Aspiring tech startup founders, now is one of the best times to consider starting your own company. The tech industry is brimming with innovation. Companies are pushing out new products that answer to the growing needs of consumers, investors are constantly looking for the next big idea, and there is a seemingly unlimited access to funding, both from venture capitalists and from angel investors.
This is the time for tech startups. Where business savvy entrepreneurs are having their moment, larger corporations are struggling to keep up with the constant disruption brought about by emerging technologies. You might even be surprised to find that the tech landscape is actually quite supportive. Tech founders are investing in other startup ideas and also offering their guidance in ensuring they can get up and running. All of the available resources and support are giving aspiring founders access to new opportunities that may not have been as prevalent as before.
But while the tech industry is thriving, it doesn’t mean that every startup will find success. Some studies have found that three in every four venture-backed startups will fail — that’s a whopping 75 percent. While success in today’s landscape is a tangible thing, there are still certain measures you can take to increase your chances of success.
Do something for society, not just your wallet
Obviously profitability is necessary to be sustainable, but money should never be the sole reason you chose to start your own company. Research spanning 50 years found that companies that found success never cited profit as the driving force behind that success. If you want to build a legacy, your mission has to be founded on the idea that you’re giving something back to society and to the community that you hope supports you back. Just as you need to portray purpose in order to attract consumers, your business must also come from a place of purpose as well.
You need a good leadership system
One thing that can likely kill a startup is a company that is only run by its founders. Yes, every new startup might be guided by its founders in the beginning, but as your company grows, you need to pass decision-making onto your leadership team. When you start a company, you want to assume its success, but that means that you need to take the necessary steps to build a team that can eventually run itself. What you focus on during the beginning stages of your startup will need to change as you shift focus onto its bigger-picture goals and values.
Have patience
This will be a long process. Every new venture always has the potential to fail, so you not only need the patience to see things through, you also need the grit it takes to bounce back from the mistakes you’ll make along the way. If you hope to see immediate results, it’s more likely you’ll give up if you don’t feel you’re where you’re “supposed” to be at a certain time.
Startup culture is not easy, but it is possible to find the success you set out to achieve. All you need is the right acumen and the right mindset.