Owning and operating your own business is hard. During stressful times, tech entrepreneurs feel the strain just as keenly as businesses in other markets. We have five entrepreneur tips for you to keep in mind when times get tough to carry your business through the hard times into better days.
It’s no secret that it’s challenging to start your own business. After all, if it were easy, everyone would become an entrepreneur in the blink of an eye. That doesn’t mean entrepreneurs aren’t ready to put up a fight.
Despite the fact that 22.5% of small businesses fail in their first year, there are still some 15 million Americans who are self-employed and working full-time. So what can you do to become one of the successful full-timers?
Here are three of the most common mistakes new tech entrepreneurs make when they’re just starting out and how you can avoid making these mistakes yourself:
- Not having the necessary skills. It’s one thing to be anxious about what could go wrong and another to be anxious because you don’t know what you’re doing. You never want to start your own business without having the necessary skills to successfully run it. Remember, to be a tech entrepreneur, you not only need to have tech skills but you also need to have the business skills to maintain your plan.
- Misinterpreting your market. According to a U.S. Bank study, up to 82% of businesses that fail do so because of problems with cash flow. Whether it’s poorly gauging the demand, overestimating costs, or appealing to the wrong target market, you can break your business by misinterpreting your market. Make sure to do the necessary research before you poor your finances into your business model.
- Confusing goals for strategy. Goals are great, but if you don’t have a strategy for how to reach those goals, then you’re setting yourself up for failure. Strategies tell you how you’re going to get from Point A to Point B. Once you’ve established a realistic goal for your new business, make sure to sit down and create a clear and direct roadmap for reaching that goal.
Wondering how to become a tech entrepreneur? You’re not alone. In fact, there are approximately 582 million people currently working as entrepreneurs around the world.
The good news is, if you’re looking for tech entrepreneur tips and advice, you’ve come to the right place. For more information on how to start a business and how to become a tech entrepreneur, contact Rafferty Pendery today.
A tech entrepreneur blog can help you to elevate your online presence. One of the most common entrepreneur mistakes is not building a positive reputation online and establishing yourself as an expert in the field.
A lot of entrepreneurs stay focused on the bigger things like finding a business partner, financing, and other pressing matters and let the tech entrepreneur blog kind fall to the wayside. Staying on top of your blog can help in avoiding entrepreneur mistakes.
What’s The Deal With Blogs?
The internet plays a tremendous role in every industry but a critically important role in the success of tech startups. Blogs are used as a way to share information, solidify your expertise, establish authority in the field, and earn follower’s trust.
A tech entrepreneur blog helps you to connect with other businesses, a client base, and keep your skillset relevant. They can be used for a wide range of communications.
What Should Your Blog Do For Your Business?
The amount of information that is shared on a blog is limitless from sharing videos of a highly respected international speaker in your field to teaching people how to become a tech entrepreneur and everything in between.
Your blog has a few key roles including:
- Establishing your expertise in the area and networking with other businesses.
- Providing a communicative forum for clients where they can learn and get information.
- Selling your business through informative content that is engaging.
If you are in the tech industry it is expected that you will have things to say about the industry and that the level of your expertise is such that you can help other people with their tech questions. A blog is an excellent way to do both.
Another benefit of having a blog is being able to free up time. Answering questions, addressing comments and “meeting people” through a blog is a lot less time consuming than fielding phone calls and rifling through emails. Blogs work both ways, you can spread information and you can also gain information. Commenters can deliver information you can use. You can build a network of support for your business.
Don’t Miss This Important Step In Establishing Your Business
There is no denying the power of the internet when it comes to marketing, having a tech entrepreneur blog can help you to take advantage of all those benefits. Reaching a wide audience without having to actually speak to anyone is easy with a blog. Start your blog today.
If there’s one thing that gets people’s guard up in an instant it’s public speaking. It’s estimated that three out of four individuals have speech anxiety and you’ve probably heard about folks being more afraid of public speaking than of death.
It doesn’t matter if you’re speaking about how to succeed in business or how to start an entrepreneurship blog or how to start a business or you’re talking about yourself, public speaking can be a chore and it can affect a career. On average, those who have speech anxiety make about 10% less than those who don’t.
But if you’re someone who has a propensity for public speaking, there’s a lot that can be gained from mastering a skill like that. You never know, you may even be able to turn that into a business. If you don’t believe it’s possible, think about famous self-help gurus or speakers or even politicians. Yes, those folks usually have an angle they’re trying to push, but they can command attention.
Even if you have a deep fear of public speaking, you can become a paid international speaker. How is that possible? These tips can help you make that happen:
- Practice: The old cliché “practice makes perfect applies to a lot of things, but it especially applies to public speaking. If you’re talking about an entrepreneurship blog or offering self-help tips, you need to work and work and work at what you want to say and how you want to say it. This is backed up by research, which suggestions that the best presentations are 38% your voice, 55% non-verbal communication and only 7% of your content.
- Keep the message simple: Let’s say you’re an expert on how to start an entrepreneurship blog or how to succeed as a tech entrepreneur. That’s great that you’ve got all that knowledge, but if you’re communicating to an audience, you need to keep the message simple. Why? Audiences need to hear, digest and retain your message. You don’t want to bore people right out of the gate and you don’t want to leave anything important out. By whittling information down to its core principles, this will make it easier to relate to an audience.
- Have a plan: Depending on the content of your message, you’re likely going to need something of a mental road map to make you present all pertinent information. If you need to, keep note cards handy or even a notepad with bullet points. Think about what you’re trying to accomplish in your speech. What do you want the audience to remember? Knowing what you want to say in the order you need to say it will help you stay focused and composed up on the stage.
- Show some personality and passion: The best public speakers have a great speaking ability, but the reason so many of them are so good (and you can be too) is by letting your personality and passion into what you do. How do you do that? You do that by telling some jokes or some personal stories that help illustrate some of the broader points you’re trying to make. If you’ve got a great story you can open with and a great one to close with, you’ll have the audience eating out of your hand.
So if you’re passionate for example about entrepreneurship, let that shine through. Talk to folks interested in business about the benefits of reading entrepreneurship blogs and educated themselves about how they can succeed. It’s estimated that 69% of American entrepreneurs start businesses at home so you might be able to give a speech about succeed in business from the comfort of your couch.
- Make a connection: If you’re trying to become a successful paid speaker, the best thing you can each and every time you speak is to make connections. You don’t have to prove to audiences that you’re smart. You need to prove that you can communicate and make them listen. Relax and show you’re an audience that you’re relatable, approachable and engaging.
Becoming a successful public speaker or doesn’t happen overnight, but with practice and persistence, you can become a fantastic speaker with a message that makes people listen.
With limitless possibilities and new businesses popping up every day, the world of tech can be overwhelming. Getting your feet wet as a tech entrepreneur is a hugely intimidating task. Still, as scary as it might be, it is important to remember that it’s not impossible. Keeping in mind the following entrepreneur tips can give anyone who is learning how to become a tech entrepreneur the leg up that they need to succeed in the business of their dreams.
Take A Leap of Faith
This is the scary part. Taking the first step in any process is the hardest part. Still, when it comes to starting your own business, it can seem like you’re putting everything on the line with no guarantee, make no mistake, you are! There are no guarantees, but without taking a leap of faith, there can’t be any success either. Realize you are not alone, with about 69% of entrepreneurs in the United States start their business from home you are in good company. Taking a risk is how things happen, and realizing early on that as a tech entrepreneur you’re going to have to take risks every day is an important step when trying to enter the startup phase.
Use Your Strengths, and Know Your Weaknesses
Understanding what it is that makes your idea and your company so special is a valuable skill when becoming a successful tech entrepreneur. However, just as important as understanding your strengths is understanding where you and your business may fall short.
For example, let’s say that you know your platform is exceptional. But, you’re not a confident public speaker, lean into digital marketing as much as possible, and work on your public speaking in the meantime. Or better yet, if your company has the resources to outsource the “face” of the company to a more confident public figure, do exactly that, and do so with pride in using your strengths while knowing your weaknesses.
Learn from Your Mistakes, and Welcome Feedback
Completely avoiding entrepreneur mistakes is a task that will quickly reveal itself as impossible. With that in mind, it is important to realize that learning from the inevitable mistakes all entrepreneurs make is an invaluable talent when learning how to start a business.
Along with mistakes comes to feedback, and with feedback comes the inevitable pushback of constructive criticism. It is crucial if you are going to be successful as a tech entrepreneur to welcome feedback of all forms. Whether the feedback you receive is good, bad, or in between, it must be accepted if you’re going to be successful as a tech entrepreneur. It is critical that you accept entrepreneur tips and feedback if your business is going to succeed.
Like all things in the modern era, tech is an everchanging field, and it is easy to fall behind on the latest trends. Unfortunately, in today’s business climate having a good platform and the smarts to back it up isn’t enough.
For a business to be successful, the people behind the scenes must stay up to date on current trends, successes, failures, and the newest technology. Staying informed can come via an entrepreneur tips blog or even understanding the mistakes of other entrepreneurs in your field. No matter how you keep your business up to date, it is crucial to stay informed!
Starting any business is an incredibly challenging task, and a tech business is no different. Still, as long as you keep in mind the fundamental entrepreneur tips outlined above, you are off to a running start. There’s no easy way around hard work and perseverance, but with a strong head and a persistent mind, success is right around the corner for you. Take the risk, realize your dreams.
Startups, especially in the tech industry, begin and die every day. In fact, approximately 20% of small businesses never make past their first year, while another 50% never make it past the five years mark. The good news is that you don’t have to be part of these statistics. You can be part of the 80% of businesses which make it to the second year. How do you succeed as a tech entrepreneur? The tips below will help you learn what you need to do to succeed in the dynamic world of the digital entrepreneur.
Work on Your Public Speaking Skills
As the digital entrepreneur on the quest to find success, you will at some point need to pitch your ideas to a potential tech entrepreneur partner or an investor. You will also need to introduce your product to potential clients. The only way to get them to buy into your ideas or have confidence in your product is by explaining what you bring to the table.
You need to convince them that your ideas, products, and services will be worthwhile. You cannot do so if you are a poor public speaker. You cannot achieve that if the thought of presenting your ideas to a group of strangers makes you cringe.
Start working on your speaking skills today. People who fear to speak in public often make 10% less than those who exude confidence during public speeches.
Focus on Your Strengths
The thin line between the digital entrepreneur and one who fails lies in how the two individuals handle their strengths and weaknesses. A successful techpreneur often capitalizes on their strong areas and outsources the weakness to experts.
As a result, their product or service ends up being reliable as the weaknesses it could have had were it handled by experts. Those who fail, on the other hand, try to juggle it all.
While it’s okay to believe you can get things done and overcome your weaknesses, trying to do everything singlehandedly is one of the most common entrepreneur mistakes, and also one you should avoid if you’re to become a success.
Surround Yourself with the Right People
As cliché as this may sound, it’s a proven fact that those who you surround yourself with can make or break you. If you are constantly surrounded by a bunch of pessimists, regardless of how optimistic you are, it will be difficult for you to achieve your goals as they’ll always discourage you.
You’ll probably not want to keep going after the first few tries as they’ll not give you the encouragement you need during the early, difficult stages of tech entrepreneurship.
On that note, surround yourself with people who motivate you, and those who support you and keep you on your toes constantly. This is the only way you’re going to propel yourself from ideation to fruition as a digital entrepreneur.
Read a lot
The tech industry is highly dynamic and with each dawn comes a horde of new ideas which disrupt not only tech, but also the entire business realm in general. While your skills and talents are great, the only way to learn what is coming up and create disruptive tech ideas is to read wide.
Read on current and upcoming trends, tech challenges, success stories of tech moguls, and the revolution of technology. This will give you exposure and help you become more innovative. Read books both hard and soft copies, tech entrepreneurship blogs, and always be on the lookout for insightful tech entrepreneur resources.
Remember there’s Nothing Like Overnight Success
Creating a legacy for yourself, especially in the ever-changing tech industry as an entrepreneur is a feat not meant for the faint-hearted. It calls for creativity and comes with a lot of discomforts, uneasiness, and ups and downs.
Successful techpreneurs like Bill Gates and Mark Zuckerberg had to start from scratch. While they are at the pinnacle of success today, they’ve had countless setbacks. In that light, as an individual looking for tips on how to succeed as a tech entrepreneur, you need to keep in mind it won’t be easy. Therefore, be flexible to changes, be ready to make mistakes and learn from them, and remain consistent.
You have a great business idea that you know will make an impact on the market. Running a business alone can be tough, especially if you are new to it. Even though there are those things you can handle on your own, can you run the entire business on your alone?
You may want to consider getting someone with the right skills and passion to help you. Otherwise, you risk burnout, even before your project starts. Finding a business partner is one thing, but getting someone with the right vision and skills in tech is another.
In this article, we’ll look at some of the challenges you’ll face when trying to hire contract coders, tech partners, or technical director.
You may start by doing a lot of research before you can even begin shortlisting candidates. You can explore websites such as Built-In, Founder2be, Angel List, Co-Founders Lab, amongst others. Most of the resources are free to use.
The next step is to make a point of meeting your potential founders face-to-face. Don’t forget to network with people at the events you attend. Talk to the organizer of the meetup and pitch your presentation. As a public speaker, you can attract a lot of attention, which could pull in potential business partners.
Tech entrepreneurs have launched successful ventures that were driven purely by passion. If you have such a drive, you need someone that will meet you at the same level. Sometimes you can hang on to skills and abilities, and end up getting the wrong match.
If you are a person with a lot of passion, you’ll be better off finding someone based on their personality, interests, and preference. Skills can be updated, but a lack of vision and a discordant personality often end up being problematic.
Defining Your Tech Partner
Tech entrepreneurs have to be organized and ready to handle multiple issues as they arise. Your idea may involve many moving parts that need technical expertise. Finding the right person is not easy.
Take time to clearly define the function and responsibilities of the kind of partner you want. You can choose from three main options; CTO, Senior Programmer, or Tech Partner.
- Tech Partner: Has the same skills as the co-founder, and shares the same vision. It could be a friend who shares the same passion or someone who has the expertise to take the company in the right direction. It can be a suitable option if you are launching and haven’t come up with a clear roadmap.
- Senior Programmer: They usually have a lot of experience and skills in programming and web design. They have an understanding of the architecture and supporting platforms. They are best suited for a startup with a clear direction, but without a lot to offer.
- CTO (Chief Technical Officer): They have a broader range of skills that you will need as a tech entrepreneur to start your own company. They have programming skills that they learned working on other successful ventures. However, they often demand a sizable technical salary.
There are several options you can choose when finding a business partner for your tech idea. You may choose to go it alone or hire a programmer or CTO. You need to be realistic about the kind of talent you want for your business. You can prevent a lot of issues by doing lots of research before making any major decisions.
There are many entrepreneurs who have started successful businesses on their own, including Rafferty Pendery. As the tech entrepreneur Florida trusts, you can rely on his guidance to help your business or blog take off. After all, starting a business on your own can be daunting and nerve-wracking. Take time to research and vet your potential partners to avoid sticky issues down the line. Contact Rafferty Pendery today for more information!
You have an idea that you are sure will take off. You’re ready to take the next step to go from just an idea to an actual business. You’ve googled “How to start a business” but aren’t quite sure what steps to take first. Where do you start?
In 2014, 80% of small businesses made it to the next year. Your business can make it past year one too. Here are four things you need to consider as you start your new business.
Your idea could be the next big thing, but if you haven’t done the proper research to gather information about your target audience and competition you won’t be able to get it off the ground. Market Research is extremely important in the first stages of a new business. It will help you to find your audience and potential customers. Knowing your target audience from the start will help you to save time and money as you’ll be able to focus on getting your message and product to those who are most receptive.
Every entrepreneur knows you can’t start a business without money. When you search “how to start a business”, funding is one of the most important steps that always pops up. Since money trees haven’t been invented yet (at least ones with actual currency), you’ll have to try a few different options to raise the funds necessary to launch and keep your business running smoothly.
- Bootstrapping: Many entrepreneurs start by self-funding their business, also known as bootstrapping. This could be done by using saved funds, tapping into retirement savings, or taking a part-time job. You may also forgo a salary for an amount of time to keep that money in the business.
- Crowdfunding: This tactic for funding a business has become hugely popular as of late. Crowdfunding is when individuals invest or donate to new businesses and receive a product or service in return. If you already have a stock of product prepared or a service to render, this can be a great way to raise funds.
- Business Partner: Similar to bootstrapping, finding a business partner who can also invest in the business is another way to fund your venture. It can also help in the long run to have more hands to run your business and have more connections to network with.
- Investors: Finding investors is something most entrepreneurs are constantly working towards. If you’re lucky enough to find a reliable investor early on in your business venture, this can make a huge difference for you financially. You just need to be ready to show potential investors how your business will be successful and why it’s worth it for them to invest in you.
When figuring out how to start a business, your business plan will be the foundation. It will help you know where to focus, what goals to work towards and how to grow. It may seem like a simple tactic, but a plan has the potential to make a huge impact on your success, especially in the beginning. Take the time to write out a detailed business plan and then ensure that anyone working with you is familiar with and understands the plan.
Ensuring that you have considered all of the legal elements early on in your business venture will save you a lot of time and potential frustration. Do the proper research per your business to make sure that you have covered all of your legal bases. This includes registering your business, obtaining the proper permits and licensing, getting federal and state tax ids, and more. It may be worth it to talk with a legal professional to ensure that you have taken all of the proper steps.
Being an entrepreneur is no easy task. But if you’ve covered at least these four elements, then you are off to a good start. Follow Rafferty Pendery for advice every day on how to start a business, avoiding entrepreneur mistakes, how to succeed as a tech entrepreneur and more.
Every tech entrepreneur knows that running a business is hard work. In fact, of all small businesses started in 2014, only 80% made it to the next year (2015). With everything you have to do, avoiding entrepreneur mistakes can be difficult. So if you’re new to the tech entrepreneurship game, or simply just looking for advice on how to elevate your marketing strategy, check out these two top tips.
Utilize Social Media Marketing
Over 244 million users were logging in to their social media accounts by the end of 2018, and that number is only projected to rise. It is for this reason that incorporating social media platforms into your digital marketing strategy is strongly recommended. There are three main routes you can choose from when developing your strategy, or that you can combine into your strategy. These three options are:
Content marketing involves making a social media account for your business or brand, and regularly posting content. Posts can include tutorials, how to videos, customer ratings, advice on how to use your product, informational graphics, etc.
PPC Social Media Ads:
Depending on the brand you’re creating, you may decide that having a social media account just doesn’t make sense. If you don’t want to commit to content creation, consider using social media for targeted ads. Similar to creating ads for websites, you can customize who your ads appear for, and the specific call to action you want them to make. You can even have multiple images in an ad, and add price tags and brand info directly to the post.
If you decide to go for a middle strategy, you could create adds and pay micro influencers to help market your brand. This would involve paying social media influencers to talk about and review your product or brand and giving their audience a call to action.
Implement SEO Best Practices
SEO, or search engine optimization, is all about increasing the likelihood of searchers finding your website. There are three basic SEO strategies you should be implementing into your marketing strategy. These include:
Pay per click ads are ads that you pay for only when a consumer clicks on them. These can be used for social media, google ads, and in your retargeting strategy if your website has a selling platform. PPC ads are broader than social media ads, as they can be placed anywhere on the internet.
Strategic Use Of Keywords:
Keywords help search engines understand what your website is about, so that it can better match your site to search results. Having a tech entrepreneur blog is a great way to incorporate more keywords that are relating to a variety of topics on your page.
Inbound links are links to your website that other sites are using. Google for examples assumes that you are a more credible source of information if you have a lot of inbound links to your website, and thus will rank your site higher in search results. Getting other sites to link to your website can happen organically, especially if you have an informational blog thread. You can also email webmasters and ask sites to link to your page if you think their platform could benefit from your information.
Taking your brand online is a necessary step if you want to be successful in today’s economy, but it can be stressful trying to figure where to start. However, if you follow these top two tech entrepreneur marketing tips, you’ll have a high traffic website in no time.
Being an entrepreneur is hard. This is why one of the best things entrepreneurs can do is get out there and ask questions. Whether you’re specifically looking for tech entrepreneur advice, or you just need general tips for entrepreneurs looking to avoid common entrepreneur mistakes, these questions are bound to be relevant to your endeavor.
How Do you Come Up With Ideas?
The workings of inspiration largely remain an enigma to us all. Often, ideas can seem simply to materialize from thin air. But those who have extensive experience in the business of coming up with ideas inevitably have some tricks up their sleeve. A common approach is combing through one’s own life for areas in which one needs assistance.
If you find a daily problem in your life — or even something rather rare or niche — and there doesn’t seem to be any solutions available, there’s a good chance you have a business idea with real potential on your hands. Don’t stress if the issue you’re addressing feels too specific; there are so many people out there, some are bound to have had a similar experience.
How Do you Choose the Right Business Idea?
Anyone who has come up with a business idea knows, the first thought that appears in their head will inevitably be, “Is this idea actually good?” Sadly, if this question had a simple answer there would be far more business owners out there. However, there are a number of key questions you can ask yourself to maximize your chances of success:
- Does this idea sufficiently match my interests?
One of the classic entrepreneur mistakes is choosing to work on an issue that does not personally move them. You can have a great idea, but if pursuing it would make you miserable, there is no point. You must find a degree of joy in your work, or else it will not be sustainable.
- Do I possess the skills necessary to pursue this?
One of the best things an entrepreneur can do to increase their chances of success is leverage skills they already have. If you feel like you are out of your element when working on a project, you’d better do your research!
- Can I feasibly start this project given my situation?
Numerous personal factors can impact the success of a new business venture. If you have an amazing idea, but you live nowhere near the region where the market for your idea exists and you cannot relocate, it may not be the right time. Entrepreneurship is not just a financial investment — it’s a personal one. Finances do play a highly significant role in a venture’s success, though. In fact, a study by U.S. Bank found that 82% of all business failures were the result of problems with cash flow.
For more tips on avoiding entrepreneur mistakes and starting a successful venture, visit raffertypendery.com
Would you like to be a paid international speaker to share your insights with audiences all across the world?
Rafferty Pendery is a public speaker who started as an entrepreneur. He founded his first company when he was only 11 years old. He has partnered with NASA, the Canadian Space Agency, as well as many other companies, from small to top Fortune 500 businesses.
Today, Rafferty is a paid international speaker who is sought after by businesses for their marketing events. Event managers are always looking out for people who can inform and entertain their audience. If you want to be a keynote speaker, you need to understand it from the event manager’s perspective.
All About the Image
In the United States, you can be paid anywhere from $2,000 to $30,000 for your speech, depending on your clout. A paid international speaker may be a celebrity, top entrepreneur, or athlete who can demand a fee well over $50,000.
Event managers view the money they pay these personalities as an investment. When they consider different speakers for their next event, they tend to pick those who can bring a good return on their investment.
Also, event managers look for people with an image and message that will resonate with their audience. Even though you may have clout, if your message does not align with the event, you will not have as much of an impact. Therefore, an aspiring paid international speaker should do a lot of research on the platform they want to share their stories.
Telling a Compelling Story
In public engagements, stories should be simple yet compelling. Some of the information you share will be complex and boring in its natural form. Many people tend to be anxious when speaking in public. That includes more than 58% of lawyers who are often introverts.
But anxiety is not always the issue; rather, it is one’s ability to weave a narrative and captivate the event’s attendees. International public speakers with experience can tell a nondescript story by adding plot twists and mysteries. They can take on any topic like finding a business partner, or how to become a tech entrepreneur. They then break it down into a narrative that is easy to understand and remember.
Show How Your System is Effective
Another critical aspect of public speaking is how you demonstrate the efficacy of your system. Even though your online marketing or entrepreneurship model may be useful, you may present it in a way that does not resonate with your audience.
A paid international speaker should show how the system will work in a different economy with varying demographics. It is one of the areas that you need to research. Otherwise, the audience will ignore the message.
You can improve your speech by finding the right type of presentation. There are four different types.
- Informative: The goal of the presentation is to reinforce or expand on existing information. It is used by experts and industry players.
- Instructive: The presentation aims to provide the audience with practical information they can use in their day-to-day life. It often involves hands-on workshops to teach attendees how to use a new application or tool.
- Inspirational: Inspiration is used by motivational orators who want to influence people with their ideas. The most powerful tool for paid international speakers is great storytelling.
- Entertainment: The presentation not only employs information through public speaking, but it often includes performances such as comedy or musical arts.
You may check your presentation with your colleagues, friends, or peers in the industry before showing it to the public. If you run a tech or entrepreneurship blog, consider giving out some information to test your audience’s reaction and to bring in more fans.
Becoming a paid international speaker involves a lot of work in terms of research and writing compelling stories. However, the work also has many perks, which can include visiting new places around the world, influencing people, and of course, making money doing something you love.
Several tech entrepreneurs have become celebrities in the recent past. Thanks to the media covering them extensively and sometimes sensationally, they continue to inspire awe and admiration. Since the advent of the internet, this breed of businessmen and women has been on the rise. They have become larger than life, taking the same rank on the food chain as rock stars and Hollywood actors.
Unfortunately, these fancy news stories tend to contribute to myths on how to become a tech entrepreneur. The characterization of their personalities sometimes distorts how people perceive the tech sector and its function. This article looks at some of those misleading ideas that can derail your journey as you plan your tech venture while offering some tips on how to succeed as a tech entrepreneur.
Myth 1: As boss, you can do what you want
Part of the misconception on how to become a tech entrepreneur is the idea that being your own boss makes life easier. That is probably because most high-profile people in the technology business seem to have an easy time. It may seem like all the heads of tech companies do is to give orders.
However, it is one of the critical entrepreneur’s mistakes to jump into this career simply because it seems greener on the other side. You need to remember that business requires a lot of work and planning. During the initial stages of the startup, the head of the organization must be careful not to neglect the core responsibilities. That means you may have to work for longer hours than you did at your previous job.
You should commit fully to making your idea a reality. It will involve a lot of research, understanding the market, setting up the business, and finding a business partner. That is why it is always advisable to start an initiative that revolves around something you truly love. Passion will keep you going when the journey gets tough.
Myth 2: You need a completely unique idea
Another myth on how to become a tech entrepreneur is that you need a completely new idea for the market. As they say, there is nothing new under the sun. Many of the earth-shaking ideas that have taken over the technology industry today were innovative tweaks to existing products.
Some of the most successful startups were set in motion by observing an existing gap in the market. For example, Lynda Weinman was teaching web design when she realized her students could only access bland and plain textbooks. She began working on Lynda.com to provide online tutorials that were more engaging. She would later sell the company for $1.5 billion to LinkedIn.
You can also combine a set of skills to address a pressing need. For example, Shutterstock founder Jon Oringer was a software developer who enjoyed photography as a hobby. He used his collection of photos to start a stock image website that is now worth more than $2 billion.
Myth 3: You have to be a reckless risk-taker
Another myth on how to become a tech entrepreneur that tends to discourage aspiring businessmen is that you need to be continuously taking risks. Statistics show many small businesses fail within the first five years. One major cause of failure is lack of planning and cash flow problems.
You need to have a clear outline of your plan that is within safe limits of risk. Do not be tempted to use your mortgage or all your life savings to start a business. It may sometimes be wise to delay quitting your full-time job before you can properly establish your startup venture. Indeed, risk-taking is an important part of running an enterprise. But manage these risks wisely so that you can effectively steer your business through the hard times.
Entrepreneurs can get caught up in the fantasy of being the CEO. To avoid this pitfall, focus more on the nuts-and-bolts of your business, rather than fancy ideas about your business. That way, you will have the right mindset, which will help you avoid myths, misleading notions, and common entrepreneur mistakes.