What Makes a Successful Tech Entrepreneur?
There could be as many reasons behind people’s desire to be entrepreneurs as there are new businesses rolling out. And although your experience will be specific to you, it can help to know what gave the others success. Best of all, anything you need to know is learnable and attainable.
It is a must to sell a product or service that customers will actually want to buy. The should have the money and the willingness to pay for it. It does seem obvious, but a lot of startups struggle to even define their product-market connection. Close to half of failed startups put the blame on market misfit. A wise tech entrepreneur will first ensure that their innovation satisfies a concrete market need and is something that people would actually want to purchase.
Truth is, just a little passion can make a huge difference in terms of the success or failure of any tech entrepreneur. If you are passionate about what you have created, you can more easily motivate your team and your customers. Moreover, if you can prove to an investor that you have that specific quality they want, and that you are keen on becoming successful, then you have a higher chance of landing an attracting investment.
An Effective 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 seek a strong and balanced management team that is fully able to manage the highs and lows of running a startup. It is equally crucial to ensure that founders have all the right agreements in place as to the protection of the 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.
Speeding Up Growth
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, a growing startup is more equipped to handle early challenges to success, like losing customers.
You can have the best of everything – the best pitch, the best concept, the best team – but unless your innovation is protected, no investor may take an interest. Patents can offer wide-ranging protection for invention and innovation in every aspect, from hardware to software to materials to business methods. With a strong patent portfolio, up and coming tech companies will be able to attract greater interest from investors.