It seems like new developments in technology are being introduced to the world daily, with the announcements of new products, software, and advancements. However, the journey of technology entrepreneurship is not a straightforward path to success. Tech entrepreneurs do not have set ground rules to follow to reach their dreams.
Over the years, successful tech entrepreneurs have shared the same sentiment that what you do is equally important to what you don’t do. Here are three tips tech entrepreneurs aren’t told in their journey to help lead to success.
1. Start digging the well before you need water
Technology funding should not be treated as a reaction to running short on cash or an urgent need for investment. It is important that networking begins day one, before execution, with individuals in your space that often invest in many stages of a startup lifecycle. Friends and Family, Angels, Investment Clubs, and Venture Groups want to know beyond the technology idea they are funding. Most want to get to know someone overtime (ideally 1-2 years) before writing a check. Building a network of reliable funders in advance will only simplify things when it is time for you to secure funding.
2. Focus on the customer
The primary focus of any early-stage startup should be the customers. Businesses that take time to evaluate and understand different customer segments’ wants and needs, and their problems, will flourish. Your business or technological idea should add value and fulfill a need. Building a solution to a mythical problem may raise you some early cash and feel fantastic because it is something interesting, however, it will quickly flounder as you will have a solution in search of a problem to solve and not meeting an audience need.
3. Your baby is ugly
There is no fear of failure, and failure will be met many times when it comes to a new venture. The goal should be to fail fast because the most expensive thing will be spending five years on an idea that never gets legs. New entrepreneurs believe that their baby or technological creation is sacred and try to avoid those that call it an “ugly baby.” It is important to detach emotions from the idea and seek reasons your business will fail. Take this as an opportunity to listen, pivot, and potentially grow. Find seasoned entrepreneurs who have been there before and will not be afraid to call your baby ugly. It is ultimately a favor to you.
At T-Minus Solutions, we specialize in helping tech startup entrepreneurs with full-stack development and strategy for their emerging business. Contact us today at INFO@TMINUSSOLUTIONS.COM to schedule a consultation and see how we can help launch your project and reach beyond success