I’ve spoken often on the need for “must haves” that a startup needs to have in order to succeed. Think of them as legs of a stool:
1) Product or service that someone will pay money for
(”Free” websites like Google, Facebook aren’t really free).
2) Articulate vision of the value of the company and execs who can express it (without arrogance)
3) Reference customers (someone who will say the offering has value)
4) Good timing and good luck (the history of startups has umpteen stories of companies who had a great product at the wrong time).
5) Dogged and smart execution
6) Ability to attract buzz, traffic, interest from those who see relevance.

I’ve written on some of these themes at my blog:
http://intrastand.blogspot.com/

Keep the smart thinking coming and continued success!
Best,
–Patrick Rafter
Chief ValueCaster, Intrastand