Lessons learned after 3 years in tech industry
Starting a tech company can be different to most other industries. Here’s some tips that may help you.
It has been almost 2 years and half now since I have launched the social platform INsidde.com.
The beautiful thing about entrepreneurship is the fact that everything you’re doing has the power to bring you something positive in the future, no matter if your created business was a failure or success.
You will always have people interested about what you are doing. Your network will never stop growing and you will create new opportunities.
It’s by always trying that you will persevere and reach your dreams.
I learned a lot with tech startups and it’s a pleasure for me to share my experiences with existing and new entrepreneurs.
My first big point is to let you know the importance of having a good and talented team. Make sure everyone is on the same direction and passionate about your idea in order to not lose your main developer on the road.
Having issues with your co-founders could destroy your entire business, that’s why respect and commutation must be always be present between each other.
You will never build a valuable business without a team.
Splitting of shareholders can affect your relationship with your co-founders or either put you in a bad position if your hired employees by giving equity.
To avoid that, make sure an agreement is clear with your founding team before starting anything.
If your need to hire people by giving stock options, use the one-year cliff system. That means the employee will own nothing unil they stay with you for at least 12 months.
It will reduce stress and let you focus on one of the most important things: the product.
Focus on product
During early stage, rather than focusing to much on your business plan and all kind of stuffs, focus more on your product.
I’ve seen people spending too much time on projections without even knowing if customer will adopt or use the product.
When you start, do not try to create to many features, keep it simple. The reason is that you will maybe waste your time and money on making features that maybe users will never use.
It’s better to build a solid foundation of maximum 3 features, then when users adopt and are familiar with your product , you will have time to implement the new features.
Remember, less is more.
When you start a new business, obstacles will always be present , you will struggle and maybe get stuck somewhere.
Obstacles don’t have to stop you, put in your mind that there is always a solution or alternative when you face a problem.
Think outside the box, use positive thinking and move quickly .