Updated for 2021:
No entrepreneur gets involved with business thinking that they’re not going to be successful. That kind of mindset is a guaranteed way to make sure your tech startup never takes off. But simply believing in your own ability to be successful isn’t good enough. You need to be able to anticipate the challenges and obstacles of entrepreneurship so you can overcome them and ultimately be successful.
Launching a tech business in this century is a huge perk. You have a wealth of information at your disposal, and publicly available case studies from successful tech entrepreneurs who came right before you. You have the chance to learn from their success– and their mistakes. As you build your startup company, keep the following success tips top of mind to make sure that you are always taking a step toward the goal of building a successful and profitable tech business.
1. Success takes time
The dream of overnight success is just a dream. You always hear about successful entrepreneurs that seem like an overnight success but they’re not. If you’re planning to wake up and be the CEO of the next Google overnight, you will be let down. Remember that it takes time to build anything important.
With commitment, perseverance, and a fantastic idea, your tech company will be successful. But it’s going to take some time, and you’ll need to be patient on those days when you wish you could be the king of startups.
2. Don’t be afraid to fail
If you’re wondering why being afraid of failure is one of the most popular feelings among startup founders, then you may need to take a moment to read up on the adventures of some of the world’s most successful tech company leaders. Household names like Gates and Jobs had their failures, and so will every new founder, including you. True innovation is inconceivable without failure. You won’t enjoy massive success unless you take risks and obviously fail at some point.
Now, that doesn’t imply that you should become reckless. But taking calculated risks and attempting new things with the possibility of failure hanging over your head is essential. Embrace your failures, look at them as leadership training opportunities and learn from them to build a better business.
3. Education and mentorship can help
As an entrepreneur and startup founder, you have to become a Jack-of-all-trades. While you can’t gain all the skills you’ll need to run a fully-fledged tech business on your own, getting some formal education in areas like marketing, sales, bookkeeping, and business analytics will help. Going back to school is an investment, but you could always opt in for online classes or take continuing education courses to improve the tech or business skills that you need.
Having a mentor who has already been there can also help. They can be a helping hand when you feel like you’re facing a dead end. You can also learn from their way of thinking, e.g. where to focus when you’re just starting out.
4. Delegate and outsource
What about those skills you can’t or don’t want to learn or just don’t have the knack for? Hire someone to do the job! Fill in the gaps of your own expertise with a skilled member of your team or freelancer who has experience and knows how to get the job done. Consider outsourcing functions like online marketing and sales funnel development to agencies that know what they need to do.
Do you have a team already? Then delegate! You have to learn to delegate, you can’t do everything yourself. Entrepreneurs often think that only they are able to do things right and want to lead everything. In the end, this can be a disaster. As a tech company expands and grows, finding specialists for different areas is essential. Lean on people you trust and that you can eventually train to be better than you in a specific area and give them the power to carry out tasks.
5. Reach out to your potential market fast
Technologies that directly generate ROI are your best bet. While you will be tempted to create a product that you love without thinking if there’s demand for it, you should test your product-market fit first. Create a minimum viable product and go out there to find out if people are buying it. Then you may need to realign your product to match those needs.
For example, while a lot of tech companies could succeed by offering solutions that drive savings, prospective clients get more excited by solutions that make them more money.
6. Don’t be afraid to network
A tech company will never become profitable if nobody knows about it. Leverage the power of connections and relationships through business networking to make sure that as many people as possible know about you and your business. Working with other like-minded individuals can help you get new ideas, motivate you to take action, and allow you to develop important connections that will help grow your tech startup. So dust off your suit and start going to meetups and other gatherings or events for startups.
7. Believe in you
As a tech founder, you are asking people who don’t know you to trust you and your product. Before that happens, you have to believe in yourself. Use the tips in this post to increase your chances for success, and believe that you already have what it takes to grow a successful business.
Lose your fear of failure. Challenge yourself, explore your limits, get out of your comfort zone and finally dare to do things that you always wanted to do. Go off the beaten path, if you feel that that’s what it takes to innovate and succeed. Always remember that each and every successful entrepreneur made many mistakes and eventually learned from them, and that fact made those entrepreneurs better leader and more successful tech business owners.
Don’t miss out on more great information for Startups with our easy Startups Made Simple course. Check it out below.