Tuesday, July 25, 2017

6 Things to Keep in Mind If You Want to set up a Tech Start-Up

Do you believe that to start a tech company, you must know coding or the intricacies of engineering? This is far from the truth. The founders of Airbnb were not technical people, they were design experts, and yet today it is a multi-billion-dollar tech company. Starting a technology company does not require you to be technically sound in experience but clear with your product, mission, and vision.

Be it a mobile application, a cloud-based service or a social sharing platform, a creative business idea does not need a specific skill. All it needs is a creative mind. There are many successful companies across the world that are living examples of the fact that you can start a tech company without technical experience if you keep the following points in mind.

1. Gather Your Core Team
It is a given that you can’t realize your vision of a start-up without a solid core team. It is your team that breaks-up your vision into small tasks and execute it. The more efficient your core team is, the better the execution of your task will be. Also, since most of the start-ups grapple with the problems of limited resources, and capital, the core team needs to be great at multitasking. Wearing multiple caps and still doing the job efficiently is a skill that needs to be identified by the founder in his or her team. While the entrepreneur steers the ship in the right direction, it is the core team that sets the sail.

2. Find the Right Resources
In most cases, start-ups don’t start with a million-dollar budget. They have limited resources and have to make the best out of them. In the case of a tech start-up, building a product requires various components to be gathered. Entrepreneurs should find the best rates for parts and other requisites. Try and find different suppliers and compare their rates. Of course, compromising on quality should never be an option, but comparing with different sellers often gives you options of better rates and thereby, helps save precious money.

3. Make Sure the Product Works Offline
It is great if you believe that your idea is unique and will work online (if you have an online business) but it is also imperative to ensure that you don’t over-judge your product based on your own beliefs. It is always advisable to test your product offline. Engage with your target audience and find out whether the opportunity of your envisioned product or service actually exists. Hours and months of your effort in developing an idea would mean nothing if there’s no need for your product in the market or if your target market’s expectations are different.

4. It’s Okay to Outsource Initially
Running a technology start-up requires efficient execution of various key tasks. Mostly, during the initial phase, your team is small and working on several things simultaneously. In such a situation, it is always better to outsource crucial service areas to professionals. It takes the pressure of executing those tasks off your shoulders and you’re able to concentrate on your focus area. Also, outsourcing services to experienced professionals removes potential bottlenecks that may crop up during the execution process. After a while, once your company is relatively big, you can set-up an in-house team to perform all relevant tasks.

5. It's Important to Delegate
One of the biggest qualities of the best leaders in the world is their ability to delegate. Delegation helps every organization, big or small in saving time and ensures the tasks are carried out efficiently. However, the first and foremost step would be to choose a highly efficient team that works effectively. Once you have a team behind you to support your vision, start delegating as per the capabilities of the team members. Praise them and encourage them to push their limits. Delegating tasks is a great boon for a tech start-up where a lot of complex tasks such as coding and designing are involved.

6. Take Advantage of Technology Partners
The present times are one of the best phases for start-ups, especially technology start-ups. Often, while envisioning the success of start-ups entrepreneurs fail to realize there are various other players in the market doing similar stuff at a much larger scale. So look out for opportunities to partner with complimentary services or products to improve your market share. Such partnerships offer huge opportunities to grow. Entrepreneurs must have a constant eye on the market and should not hesitate to collaborate with other companies to scale up.

Starting a technology start-up is harder than it looks on the outside. It involves a great deal of understanding of the market, patience, and an adaptable attitude. Flexibility that requires changing practices with the ever-evolving market scenario is essential to survive in the competitive market of today. Entrepreneurs working towards continuously enhancing their organizational skill keeping in mind the above-mentioned points possess a fair chance of succeeding in today’s competitive environment.

This article was brought to by Millie Rainer
A content strategist at Rantle East ElectronicTrading Co. Limited and she loves to share her thoughts and insights on manufacturing industries, business and entrepreneurship. When in leisure time, she prefers to spend time in traveling with friends and family.