Entrepreneurship has become the buzzword as it seems everyone in every part of the world is seeking to become the next big thing in tech development. There are stories all around us that speak about a single piece of motivation, an idea, or even a mistake that became the foundation stone of a billion dollar business.
Many business founders have a story to tell regarding how and why they went ahead with their tech startup. These stories have risks, trials, tribulations, and success that ultimately came about with an incredible amount of commitment.
Steps to Success
The question is how to succeed with a new tech startup and make it scalable and profitable for times to come. For their best chances at achieving something, entrepreneurs and founders must consider the following:
#1 Build a Viable Product
It is an obvious fact. When starting out to build a tech startup, put your focus on building a great product. There are times when focus is turned away from the product. The product is around 30% of the total work required in the business over a period. Strive to make your product stronger and after that, you can focus your energies on the rest of the 70%, which comprises sales, marketing and support services.
As a tech startup founder, you should hire sales staff to monitor and expand their operations in the next 1-2 years. This is a move that needs to be taken for the future no matter what the work pressures may entail. Many startups are unable to experience the desired growth rate because they are unable to foresee their business vision for the future and restrict their concerns to their present needs.
#3 Clear Focus
Any kind of tech startup has two visions, one is centered on product and the other is focused on service. The successful ones choose one for their business vision and their activities are centered on it and influence every decision that is made.
As a business founder, you may have tons of strategies for your new tech startup; however, unless you choose execution, there is no point. Whether it is strategy, sales or any other focus area, companies must do their research and immediately proceed with execution. Chances are that you might face failure, but this failure gives you a chance to grow and get back on your feet with better alternatives. This becomes your eventual path to success.
#5 Technology Partners
Several technology companies are more than willing to create partnerships. As the founder of a new tech startup, if you choose to not partner with established companies, you are missing entrepreneurial advantage.
You may have an amazing vision for your business, but there are other companies, that are executing their vision in a better way, attracting more business and customers in the process. For instance, nowadays companies are getting their mobile apps developed with reputed and top mobile app development companies to engage their customers through mobile and tablets.
Passion and vision are two basic prerequisites for a great startup business; however, passion can also take you down the wrong path. A successful business is backed with careful investment in the future and keeping an eye on failures and lessons of the past.
Kuwait: Nurturing Entrepreneurship
What drives a country to become entrepreneurial? The economics of it, the income or the demographic capabilities that show so many individuals warming up to building their own career paths rather than following the convention.
Kuwait for instance, is one of the richest nations in the world where citizens have excellent healthcare, education and employment opportunities. They are globally connected and have access to amazing energy resources, too.
Here we see the people striving for opportunities that they see their peers have in other Gulf countries. The citizens have a desire to excel and find their own business visions and contribute towards building an economy that is as dynamic as the city of Dubai or Riyadh.
Despite having a meager share in terms of venture investment, Kuwait tech startups are looking towards a bright future that will help them rise up. Though, at a nascent stage, such efforts are sure to establish Kuwaiti entrepreneurial culture in the long run. The enormous and dominant oil and gas industry can collaborate with tech startups to lead innovation in the field of data analytics and exploration. The connectivity by air and sea makes Kuwait a great potential hub for global trade and commerce.
As Kuwait advances its vision towards becoming an entrepreneurial hub, in all likelihood, the number of tech startups will grow along with the support network that will assist in investment and customer acquisition.
Author: Hamad Almuraikhi is the Founder and CEO of eDesk HUB, a research and review platform that offers vetted and verified references and reviews on high quality Web & Mobile Application Development & Design companies with varied experience. eDesk HUB helps firms select the top performing IT service providers for the Middle East.