If you’re starting your own company, or thinking about it, there are a few things you should know. First, it’s a lot of hard work, and second, if you don’t have passion for the industry you’ve chosen, success simply won’t happen, according to experts.
Tyler Denk, co-founder of VentureStorm, said in an article first posted on Quora, that the first thing is finding a partner who is tech savvy, if you’re not. You don’t need money to build your product, Denk adds, you just need time to write the code and construct the foundation of your tech firm.
Sell Before You Have a Product
Before dedicating hundreds of hours to build your product, you can sell potential customers on your solution, Denk says. “Contact your target market and pitch them on your idea as if it’s already built. Are people interested in what you are building? If so, don’t hesitate to ask for money. Tell them by purchasing an account now, they will receive a significant discount compared to when it launches.”
There are different strategies to approach this, Denk says, as it’s essentially moving out of the “we have no money” stage. “At the very least it’ll help a good bit and provide some flexibility and validation,” he says.
Whether you need talent to build your product, or additional talent as you begin to grow your team and scale up, Denk says there are plenty of options available. He suggests attending meet-up events posted on social media, and leveraging your network to find those with the proper skillsets. “Without having money, outsourcing probably isn’t your best option,” he says. “In my opinion, if you’re building a tech startup I don’t think you should outsource in general.”
Is It Worth It?
Alexander Cowan, author of Starting a Tech Business, says the first question you need to ask yourself is: How do you know the idea if worth pursuing? He says the first step is to confront the critical question of whether you want to look back in 20 years at an idea that likely could have been successful, knowing you did nothing.
Taking a good idea from concept to viable business isn’t as hard as it sounds, Cowan believes. “Success is a repeatable process,” he says. “Arriving at a product/market fit that enables a good business is something everyone can do.”
“More than ever, successful high-tech products are pack animals,” Cowan adds. “They leverage complementary products to build their own company’s product, rather than constructing the whole thing from scratch.”
Check Your DNA
As entrepreneurs like Peter Tassiopoulos note, starting and leading start-up tech companies is something in one’s DNA. That’s a question all tech leaders need to ask themselves. Because a startup can be gratifying and, if you’re committed, it can also be very lucrative. But if you’re not committed to it with every last bit of your heart and soul? That’s where you get into trouble.