Luck in genral is important in everything that one undertakes in life.

The one important ingredient which he specifically did not call was "Really Smart & Talented People". Its really important to have a great team of people to maketh a successful startup and a great management ensures that they ensure the stickiness of the employees.

At this point I have just started experimentally interviewing with startups, hopefully I will hit a home run with a successful recipe :)