Sunday, August 11, 2013

Starting a Tech Startup



If you're looking to start a technology company, you'll want three things: 
  1. Good people to work with you
  2. Ability to make something customers actually want
  3. Spend as little money as possible. 
The majority of startup companies that end up failing tend to do so because they are missing at least one of the above items mentioned. And those that succeed typically do so because they have all three of the above mentioned which is kind of great when you think about it, assuming that you're looking to start your own company. It shows that there's no secret ingredient to success and that you don't need to come up a particularly unique or out of this world idea. 

Your idea only needs to offer people a better technology than what they currently have and with so many ways to improve upon the types of technology available to people, it doesn't take a brilliant idea to do it better. 

In fact, an idea is only a beginning. Too many times, people who are starting a company believe that the whole process revolves around the initial idea and from there on all you need to do is execute. An idea is only worthwhile if you can prove the business model supporting it. Once needs to look no further than Shark Tank, a reality TV show which features business pitches from aspiring entrepreneurs, to see that an idea isn't worth much without some backing. Or, feel free to go to a VC firm with your brilliant idea and see how many will actually take the time to listen to you.

Don't get me wrong though, ideas are of course worth something, they are the foundation for your startup tech company, however they're not transferable. This means that it's not something that you can just hand over to someone else to execute, which is why it's so important to surround yourself with good people when starting up... good people can help shape the good idea into something worthwhile.

Take a look at the infographic below from bizbrain.org that'll answer where the best place is to get money, find talent, mentors and other entrepreneurs.



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