In business - there are only three requirements.
You need three things, clear and unambiguous, no less, no more and - in exactly this order.
- A Strategy. As Michael Porter conveys it: "What value are you to deliver to what customers and how are you going to be different?"
- A Business Model. As in "and how are you going to use your resources to deliver that value and how are you going to keep some of the value yourself?"
- A Way to Execute.
BOTTOMLINE: Sometimes... simplicity is best.