May 2, 2016 1:05 PM

Julie Shields

In the May 2016 edition of the Business Journal of Midcentral Illinois, Julie Shields, director of Millikin University's Center for Entrepreneurship, shared her thoughts on choosing your time wisely when it comes to launching a business product.

Shields referred to Bill Gross, a serial entrepreneur who created IdeaLab to incubate new ventures, which collected data on 200 startups, and shared his insights via a TED talk last year.

"As a quick summary, he ranked successful and unsuccessful startups along five dimensions: Ideas, team, financing, business model and timing," Shields says. "His hypothesis was that the idea was the most important factor for a successful startup. To his surprise, timing was the most common denominator for success of these companies."

Shields says good timing means that customers are ready for the product or service, that the infrastructure for delivery is in place and that market conditions are favorable.

"We have a recent local example in National Foodworks Services," Shields said. "Tony Caccomo's vision for a food incubator didn't start when an attractive location went up for sale. He had the vision much earlier, looked at many locations and had numerous conversations."

Time will tell if National Foodworks Services achieves the success they envision, but Caccomo and his team have demonstrated that they have indeed chosen their timing wisely.

Click here to read more from Julie Shields in an article from the Business Journal of Midcentral Illinois.