Dec 13,2012 01:16 PM / Published in Business Insider

INSTANT MBA: You Need 3 Things When You Start A Business

Melissa Stanger

December 13, 2012

Today's advice comes from our interview with Jason Katz, CEO of the video chat, group conference and messaging platform Paltalk:

"There are really three things you need when you start a company. The first thing is you have the idea for whatever the company's going to do. The second one is money, because you have to have assets to carry out whatever the mission is. And then third, you need the people, assuming that you yourself can't do all of those things and generally you can't."

Katz attributes the success of his company Paltalk, which has been a viable and prosperous business since 1998, to these three basic needs. He says these three needs aren't unique to his own business, but are necessary for any company to launch.

Many entrepreneurs think that if people know who they are and what they do, success will take care of itself, says Katz, but this isn't true. You're not a business if you're not profitable, and you have to take the required steps to keep your business going. The company won't drive itself.

"In every case, those three inputs are required. Some of us have some of them but not all of them, and I think that's why a lot of businesses just simply don't make it."

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