There could be as many reasons behind people’s desire to be entrepreneurs as there are new businesses rolling out. And though your journey will be unique and yours alone, it can be beneficial to know how it goes with those who have tasted and thrived on success. The good news is, everything you you need to know are learnable and possible.
Matching Product with Market Need
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. This may seem too obvious, yet a lot of startups have difficulty defining their product-market need. Almost half of failed startups blame their failure on poor market fit. 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.
Fact is, even a bit of passion can mean a lot in terms of making or breaking a tech entrepreneur. Passion for your innovation will make it much easier for you to motivate not only your team but also 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 are interested in the next BIG THING – shaking innovations that can build humongous companies. But rarely do they invest in ideas alone. They seek a strong and balanced management team that is fully able to manage the highs and lows of running a startup. Just as important are putting proper agreements in place among founders as a way to protect the new business and its technology. Such agreements should cover all the major issues like founders’ roles and responsibilities, equity ownership, and IP ownership, etc. In the end, things can only work when the right people are behind them.
Growth is the common want of all tech entrepreneurs, investors and markets. Speedy growth – or traction – indicates how great an idea is in a hot 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.
Even if you have the best team, the best pitch, and the best business concept, investors may not want to take a risk if your innovation is unprotected. 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.