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 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. Best thing is, whatever you have to know can be learned and achieved.
You have to sell a product or service that is actually wanted by customers. They should be willing and able to pay for it. While this may sound obvious, plenty of startups can hardly define their product-market need. Nearly half of unsuccessful startups pinpoint poor market fit as the reason behind their failure. 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. In addition, if you can convince an investor that you have that particular quality they’re looking for, and that you are determined to succeed, then you have a greater chance of 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 want a solid and well-balanced team that is is fully capable of handling both the challenges and victories 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 key issues such as roles and responsibilities, IP ownership and so on. In the end, things can only work when the right people are behind them.
Growth is what all tech entrepreneurs, investors and markets want. Quick growth – or traction – signifies a great idea in a hot market. A tech entrepreneur successfully showing traction is very attractive to investors and will likely keep growing. And, a growing startup is can better deal with the initial difficulties on the path to success (for examples, losing personnel).
You can have the best of everything – the best pitch, the best concept, the best team – but unless your innovation is protected, no investor may take an interest. With patents, all areas of invention and innovation are protected. A strong patent portfolio is vital to attract investors to rising tech companies.