Technology is one of the world’s leading industries right now. It’s easy to see why people are so excited about STEM as a field. Who wouldn’t want to become the next Jeff Bezos, Jack Dorsey, or Mark Zuckerberg?
Of the thousands of startups that get going every year, only a small percentage of a small percentage make it in that way. Planning is key in setting up a successful technology business. Some steps are commonly taken by tech companies that achieve the most in the marketplace.
The first step is to really think things through. It’s important to have a clear idea of what the company will look like. Will it make a physical product? Will it run out of someone’s home or be in an office? It’s crucial to start thinking about pragmatic things early on. That’s key in taking something from a dream to an actual goal.
Think about a minimum viable product. What’s the most basic service or product that justifies forming a company? After that, entrepreneurs must have proof of concept. In general, this will mean doing market research and really internalizing the feedback from it. The service or product must fill a gap in the marketplace and be something that people will pay money for.
Then, it’s time to look at companies that do the same or similar things to the proposed startup. What do these businesses do right? Where can they improve? Businesses thrive on competition. It’s vital to understand who else is occupying the space. What can be uncovered about their workflow? How do they work, and where can they improve?
Making a concrete plan is the next step. Don’t stop at Plan A; make a plan B and possibly a plan C. Thinking on one’s feet is essential, but having a plan in place means there’s at least a blueprint. It’s okay to adapt, but it’s never okay not to plan. Having a plan of attack is a great way to foresee problems before they happen.
Other steps to consider include staffing and a marketing plan, but these can’t even be started without laying some serious groundwork.