How to start technology company?
Starting a company is a very good step to think of in life, it comes with alot of advantages because it makes you see far more than you can imagine but if all proper things aren’t put in place, it can lead to total downfall.
Many do ask the question, how do I start my own technology company?
Initially, the survival rate for any starting business or company is 10%, the rest of the 90% shut down even before they could grow.
This article will be discussing how to start a technology company and the reasons why so many technology company fails.
Here are few reasons why so many company’s fails.
Also Read Top 2 Latest Technology Trends For 2021
Not counting the cost .
Many company owners never thought of calculating or measure what their challenges may be.
They always think running a business or starting a company is something easy.
Actually, it’s easy only if you have put all the necessary things in place and part of the necessary things that needs to be considered is a place of failure.
Have you ever thought that what this product fails?
Product that doesn’t solve problem.
Looking at all the bumming companies around us, the only thing in common is that their products are solving problems in one way or the other so the demand is always coming in.
You producing what no one needs is another way of creating frustration for yourself.
Capital seems to be the next important thing after plans because without your capital, you can’t produce anything.
Running out of capital kill a company more than anything.
Now answering the question, how do I start my own technology company, we will be highlighting some points that are so important and they guarantee success. I believe before you follow Thai procedure, you must have made your plans so well.
Build a problem solving product.
Only a useless product will not be demanded. Building a problem solving product is a very fast way of gaining people’s trust.
This can be achieved by studying your environment and checking out what they lack that is hindering their social life or trade in one way of the other.
Create a technology product that can solve the problem and watch how fast your company will grow.
Gain people’s trust with your product.
Ones you were able to produce a product that can solve people’s product, there’s no way they won’t trust your company for more benefiting products.
With this, you can know what else they need that you can put in place.
Build a strong intelligent and skilled team.
It’s good to always work with like minds. Working with someone who isn’t thinking the same way you are thinking is a very bad decision.
Also, working with people who sees building your company as their passion more than their profession is a very fast way to growth.
Passion can be a big motivation for people even when you aren’t making much income from your company yet.
Source for fund.
Funds is the most important thing to drive a business though it’s not the first thing because getting a fund before you have your stand can lead to debt but ones you have every other things in place, you can source for fund.
Fund raise may be from friends, families or bank loans.
Have a perfect working procedure.
At this time of your company, you shouldn’t be guessing or doubting your results again because by now, you should have formulate a well and perfect working procedure that guarantee maximum productivity.
Running a technology company isn’t a bad idea but it needs as much help as you can get.
Working with the right minds is so important.
I hope this article will solve all your problems and help you start what you have in mind.