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Some think founders in tech are all technical geniuses, who have an extraordinary command of code and an exceptional grasp of financial concepts. But while it certainly helps to have both of these, they are by no means necessary for setting up and growing a great startup. In this article, we’ll talk about what’s important to have when establishing and growing a tech venture.
A Good Understanding of Your Niche and Adjacent Fields
Yes, we’ve said you don’t have to be a genius software engineer to build a successful startup. But you do need to be well acquainted with your industry. Without a good grasp of the way your field works, you’ll struggle to run your business as proficiently as you should. So, learn about everything relevant to your venture—the nature of its offering, the market it’s targeting, the place of your industry in the wider economy, and the norms in terms of organizational structure and functions.Leadership
This quality is just as important as any technical know-how you’ll bring to the table. Your team has to see you lead the way, whether it’s in your work ethic, commitment to the startup’s mission and vision, passion for learning and adapting, knowledge of the business’s offerings, eagerness to win over more clients, and so on. When they see that you’re all in on the startup, they’re likely to be dedicated to their jobs too.Technical Expertise
As we’ve noted, you should have a good understanding of how your business operates. But you probably won’t possess deep enough insights into the nitty-gritty of specialized and technical aspects of your venture. That’s something you should leave to persons who are trained and qualified in those areas. Depending on the importance of those aspects to your functions early on, you will need co-founders who are experts there; for example, a Chief Finance Officer (CFO) or a Chief Technology Officer (CTO). As your startup grows, you may hire people skilled in other things vital to your operations.Sign up for the Connect Nigeria daily newsletter
Business Acumen
Startups are businesses. If you’re going to run one properly, you’ll need to have a keen eye for business. And if you don’t, get a co-founder who’s great at it. Remember, you have to nail things like sales, marketing, and resource management to survive the early days and thrive thereafter. You (or your business-minded co-founder) also have to be able to spot and exploit opportunities for the startup and steer clear of threats.A Solution that Your Target Market Wants
The success of your startup depends on its proven ability to meet the demands of the market it serves. You are on good footing if you’re offering a product that solves a problem your customers want tackled, and if they’re willing and able to pay for that solution. But if you’re not, you’ll struggle (and maybe eventually close shop). You should research the market your startup will serve before launching, so you’ll know what they want.The Right Work Tools
No matter how skilled your team is, they won’t achieve peak productivity unless they’re working with the appropriate tools. The technologies they utilize ought to be suitable for the tasks they handle. It’s a good idea to try out a selection of the best tools you can afford before settling for one that works for your people.A Strong, Positive Company Culture
The culture you cultivate at your startup sets it up for success or failure. Businesses that attract the best and brightest often have an organizational culture that emphasizes productivity, celebrates and supports team members, is big on flexibility and adaptability, and has an air of pragmatic optimism to it. These qualities tend to rub off on employees, inspiring them to contribute to the startup’s growth.Funding
You can’t get much done without funding. You need it to get beyond the idea stage. But not every tech startup will be able to raise substantial funding from institutional investors—at least not early on. You may have to turn to your savings, family and friends, or wealthy contacts for this. Hopefully, you’ll garner enough financial support to see you through the initial stages of building before securing substantial funding from VCs and high-profile angels.Register to attend the CN Business Mixer
Final Words
This isn’t an ultimate list of what it takes to build a tech startup. But if you do have the items we’ve talked about here, you’ll be well on your way to achieving great things with your tech venture.Featured Image Source: Supersourcing
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