Download
1 / 7
70 likes | 83 Views
In an effort to achieve success for their tech startup, most entrepreneurs search for top startup business software that can help them achieve that purpose.
E N D
In an effort to achieve success for their tech startup, most entrepreneurs search for top startup business softwarethat can help them achieve that purpose. To run a successful tech startup, you need to understand some important issues. Issues like financing, legal, marketing and sales, human resources, liability protection, and more all come into play.
Is The Tech Industry a Good Business For Startups To Venture Into? The number of people who go into entrepreneurship is constantly rising. Early stage startups like Facebook, Uber, Airbnb, WatsApp among others are now multi-billion-dollar companies. Tech industry has many prospects and is always booming. People and companies are as a result of necessity taking advantage of the latest technology they can lay hands on. The aim is to enhance their businesses. It then means that there is high demand for tech solutions. And you are in the right profession. And you should not worry about needing so much money as a report shows that a third of businesses started with not more than $5,000. 58% started with a little less than $25,000.(Source:Small Business Trends).
To Help You Build a Successful Tech Startup, Here Are 5 Important Steps To Follow: 1.Understand the challenges and demands of starting a business One thing that every business demands is commitment. Some entrepreneurs fail to succeed in their business because they never took into the consideration the amount of resources, time, and energy that goes into starting and maintaining a business. You need to put in some effort to come up with a unique and great product or service. There is need to also have a strong vision and plan for the business. Most businesses call for sufficient cash and capital to start off. If you need to hire people right away, it’s important that you find the right people. And if you need to put in more hours than necessary, you must be willing to do so. There are times you will be discouraged because of the number of rejections you get. But keep at it and with consistency and persistence, you just might become the next big tech startup.
2.Study Your Competition Regardless of the type of business you want to venture into, there is always someone or some people already doing something similar. These people are your competition. While having competition may be perceived to mean lesser business for your company, however it can help validate the business you want to go into. If the competition and market size is much, it means that a lot of people are in demand of such products or services. Take your time to learn what you can about your competition so that you can have an edge over them. But you also have to be honest with yourself. If after studying your competition and you can’t find a loophole that you can use as an advantage, you may want to reconsider your plans of joining the league.
3.Protect Your Business From Day One If you have made up your mind to start a tech startup, you should think about protecting your assets by forming an LLC or corporation for the business. It’s risky to start your business using the term “sole proprietorship.” This could put your personal assets in danger in the event that the business runs into debts or liabilities. You should consider starting the business as a S or C corporation, or you can make it a limited liability company. If you start with an S corporation, you get to gain favorable tax treatment. It is also easy for you to convert it to C corporation from S corporation. But that will only be needed when you start bringing in investors and issuing stocks. But don’t be under the delusion that because you filed for a certificate of incorporation that your business is totally protected from personal liability. It’s important that you have this knowledge before doing any business that will put your personal assets in danger.
Conclusion Building a successful tech startup can be demanding. But if handled properly, its reward is enormous. In all your business dealings, you need to hire the services of an attorney, especially one that specializes in startups and entrepreneurs. When you eventually start getting customers, don’t forget to go all out for them. They will in turn be happy to give you referrals and rave about your business to their friends and families. If at any point you feel like giving up or feel the need to take a break, take the break. But bounce right back as soon as you can. And remember – entrepreneurs who have failed before have a 20% chance of attaining success than first timers who only have 18%. (Source:SSRN)
