By 2021, half of our predicted global GDP will come from tech-enabled and digitally enhanced business models, according to IDC. And companies who are looking to break through the tech industry need to search for their playbook that will help them achieve their growth. Take a look at five ways that will help you ensure your success as you move from being a Traditional Business Leader to a Tech Entrepreneur!
First, when moving up the road of becoming a new high-growth startup, entrepreneurs need to formulate the right business model. This model can take the form of moving faster, doing more with less and taking more action.
Next, in most cases, startup companies rarely transform into $100 million ventures without using outside capital. Venture capital can be very resourceful if you use it wisely. In the U.S., nearly $100 billion has been invested in venture capital in 2018 alone, according to data from PitchBook’s 3Q Venture Monitor. So take your time to find the right financial institutions that suit your business goals.
Take your time when you start designing your product/service that you have in mind. An example of a startup that launched too fast was Airbnb. The company initially launched in multiple cities. However, when this failed, the founders realized they needed to refine and perfect their strategy and ideas in one market. By doing this, they were able to apply what worked in other places and become the success story that they are today.
Moreover, although you have had a great product, you can’t expect people to choose your brand over another without marketing and sales working on your part. In the beginning stages, marketing and sales may seem to be going nowhere as you start with the process of calling past clients and conducting beta tests to see what works. It all takes time. Uber, for example, got started with cold-calling. So don’t try to skip over the hard work — everybody has to start somewhere.
Several companies that we know of today such as Twitter, or YouTube first emerged as brands completely different to what they are today. Twitter, for example, started out as a podcasting app, but they key detail that helped change their path was to listen to what their customers want. Highly successful companies have all worked hard to get to the point that they are today. They learned from their failures and listened to their customers. That is why you should use your resources and team to grow along the way in the tech startup world.