Tech start-ups are the new rock bands. The world is now consuming technology at a greater rate than it is music, and as a result, you’ll be at odds to find a modern rock star who can make anywhere near the money that a tech start-up can. It can be tempting to be drawn into the image of a tech start-up, but if you have the wrong aims and you’re thinking about the wrong things, you will likely be one of the 90% who fails.
Are You Supported?
Do you have support? Starting up is an arduous journey and you will need as much support as you can get. Supportive friends or family isn’t essential but it will help you a lot when you’re facing dilemmas (and you’ll certainly face existential crises many times). You don’t need your family cheerleading you on from the sidelines if you have the best support staff that you can muster, though. Make sure everybody from your accountants to your janitors shares your company vision and supports you with their presence. They are your team, so take as much comfort from them as you can.
Are You Comfortable?
But don’t get too comfortable! If you want to initiate a tech start-up and you have an idea but don’t know about the practicalities of the coding, get out of your comfort zone, and learn how to code. If you are a coder who has come up with a world-changing algorithm, don’t start a tech company until you are comfortable enough with helping to lead your partners and staff. Staying completely inside your comfort zone is a sure-fire way of not growing as a company and as a person.
How Much Do You Know?
It’s guaranteed that you don’t know enough. Read as many books on start-ups as you can before you start and make sure to digest as many case studies as possible. Learn from the mistakes other people have made before you make them yourself.
Once you’ve done that, you need to think about how much you know about your own product and customers/users. This means data collection, and it should be a top priority if you want to make it as a tech start-up. Don’t worry about managing data, you can always find a business intelligence solution to help you interpret and manage your data. Just look at the top business intelligence tool comparisons from Better Buys.
How is Your Culture?
A start-up culture isn’t an automatic extension of your own personality. Start-ups need to have a serious think about the beginning of their journey, about their values, and their purpose. A well-oiled machine works best, and when humans are working together they need to be guided by more than just the prospect of making money. They need to believe that what they are doing will help them to achieve some wider goal, whatever that might be. A company culture is a very potent tool as a worker manager and as a founder.
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