Build a successful tech enterprise

Build a successful tech enterprise

Apr 25, 2016
How to build a successful tech enterprise from the word go!
Luisa Sykes Luisa Sykes
We are entering a new fast-moving tech entrepreneurial era. The old business paradigms and academic manuals appear to be outdated and unable to comprehend the new business reality of the tech industry. Tech businesses are in fact re-writing the rules and creating a new business order. A new wave of tech enterprises are creating disruption and achieving sky high valuations at an astonishing pace. How to achieve success as a tech entrepreneur? What are the secrets of successful start-ups?

A disruptive idea has been the main driver of many successful enterprises. A disruptive idea delivers a step change and embodies a viable alternative to the status quo. A great idea delivering the wow factor is only the starting point. The best disruptive ideas are normally the simplest – simple to communicate, to implement and easily understood by the masses. Rethinking how to tackle an existing problem is the basic principle of disruptive ideas. This should be combined with perfect execution and competent management of the enterprise. Is it enough to have a great disruptive idea? How to attract investor’s attention? There are some basic criteria common to many successful enterprises – this translates into the following steps:
  1. Start with a big problem
  2. Come up with an innovative solution
  3. Focus on a huge market
  4. Create a great product that users love
  5. Show data metrics proving users are engaged and prepared to pay for it
These steps will be supported by a combination of key factors.
  • A strong growth strategy identifying ways to increase the numbers of customers/users.
  • A strong multi-skilled team including experienced entrepreneurs with a proven business record.
  • Determined and flexible leaders/founders capable of learning and moving quickly.

Easy, right? Not really! In fact, it is extremely difficult to get to the point where everything falls into place and the start-up turns into a commercially viable company.

Recipe for success starts with entrepreneurs concentrating on the big universal needs and combine that with the disruptive approach. A combination of vision, determination and technical acumen will help to overcome the hurdles. Determination and persevering will help to bulldoze the project to completion. Solving a universal problem with an innovative process leads to a much wider market opportunities – this is the key element investors are looking for.

In the early stages of creating a tech start-up is all about validating the ideas, the products/services and the principles of the business plan. Entrepreneurs need to demonstrate the potential for success and attract the attention of investors. At a later stage, customer validation demonstrated by data metrics will get the enterprise into a good negotiation position in the next round of funding.

Meanwhile, in the very early stages, it is worth perfecting the basics such as choosing a name, branding, style and look. These aspects are often overlooked but are rather essential and a good starting point to engage people and attract interest to the product. Also at early stages, validating the product and generating metrics showing level of engagement with the public establishes the difference between a viable start-up and a non-starter.