How To Start A Tech Company
tech company is the type of business
whose primary aim is to develop, manufacture technology, and provide technology
as a service to people. This type of business has a wide range, and it can involve business relating to digital
electronics, e-commerce services, manufacture of software, and other internet-based services. Examples of tech
companies include giants such as Apple, Samsung, Google, Amazon, eBay and so
on. The bigger the company, the more they spend on research and development.
However, these companies didn’t start with billions or millions of dollars.
They started little and built their
companies to the point that their product
started attracting investors. This
article would focus on how you can start
your tech company.
What Makes A Tech Company?
definition of a tech company is pretty straight forward. You should consider
yourself a tech company if you earn your income by applying information
technology, or scientific knowledge in solving problems.
How To Successfully Start A Tech
success story of tech companies is
different and peculiar. However, there is a common denominator to all of them,
which is motivation. All the successful companies have had their share of
doubts, failure, disappointments, tribulations, milestones and so on. However,
one thing they all share is that they kept working, and stayed motivated to
remain on their course. Below are some of the
ways you can start your tech company:
your product: This might seem obvious, but it is essential. Your focus and
energy should on creating the best product you can make. Studies have shown
that building a product represents about 30% of the job. The other 70% of the job focuses mainly on the business side which
includes marketing, sales, customer support and service to customers. The kind
of product has to be good, and something
people would want to buy. If it’s a new thing, then you’d have to find a way to
present it to people that it’s a product they can’t live without.
for help: You should not hesitate to ask for help
if you’re stuck. In a lot of cases, two or more heads are better than one. You
could seek for the input of someone who you think would add and give a
significant boost to the quality of the product. You should also present your
product to trusted friends or relatives and get their honest feedback.
sales staff and engineers: A lot of tech companies hire sales staff and
engineers for their immediate needs. However,
this should not be the case, as it doesn’t support growth. You should
employ workers based on where you see your product in the next one to 2 years.
Although, this is not to say you should run yourself into debt because you want
to hire a huge staff. This should be done within your budget. You have to find
a way to maintain a balance. A lot of companies kill their growth potential
because they only employ workers based on their current needs. You should do
the exact opposite of that.
your focus: Most companies generally have two identities, and this includes the
service and the product. However, the most successful companies choose one for
their vision and allow it to guide the decisions they make moving
forward. If you select the product, then
you ensure the products you create and sell to the public are unique and
different from one they’re used to.
regardless: The truth is you can never be really ready to start anything. There
is always new information flying around.
So regardless of what you want to do, be it products creation, sales, hiring,
how to market, and so on. You should start as soon you’ve acquired the relevant
and best information you can get. A lot of companies are held back by
consistently seeking better information, and not executing. Companies grow by
making plans and carrying them out, not waiting for the perfect information. This is not to discourage the
value of information. However, the point
is to start executing the ideas you already have, and not waiting for a better
Failure is part of growth, this is why it’s important
to experience quick failures. The best thing
about failing is that it allows you to make corrections, and improve
your product. You should never allow failure discourage your path. The most valuable tech companies in the world
now have had their shares of failure, but the world doesn’t remember that. They
only get to the see the good and shiny
side. However, you should know to stop. If your product has a little chance of survival or has a high chance of failing again, you should when to call it to quit, unless you really believe you can make it
compromise your work: One of the things that kill
newly started tech companies is a compromise.
They get to attract a customer and keep
modifying their product to satisfy that one customer’s needs. This eventually
kills the company. It’s important to always focus on your vision, and why you
started the company. You should never change your goal because of the needs of
a particular customer. This usually starts
as something trivial, until it gradually builds up into something that could
undermine the success of the company.
As mentioned earlier, building your product represents just about 30% of the
job. Marketing your product to potential buyers is the difficult part of the job.
The job starts after finishing building
your product. People have to know you, and what you do. A lot of tech companies
that were able to raise a lot of money
even before launching the product usually
spends a lot of money on advertisement. Not having money for marketing puts you
in some sort of disadvantage. However,
this would help you learn how to market your product, and increase your
audience organically. The best way to go about this is finding your target
market online, and find your way into such places. This includes social media
platforms such as Facebook, Twitter and so on. You can also develop a mutually beneficial partnership with some
companies that rely on the type of product or service you provide