6 Realistic Tips To Build A Successful Tech Startup
Conquering the tech startup world can seem daunting and although the tech industry is booming, it is a fiercely competitive space. This makes building a successful tech startup a challenging activity.
With the technology industry bustling with innovation, new products that are boasting of emerging technologies like IoT and AI, especially ones that solve real market needs, are the ones that are taking over the market.
The market too is ripe with opportunities galore.
While established tech organizations are struggling to keep up with the fast pace of innovation, there are magnanimous opportunities for tech startups and tech-savvy entrepreneurs to execute some truly brilliant ideas.
The global startup ecosystem is also supportive of enabling new tech startups to find success.
Seasoned businesses and serial investors are directly pumping money into lucrative tech ventures.
However, despite the highly supportive nature of the tech industry, the cut-throat competition and the inability of entrepreneurs often hamper the possibility of creating a successful tech startup.
In fact, studies have shown that almost 75% of venture-backed startups fail and the failure rate of most U.S. companies after 5 years was 50% and over 70% after 10 years.
While you do need that certain “X factor” to thrive, there are steps that entrepreneurs can take to increase their chances of building a successful tech startup.
We’ve listed down 6 realistic tips that tech entrepreneurs can follow in order to build a successful tech startup.
6 Realistic Tips To Build A Successful Tech Startup
1. Define Your Startup’s Purpose
The very foundation of creating a successful tech startup lies in the entrepreneur’s absolute passion for the core idea.
To build a successful tech startup, you not only need to be hungry for success, but you need to be hungry for excellence.
One of the major reasons why tech startups go through make-or-break moments is because there is a lack of clarity.
Startups that survive do so because of their undying commitment to the core purpose that helps them outweigh all other hurdles.
Having a clear vision of why you are building something is far more important than how you’re building, and this clarity will help you in times of uncertainty.
2. Make Innovation Your Top Priority
Innovation is at the heart of every tech startup. It is one of the key elements that tech startups bring to the table.
A deep understanding of the customer and their pain points is necessary to drive innovation. And these pain points aren’t discovered in a swanky conference room.
This requires a wealth of real-life experiences with people.
Some of the most powerful innovations are a result of connecting dots across different aspects such as passion and life experiences which can lead to market-defining innovation.
Apart from this, a sharp tech and product knowledge built on the foundation of engineering expertise can help you turn your passion and experiences into something that drives your tech startup to success.
3. Be Brave
Steve Jobs, former Apple Inc. CEO, said, “Those who are crazy enough to believe they can change the world, are the ones who actually do so.”
The only way tech entrepreneurs can break through the noise with their product is to think like a maverick and take big bets.
Being brave in business is not a choice; it’s the need of the hour.
Larger organizations may have the same idea, but their lengthy process can slow them down.
This gives you the chance to identify more innovative approaches and tread ahead.
Elon Musk, Jeff Bezos, and Jack Ma are entrepreneurs who took risks and it’s no secret to where that audacity took their startup.
Read the full article here.
Originally published at https://get.tech on August 23, 2019.
