Technology is evolving so quickly it’s almost difficult to keep up. It brings with it almost endless opportunities for new and innovative tech businesses to make their mark. If you have an exciting new idea that you want to share with the world, there is no better time than right now!
However, there is more to a successful tech startup than simply having a great idea. If you study successful businesses in any sector, you can see that they all have the same things in common.
A Clear Goal
This is where you need to start, even before you start prototyping your product. Any guide you read on starting a business will tell you that you need to write a mission statement, however, this is completely pointless if you are just doing it as a box ticking exercise.
An effective mission statement can take a long time to craft. While you are writing it you should think about:
- Your story: why you started your business and what makes it unique in comparison to competitors. This will inform your mission statement rather than be a part of it.
- What is your personal mission and how does this tie in with your business?
- Your customers: who exactly are you targeting, and what problem are you solving for them?
- Your staff: define how you will treat your employees and keep them happy, and stick to it. This doesn’t need to be in the first line of your mission statement, but you should keep it in mind.
A good example of an effective mission statement is Tesla’s: ‘Tesla’s mission is to accelerate the world’s transition to sustainable energy.’
Their mission is quite clear, and they are achieving it by providing products that make sustainable products a viable alternative, which in turn solves a problem for their customers.
A Focus on Research and Development
To be successful, particularly in tech, you must focus on research and development so that you don’t get left behind by other companies. If you are led by research and development, you will naturally come out with innovative products that other people just won’t match, and this will make you successful.
Research and development can be costly, so it’s important that you budget for it. It could be worth securing a business line of credit that you can utilize when you find yourself short on funds, provided you use this credit responsibly and don’t borrow more than you can reasonably afford.
When you start a business it can be very tempting to do everything yourself, after all, nobody can possibly care as much about your business as you do. This is an understandable but unhelpful stance to take.
Every person has their own strengths and weaknesses, and more than this the tasks that they actually enjoy doing. If you are a person who enjoys developing new tech, but you don’t particularly enjoy social media, then it makes total sense to outsource your social media presence to a professional. Not only will you get better results, you will also free up your time to spend it doing the things you actually enjoy!
This ties in with the mission statement. In order to compete, you must have resonance with your audience, meaning that they must understand what you are doing and believe in your cause. Resonance comes with staying in constant contact with your target audience, listening to their feedback and amending your mission statement based on what you learn from them. Be open minded, and feed what you learn back into your business plan.