15 Jun 7 lessons every tech startup should learn
Posted at 12:45h in Uncategorized
A lot can happen in the early days of a tech startup that can make or break a company's success. Here are seven ways to get through those initial struggles:
- Criticism. When meeting with venture capitalists looking for initial funding, company's will often get criticism from people who want to pass. Learn from it. Know what you need to work on for your next pitch.
- Look ahead. When creating a new product, don't look at what's currently popular and make another version of that. Unless a company can add something genuinely revolutionary to an existing product category, they should try to create the next big product category.
- Selectivity. A lot of people will offer you advice along the way. Know whose to take and whose not to.
- Balance. When building your initial team, hire people who complement each other, both in terms of personality and skill. Identify gaps in experience or knowledge among existing employees and hire to fill them.
- Long-term. When building out a company, think ahead. Initially, keep trying to raise money even if you've already met your needs. Keep business relationships strong. Investors who initially passed may look to get in down the line.
- Forget the competition. Don't be reactionary. If your competitor found success in one area, don't follow them. Lead. Create a new success and let them chase you.
- Market. Just having a strong concept isn't enough to get noticed. Get the word out there. Whether through internal resources or an external team, make marketing a priority.
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