As more and more startup companies are founded every year worldwide building up one's own
business does not get easier. Since 9 out of 10 startups fail future entrepreneurs are well
advised to take a look at potential reasons for failure and success. Learning from others'
mistakes and studying success stories can improve their own performance and help to avoid
critical errors. The academic paper at hand will provide valuable insights for entrepreneurs.
It not only states the most important terms concerning startups but also lists the most
important factors for a startup company's success according to literature review. Delineating
both internal and external factors this thesis not only delivers a synoptic view of potential
challenges inside a startup as well as in its ecosystem but also juxtaposes these influences
in opposition. The second part of this paper analyzes a series of interviews with twelve
startup founders from three different regions (the province of North-Rhine Westphalia in
Germany Budapest in Hungary and the state of California in the US). Their views and
experiences will be summarized and put into the context of their respective startup ecosystem.
