Advancements in technology are what have been propelling the world forward in the job market. More and more people are becoming digital nomads and companies are giving more remote opportunities… that was something unfathomable 20 years ago but today, it almost makes you wonder how people even held a job without the internet!
So, the technology industry is clearly a booming industry that isn’t showing any signs of slowing down but do you know another industry that’s booming with no signs of slowing down? Entrepreneurship. Yes, more and more people are becoming entrepreneurs but where your jaw is going to drop is the industry that’s seeing the most entrepreneurial growth. If you guess the tech industry, then you’re exactly right!
Tech companies are popping up everywhere and at an alarming rate. Because of that, there’s no reason why you can’t join in and get your laceration of the pie! Now, before you embark on your entrepreneurial journey, it’s important that you steer clear of the mistakes you’ll potentially make along the way. Understand, you’re human and you’re, of course, going to make some mistake but if you’re careful in your endeavours, you’ll at least be able to avoid some of the really big mistakes that can cause a substantial negative impact on your business.
If you’re ready to get started on your entrepreneurial journey, steer clear of these bumps in the road.
Ditch the Techie “Know-It-All” Mentality
If you consider yourself as a “techie” then you’re more than likely an expert in your industry. Being an expert in your industry is great but all too often, techies who make the decision to start their own tech business think that because of their expertise, they can just run and operate their start-up all by themselves. Well, what they fail to realize is that even though they’re starting a tech company, there are several other aspects of starting a business that is completely unrelated to tech.
For instance, in order to start your own business, whether it’s a tech business or a pet grooming business, you’re going to have to get your business registered as a legal entity. Most entrepreneurs opt for forming an LLC because it allows you to protect your business and personal assets… and surprise surprise, this has nothing to do with tech… the aspect that an LLC is able to protect your business and personal assets applies to all business types.
You Hire the Wrong People to Work With
In the excitement of getting your tech business up and running, you might get a little distracted in some of your other responsibilities, like hiring employees. The success of your business is dependent upon who you hire to work in your company.
Essentially, you want to hire like-minded people to handle the tech portion of business but for other areas of the business like accounting and administrative services, you want to hire experts in those fields as well because it’s one thing to to do things to keep your employees on track but it’s another when you hire someone who has absolutely no knowledge about the industry your business is in… they would have to be able to learn very fast in order for them to keep their job.
Not Taking the Time Out to Do Proper Research
A lot of techies are thinking “I have a brilliant idea and product… why can’t I just get the ball rolling?” Well, you can’t get the ball rolling because you don’t have any information to roll the ball to! On your entrepreneurial journey, it’s detrimental that you research your market and your competitors.
Yes, most businesses fail within the first five years; almost every entrepreneur knows the dreaded survival rate but there’s actually no excuse for a business to fail due to market research. Sure businesses fail due to running out of money but due to lack of market research is just a silly reason for a business to fail, more so because you can conduct a sizeable amount of your market research for free, according to due.com.
Take the time out to do your fair share of market research if you want your tech company to beat those small business survival rate statistics.