How to Be a Successful Tech Entrepreneur
There might be as many reasons people wish to be entrepreneurs as there are new projects sailing out. And though your journey will be unique and yours alone, it can be beneficial to know how it goes with those who have tasted and thrived on success. The good news is, everything you you need to know are learnable and possible.
Matching Product with Market Need
It is a must to sell a product or service that customers will actually want to buy. They should be willing and able to pay for it. This may seem too obvious, yet a lot of startups have difficulty defining their product-market need. Almost half of failed startups blame their failure on poor market fit. A wise tech entrepreneur will first ensure that their innovation satisfies a concrete market need and is something that people would actually want to purchase.
Truth is, just a little passion can make a huge difference in terms of the success or failure of any tech entrepreneur. If you are passionate about what you have created, you can more easily motivate your team and your customers. In addition, if you can convince an investor that you have that particular quality they’re looking for, and that you are determined to succeed, then you have a greater chance of attracting investment.
A Solid Team
Investors are looking for the next BIG THING – powerful innovations that can develop into giant companies. But rarely do they invest in ideas alone. They want a solid and well-balanced team that is is fully capable of handling both the challenges and victories of running a startup. It is equally crucial to ensure that founders have all the right agreements in place as to the protection of the new business and its technology. Such agreements should cover all the major issues like founders’ roles and responsibilities, equity ownership, and IP ownership, etc. After all, it’s still people who make things happen.
Speeding Up Growth
Every tech entrepreneur, investor and market craves growth. Fast growth – or traction – marks an excellent idea in a steamy market. A tech entrepreneur successfully showing traction is very attractive to investors and will likely keep growing. And, a growing startup is can better deal with the initial difficulties on the path to success (for examples, losing personnel).
Even if you have the best team, the best pitch, and the best business concept, investors may not want to take a risk if your innovation is unprotected. With patents, all areas of invention and innovation are protected. A strong patent portfolio is crucial in attracting investments for up and coming tech companies.