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BizReport : Internet : July 26, 2016


Top 3 tips to a better tech startup

The draw of owning a small business - especially one that could grow into an international brand - will never dull. In some ways the internet has made it simpler to start a business, but in the tech space, especially, there are stumbling blocks. one expert shares three tips to a better tech startup.

by Kristina Knight

First, avoid partners and funding at first

"Often an entrepreneur's initial instinct is to find a partner(s) and connect with Angel Investors and Venture Capitalists. It is rare in today's tech startup landscape that an entrepreneur goes at a new venture alone, [but] focusing energy on partnerships, roles, equity, and raising money in the early days are distractions if you're not thinking about whether customers actually want what you're building, and the best measure of that is revenue," said Ross Andrew, CEO and Chairman of Maropost. "The key is to focus on the activities that are going to lead one to that first dollar of revenue. An entrepreneur should be spending their time testing and learning to determine the right strategy and business model for success."

Second, learn how to do every job within your business umbrella

"You need to acclimate yourself with different skills for the fundamental categories your startup will need managed. You don't need to be a specialist at everything, but equip yourself with a good understanding that will help you build and operate your business. Eventually you'll have to hire people who are more skilled than you at various functions, but if you don't know anything about that domain you'll have a hard time recognizing talent and hiring the right person for the role," said Andrew.

Third, keep things leaner longer

"Lean is a common word in the tech startup world that is often used when referring to creating a minimum viable product- building, measuring, learning, and re-building," said Andrew. "This methodology can be used across ones organization when it comes to sales and marketing initiatives, hiring, client success, and overall strategy. Where possible, it is important to stay lean when it comes to finances by testing with very small budgets, focusing on learning from small initiatives, and scaling what works."

Tags: Maropost, small business tips, tech startup tips, tech startup trends










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