Trends in Technology
Is your 2022 new year’s resolution to start a tech business? If so, you’ll need insights from business technology experts to help the journey run smoothly. Entrepreneurship is an appealing idea, but figuring out how to start a business can be so overwhelming it scares people away.
In this post, we’ll share 14 valuable tips for starting a tech business in 2021 to set you up for success.
14 Tips for Starting a Business in 2021
Starting a new business is no easy feat in any industry. It’s even more arduous in a highly dominated and crowded industry like technology. However, you can still succeed with an innovative mindset and a can-do attitude.
If you’re launching a tech startup in 2021 or 2022, here are 14 valuable tips to bear in mind:
1. Focus on One Problem at a Time
With limited resources and more customers to support, focusing on one problem to solve ensures the entire company is working toward the same goal. This focus ensures that you don’t overwhelm or overburden yourself with a pile of tasks.
2. Know What Potential Customers Need
Have you ever wondered why so many big tech companies spin out startups? It’s because former employees learned how the business end works and understand customer pain points to better serve them. Even if you don’t have the experience of working in a big tech company, you can still offer solutions that they fail to offer.
3. Over-Assess the Risks
When entering a new endeavor, especially in an industry as competitive as tech, you must over-assess your risks and be prepared for the worst, just in case. Pay extra attention and put extra resources into creating contingencies or a risk management plan. You can never underestimate the market.
4. Build Solutions, Not Features
If you’re starting a tech business, you must embrace a customer-centric perspective and spend time researching the market, specifically customers’ needs. Customers no longer just buy products or services; they buy solutions to their problems and are consider the shopping experience just as important.
5. Innovate and Adjust Quickly
Big companies have a lot of capital that they can throw into problems or products, but these companies are usually slow to innovate and adjust. When launching a tech startup, you should innovate and make adjustments quickly by listening to your customers and make the changes they need.
6. Create a Culture of Trust within Your Company
By building trust among your team when focusing on small milestones, you’re building your chances for success. The giants are at a disadvantage because their leaders aren’t as transparent with their team compared to a small, nimble, and innovative group of people.
7. Start from the Customer’s Perspective
Don’t invent problems, invent solutions. Trying to find a problem to solve in your technology yourself is a fool’s errand. Instead, walk in your customer’s shoes and use their perspective to solve a more specific problem. If you don’t have a specific problem you’re solving, you will likely run out of resources before customers discover how innovative your technology is.
8. Surround Yourself with Experts
No matter how innovative you are, you can’t do everything on your own. To be successful in the tech industry, you must collaborate with experts in different fields related to your product and industry. By delegating responsibility and accountability, you can focus on the big picture and let them do their duties.
9. Find Your Niche
No matter how good your product is, you can’t sell it to everyone. When you’re entering any competitive industry, you must find your differentiator. A great way to do this is by focusing on a niche and excelling in that area instead of trying to be all things to all customers. Solving important problems that everyone else is neglecting is better than solving common problems.
10. Hire the Right Candidates
To be competitive with other tech companies, you should hire the best talent your budget allows. However, you must focus them on the right tasks but communicating the goals they need to achieve, measure those goals, and reward them accordingly upon achievement.
11. Validate Your Value Proposition
Pitch your product or service idea to at least 35 potential customers and act on their feedback. Customers will save you when everything else is down, so get them rooting for you from the beginning of your venture.
12. Look for Adjacent Opportunities.
Starting a business in 2021 demands entrepreneurs to keep an eye open for any opportunity they can take advantage of. Did you hear about Zoom until the pandemic? Looking for adjacent opportunities doesn’t necessarily mean creating a new product. Look at the adjacent markets to see how you can help customers overcome obstacles and achieve their objectives.
13. Avoid Arrogant Conviction
While conviction about your concept or idea is critical to succeed and overcome challenges and naysayers, you should watch for arrogant conviction. An arrogant conviction will stop you from using feedback positively, correcting course, and applying innovation to its proper use case.
14. Change What You Can
Solve problems that have not been solved yet. Be an out-of-the-box innovator and focus on creating solutions for things that surround you – traffic, COVID-19, water, unaffordable bills and health concerns, etc. Introduce technology that can bring value and change everyday issues. Be a game-changer in the tech world like so many that have done so before you. That’s entrepreneurship!
Starting a new business is like driving a car. Let your passion hit the gas pedal and your mind control the steering wheel. 2021 will mark the first year since the COVID-19 pandemic, so you need to prepare accordingly.