Your tech startup may have an abundance of brilliant ideas and a skillful team eagerly waiting to get moving. However, as per Neil Patel, one sad and hard truth when it comes to businesses is that “Nine out of ten startups is about to fail.”
Tina Amper, founder of TechTalks.ph, also explained that startup rate here in the Philippines is about 90 or 95 percent failure. Quite huge, right? With that, how can a soon-to-be-entrepreneur like you can be part of the remaining 5-10%?
Apparently, before jumping into things, it is only necessary to recognize some crucial aspects to lessen, if not avoid, difficulties once you’re already there.
Keep on reading below.
Knowledge will serve you right.
Great ideas and expertise are what strong fuel beginnings of every startup. Specifically, if you’re to launch a tech startup, you’ll need to familiarize yourself with the specific terms of the digital industry.
If you lack the technical tongue and let’s say that what you’re eyeing to launch is a web design company in the Philippines, then you should strive to become comfortable speaking with developers and acquainting yourself with relevant jargons as once you begin, you’ll encounter them almost every day.
For desired additional services like SEO Philippines, you might also need to get some background about Search Engine Optimization and study related terminologies. It is always best to know where you are getting yourself into.
You need to acquire knowledge in every possible way. In addition to books, you can sit in on classes, spend time communicating with experts or pay, if you must, one to personally teach you.
Remember that getting into the level of coding of expert developers is not your goal here.
It’s just that conversing with a thorough knowledge of relevant terminologies can lead you to office-wide respect and more natural communication. It isn’t ideal to be in a situation where developers feel the need to dumb things down for a superior; your employees may feel like you’re unqualified to even have the role to lead them.
Building relationships earlier is an advantage.
Clients are what will sustain your business along the way. Where would you get your first prospects?
In your list of contacts obviously! Know that building relationships with prospects can start right away with charism. One good thing about networking is that you can gain friends and prospects altogether.
Often, your built relationships will aid you with support for your startup. The only investment you’ll need here is an inviting attitude and personality. After all, this is the core of marketing.
Also, it is a chance to ask them about their opinions on current trends within a related niche, or about how they see and look unto strengths and weaknesses of a specific business in a similar niche as yours.
Aside from benefiting with the data you collected, they are likely to feel that you’re putting a value to their every opinion. It thus gives you some level of good imagery within your circle the early stage.
It takes smart hiring to build a dream team.
Hiring a quality team perhaps sounds like a no-brainer at all, but not all startups put enough thoughts for their hiring procedures. You should be able to find the thin line between a corporation and a startup.
Yours mean starting from the beginning; this implies that bumps in the road can be imminent. In this regard, entrepreneurs like you should prepare to stay very late and go the extra mile.
Also, it is ideal if you can find employees with a similar level of passion as yours, considering that the startup’s potential growth is reason enough to put in additional work.
Furthermore, you also need to weigh your needs for employees. A thriving tech company sure needs an expert designer, yet for a startup, it’s not one of the first positions to fill since most, if not all, developers can do basic sketches and mockups.
And if not, it is easy to find designers who can work through contract. You may eventually find the perfect designer, but this often happens when a clear vision establishes itself, and the designer’s tastes align.
The above things are vital to consider when launching a tech startup. The exciting and promising tech sphere indicates components that range from jargons and terminologies, building client relationships, and down to smart hiring procedures.
Of course, these are not the only aspects you need to be looking at. To greater your chance of succeeding, you need to align your actions with your specific needs.
Hope this article helps you. If you have more tips to share other than these, be sure to comment down below!
Edwin Deponte is a motivational writer who is also passionate about Digital Marketing.
He believes in others’ abilities and tends to bring out people’s hidden potentials through his words of inspirations and motivational articles.