3 Traits You (Don’t Know You) Need as a Tech Entrepreneur
Starting a business for the first time is a daunting prospect, especially in the tech industry. So many questions and problems arise, and it can be more than overwhelming to try and sort it all out. This week, we asked one of the biggest questions on every tech entrepreneur’s mind:
What personal qualities do I need to start my own company?
While there is no one answer to this question, we find that there are three factors that often go overlooked, but are nevertheless very important to building towards a future for your company.
1. Resilience in the face of instability
One of the biggest reasons startups fail is because they run out of money. Entrepreneurs, especially those starting their first company, have big dreams and high hopes. This is a necessary trait of entrepreneurship, because without those dreams and enthusiasm, new businesses would never even get started. However, it’s easy to get caught up in the future and lose sight of the present, day to day needs of the company.
In order to survive in the real world, it’s helpful to only set expectations that you can meet or beat. Needs will change and complications will arise. You need to be able to get through them without damaging your reliability. You may need to change your approach in order to make your goals, but this isn’t inherently a bad thing. Thinking outside of the box and showing clients that you can consistently and reliably solve their problems will build your brand name before you know it. And if you can’t meet a client’s need, there is no shame in admitting it. It’s a tough thing to do, but being open and honest about your capabilities inspires faith better than waiting until the last minute for things to fail.
As long as the founder has strengths that are necessary to launch and operate a business, he/she can launch a successful technology business.
Brad McAllister, @BradsNewEra
To that end, no founder is an island. Banging your head against something can only help so much. You don’t need to be able to perform every single operation in your company, or have every technical skill. Angel investor Brad McAllister (@BradsNewEra) recommends finding specialists and partners who can complement your skillset. “If an entrepreneur sees a gap in the technology market, but is not particularly “techy” he/she can always hire individuals that compensate for their weaknesses. As long as the founder has strengths that are necessary to launch and operate a business, he/she can launch a successful technology business.” By hiring skilled individuals, and using their abilities to fill the gaps in their time, entrepreneurs can keep themselves afloat.In order to survive in the real world, it’s helpful to only set expectations that you can meet or beat. Needs will change and complications will arise. You need to be able to get through them without damaging your reliability. You may need to change your approach in order to make your goals, but this isn’t inherently a bad thing. Thinking outside of the box and showing clients that you can consistently and reliably solve their problems will build your brand name before you know it. And if you can’t meet a client’s need, there is no shame in admitting it. It’s a tough thing to do, but being open and honest about your capabilities inspires faith better than waiting until the last minute for things to fail.
2. The power of belief
This may seem hokey, but it really is true that in order to achieve it, you must believe it. Surround yourself with people who actually believe in what you’re trying to do (and it’s important to note that believers are very different from yes-men). The odds may be stacked against you, and there will be people who will do their best to remind you of that fact. They may think that they’re being helpful by keeping your expectations low, but the problem is that surrounding yourself with such negativity is discouraging. Your failure becomes a self-fulling prophecy. Getting rid of the naysayers won’t magically lead to your success, but a strong support network and a positive attitude will make every endeavor that much easier. There are going to be setbacks and hardships, but these are simply a part of life. The important thing is being able to bounce back, and when you have people on your side to cheer you on, finding the motivation and strength to keep going isn’t such a daunting task.
It’s also important to find the purpose in what you’re making. Address the problem you want to solve in the way you think is best, and put your heart behind it. When you truly believe in what you’re doing, other people will pick up on that fact and be drawn to your cause. “You have to have a clear idea of where you’re going,” says entrepreneur and business coach Brett Fox, “and you have to be able to succinctly articulate your vision to your investors, customers, partners, and employees. No one will follow you if they don’t buy into your vision.” Not everyone will have a need for your product or service, but those who don’t may know someone who does. By being genuine in your approach, you can cultivate a network of relationships with people who want to see you succeed. These people will recommend you to others, or offer advice when you are stuck and in need of support. One of humanity’s greatest strengths lies in our ability to help each other.
3. Listen, Listen, Listen
When you’re selling a product or a service, it’s important to stay engaged with your customer from step one, not just to ensure their satisfaction, but to solicit feedback as well. Listen to this feedback, both for ways you can improve your existing product, and for other needs the client may have. You may have a very strong idea of what you want to build, and it can be tempting to tell your customers to just wait and see your final vision. But at the end of the day, your product is being made for the people who would use it, and they may have different ideas about what they need.
This goes back to believing in what you’re doing. If you aren’t confident that you can find the right solution to the problem you want to solve, every piece of feedback will seem like a dent in your plans, not an opportunity to make things even better. Furthermore, not every piece of negative feedback is harmful. While it’s important to get the naysayers off your radar, constructive criticism can be vital to improving your product. This doesn’t just apply to fixing broken pieces, but to concepts and ideas as well. Sometimes, an idea just isn’t meant to fly, and the tighter you hold to your initial idea, the less opportunities your company will have.
However, this doesn’t mean you need to let go of the core principles of your idea or turn the product into nothing but a mishmash of customer requests. Simply changing your approach can take your company in new directions that you didn’t originally plan on. Quinn Cully, CEO and Cofounder of Jowl, explains the importance of embracing change. “Don’t fall in love with your product, expect and plan for a big change in the business model and the product itself, because there could be something amazing just around the corner and if you put the blinders on you will never see it.” Being flexible and willing to travel down these new, unexpected paths will keep your business afloat better than refusing to experiment and try new things.
We’ve only barely touched on some of the core qualities of a successful entrepreneur, and we’d love to hear what other qualities you believe are vital to launching your ideas. Tell us more about your past experiences below. What worked? What didn’t? What would you do differently?
Comment and share!
Originally published at www.deepcoredata.com on February 12, 2016.