TechAhoy
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TechAhoy

Be a successful entrepreneur

I have met lot of people over the years who claimed to be entrepreneurs and people who tried to develop new products without envisioning properly on how they are going to work on it, get it to the market and grow it over time.

In fact, I have been on their shoes a lot of times (I will share that experience in a separate blog post). So, I thought I would share some tips on how to be a successful entrepreneur which may throw some light into the lives of entrepreneurs who may have been struggling with their start-ups.

Without further ado, let me get straight to the point.

Will your idea solve a Problem or appease people’s needs?

Just having an idea does not mean that it can be converted to a successful product. You need demand in the market or you may need to generate the demand. People don’t use products just because you have worked on it. Your product will need to address some pain-point and make life easier and interesting for them.

So, what do I mean by generating demand? Its basically creating an “aha” moment in their lives. Read about it here: https://www.forbes.com/sites/sujanpatel/2016/10/22/create-a-demand-for-a-new-product/

It is better not to re-invent the wheel, but sometimes, a better wheel works as a replacement for something inferior. An open mind is always important.

Usability & User Experience

Just working on the product functionalities over and over again does not help your product to stand out in the market. Users must be able to do what they intended in the shortest possible time and the experience in doing that must be intuitive. User Experience is a very vast topic (Note that it is not just relevant to software development. User Experience is very important in every product and this often gets neglected).

Give preference to simplicity over loading your product with lots of functionalities. I would highly recommend you to go through some user experience articles and you will definitely find it useful.

Credits: https://www.usability.gov

Security & Privacy

This is overlooked in lots of products being made and it has very serious consequences if not addressed early. Your product may have the potential to solve problems or may already be solving it but once you hit a security bump, its very difficult and costly to get over it cause you loose the trust of many of your customers and that is a huge price to pay for negligence.

Keep security above everything else. Even a big giant like Equifax can experience severe losses just because there was negligence and it followed up with a series of events including their CEO resigning.

Product over Technology

I have seen people getting lost in choosing the right technology to work on, that they forget that they are just tools in getting your idea in place.

Give the priority to your product and then choose the right technology for your use case. There is nothing called right or wrong. It all depends on the situation and perspective.

Growth & Scalability

Try to architect your product thinking of scale from start. Its often difficult to refactor products to bring in scale to support future growth if your application is limited to few people. You must be having the ability to quickly grow as and when the need arises without any friction. It is something we call Auto scaling.

Change is good

Be adaptable to change. Change is always good. It can be in the market, in your product, in your workforce, or the way people see your product.

It is always good to have a business model which helps you evolve over time rather than sticking to what you felt right the time you started working on the product.

Reduce dependencies

Its always good to reduce heavy dependencies on anyone or anything. Formulate a strategy where not one person is responsible for everything. Try to decentralize things. It is what block chain has been doing nowadays. It reduces the load and helps in moving things faster.

This is applicable both to your product and the way you structure your business.

Decide your target audience

A product may not cater to all segments of the society. You will need to decide your target audience in advance so that you can tailor the experience according to the market.

This works better than working hard trying to satisfy everyone in the world. Start small and expand as the need arises.

Patience

You may get frustrated and loose your patience just because the idea you envisioned is not going in the direction as you expected. But, don’t give up. You always need to have patience to achieve something great.

Work smart and you will definitely get what you deserve.

Investment

Nowadays, it is easy to find investment if your idea has the potential to change the market for good but you should not run behind investment too much.

Take it only when you really need it. Too much of something is good for nothing. Also, make sure you manage it properly rather than ending up with bankruptcy. Monitoring your cash flow is very important as well.

When working with equity, you need to know what your idea is worth and work your way through it during investments.

Data can help

Get analytical and try to get some metrics regarding various aspects of your startup like market performance, competition performance, growth over time, etc. and this can help in making the right decisions at the right time to minimize damage as much as possible.

Infact, this is how stock markets work. While, it may not prove to be always as your predicted, it can always help a lot.

Hiring & Management

Need talent to expand your startup? Don’t rush in and hire.

Hire the people who believe in your idea and someone who learns continuously. You may find someone exactly matching the skill set you need but he/she may not work well with your startup. You can pour tea inside an empty cup but it overflows when you do it in a filled cup.

You must try to hire not only based on the experience but also on the interest and the willingness to bring in a change.

Once hired, you must not treat them as your slaves. Try to understand their positives and work on building your company on top of it. You can always help them with their negatives as well if it seems feasible.

Motivate and reward your workforce when possible, and get their energy back whenever if comes down.

Know when to stop

Just because the startup is your brainchild, it does not mean that you should stick to it always. There are always times when you need to decide your crossroads. You need to know when your startup is not working.

If you keep putting your efforts into something which is bound to fail (due to various factors), you are loosing out on time, money and peace, all of which are important to a person.

You can always find something new and keep this as a learning experience for your next startup.

There are lot of other things which you could do to get your startup to greater heights. It all depends on what you want to do, how you want to do it and most importantly why you want to do it.

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Technology, Startups and everything in between.

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T.v. Vignesh

T.v. Vignesh

http://www.tvvignesh.com

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