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 even if your experience will be essentially unique to you, it can be helpful to understand what made the others successful. The good news is, everything you you need to know are learnable and possible.
Matching Product with Market Need
It is important to sell a product or service that customers actually want. They should have the willingness and ability 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. With passion for your innovation, motivating your team and your customers comes a lot easier. 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.
A Powerful Team
Investors are interested in the next BIG THING – shaking innovations that can build humongous companies. However, they will usually not invest solely in ideas. They want a strong and balanced management team that can successfully run 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. At the end of the day, it’s still people who make everything work.
Growth is the common want of all tech entrepreneurs, investors and markets. Fast growth – or traction – marks an excellent idea in a steamy market. A tech entrepreneur who shows traction is very desirable to investors and is poised for continued 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. With patents, all areas of invention and innovation are protected. With a strong patent portfolio, up and coming tech companies will be able to attract greater interest from investors.