More than 300 million tech startups are launched every year, and only a small fraction of them make it past the first year. On average, nine out of ten startups fail, and the main reason behind it is the lack or depletion of funds. The journey from a techie to a tech entrepreneur is lined with many tests and trials. There are no shortcuts to success, so get ready to give it all you have.
Anybody can be an entrepreneur nowadays, but only a few get to call themselves a “successful tech entrepreneur”. Several technology giants that dominate this era started with a small setup in their garage, so it seems quite doable – right?
There’s no precise formula to make it big in the tech industry, but there are certain steps that make the journey less complicated and more productive. Here’s what you can do if you aim to become a successful tech entrepreneur of your time:
1) Focus on a Niche Pain Point
Big businesses work on horizontal pain points regardless of niche. On the contrary, startups must focus on small niche pain points, which are vertical – finding a comprehensive solution for them is easier. Consumers will buy a product that solves a real problem in a convenient and affordable manner.
For instance, Xtream Internet has made a name for itself in the competitive market of internet providers by offering fast and reliable connections for an attractive starting price.
2) Think out of the Box
If you want to stand out among the millions of tech startups around you, you’ve got to bring something new to the table. There’s no point in launching a mainstream product that has too much competition. The tech industry is all about innovation, so don’t hesitate to introduce something that may seem bizarre at first glance. If your invention can effectively resolve a neglected issue, it has the potential to shine.
3) Create and Test a Solution
Tech enthusiasts often talk about “million-dollar ideas” but few of these materialize into marketable products. If you have a phenomenal concept, start working on converting it into a tangible or usable product. Build your prototype and see if it turns out to be the way you imagined it; the initial model may require more than a few tweaks and modifications before it can be considered worthwhile.
4) Discover Your Target Audience
The final look and functionality of your invention must complement the needs and interests of the target audience. If you’re not sure who your product is for, selling it is going to be a headache. Pitching your product at random will not earn you leads at a tolerable pace. Once you identify your ideal customer, it gets easier to tailor your brand to their likes and expectations.
5) Improve the Product
It’s hard to come up with a revolutionary product that nobody has ever heard of, and yet it can make a huge splash as soon as it hits the market. Therefore, it’s okay to take inspiration from things that already exist and develop something better. If you can build a superior (and affordable) version of something that is already in high demand, it is likely to pay off.
6) Build Your Brand
Have you ever wondered why people buy expensive products from big brands even though a wide range of cheaper alternatives are readily available? People willingly pay more for their favorite brands because they symbolize something important to them. For example, people who prefer an iPhone over an Android phone usually care about the finer things in life.
7) Organize Your Team
The most successful tech entrepreneurs across the globe largely depend on their talented workforce. It takes many bright minds to collaborate and take the business to new heights. Individuals who put a lot of thought into recruiting their team and delegating tasks are true leaders. Working with a loyal and dedicated team in an optimized ecosystem is the recipe for success.
8) Manage Finances
You shouldn’t solely focus on making big bucks at the beginning of entrepreneurship, though you cannot allow your startup to operate in loss either. Do not fret if you’re not making as much money as you anticipated during the first year. If the generated revenue covers all operational costs and then some, consider yourself in a good place. Spend wisely and take calculated risks to prevent your business from going bankrupt.
9) Prepare for a Fiasco
Smart entrepreneurs always put aside some funds for a rainy day. It’s typical to encounter income fluctuations in the tech business, so save up when the cash influx is high. This way you will have a financial reserve to make up for times when business isn’t doing so great.
10) Make Plans for Expansion
When your business has reached stability, you may consider spreading out. For this, you’ll need to put together an elaborate business plan that can be executed with available resources. Everybody has to start somewhere and then keep growing to become a successful tech entrepreneur.
At the end of the day, you cannot make progress without taking a chance on your aspirations. The key to success is embracing creativity, trying new things, and being prepared for possible setbacks or failures.
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