With so many success stories of tech giants, budding entrepreneurs dream of creating another Google or Facebook. Before taking the leap, they should follow these suggestions:
- Have adequate knowledge – Starting a fast-growing tech business is incredibly challenging, and requires a variety of skills. The time you take for studying, allows you to explore your talents and find the one thing you really excel at. Don’t believe the myth of the college dropout who becomes successful entrepreneur. Building up a company, leading a team and sustaining a highly successful international business is hard work and requires a lot of knowledge.
- Meet like-minded people – Spending time with ambitious and like-minded people will shape your actions. If you engage with friends or acquaintances who are developers, designers, entrepreneurs, and work for different kinds of start-ups, their experiences and knowledge will give you proper direction towards your goal. Surround yourself with mentors who are founders, CEOs, industry leaders to learn more about trends and important topics.
- Select right co-founders – For starting an IT company, you more than likely need a developer, a user interface/visual designer, one marketing person, and a finance person. With this kind of team, you can start your business.
- Pick the right location – Depending on your new business, location does matter. If you are an Internet/software business, take care you pick a location that helps you to start. San Francisco is the number one choice for techies, but the costs of living are incredibly high and you will compete with the world’s most successful tech businesses for talent.
- Analyse your ideas carefully – Challenge every single idea with your team to the extreme. Be aware that most ideas that seem great in the first place, are either already taken or not so great once you’ve challenged them further. Finding best idea is about identifying the problems, and finding clever ways to fix them.
- Follow the trends – In technology, you have follow the trends, whether it is cloud or software-as-a-service. You want to create something that stays and adds value to people’s lives, both your customers and your employees.
- Prepare yourself to fail – Starting a tech business is hard. You will experience unbelievable lows, including running out of money, or seeing important people leaving or shutting down a business you worked so hard for. If you build a software product, you need to be prepared for downtimes or bugs.
- Focus on learning, not on earning – While it’s critical to become deeply skilled in one area of the business, the required skill-set to start and run a company is much more varied. Starting a tech business requires a strong sense for products, timing, trends and markets, which you can only acquire through experience.
- Find investors – When everything is in place, the next crucial task is to find the financers to fund your venture. You can reach out individual investors through your social contacts or approach banks. Before setting up meetings with them, you must be ready with your business plan to convince them how their money put in your business has potential to multiply.