What Does It Take to Be a Successful Tech Entrepreneur?
There may be as many reasons people become entrepreneurs as there are new ventures being launched. 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. It does seem obvious, but a lot of startups struggle to even define their product-market connection. Nearly half of unsuccessful startups pinpoint poor market fit as the reason behind their failure. A smart tech entrepreneur will first make sure that their innovation meets a solid market demand and that people would actually want to pay for it.
Truth is, just a little passion can make a huge difference in terms of the success or failure of any tech entrepreneur. With passion for your innovation, motivating your team and your customers comes a lot easier. 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 want the next BIG THING – ground-breaking innovations that can build empires. But they are not likely to bank on 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 just as important to make sure that proper agreements among the founders are in place regarding issues that are crucial to the success of new business and its technology. Such agreements should cover all key issues such as roles and responsibilities, IP ownership and so on. After all, it’s still people who make things happen.
Growth is what all tech entrepreneurs, investors and markets want. Fast growth – or traction – marks an excellent idea in a steamy market. If a tech entrepreneur effectively demonstrates traction, he becomes very attractive to investors and likely to continue growth. And, it is easier for a growing startup to win over early challenges to success, like losing customers or staff.
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.