If you are thinking about starting your own tech startup founder, you are not alone. Thousands of people are trying to turn their basic idea for a technology or a solution into a product – and a million-dollar business. The market is ready for new innovations too, and starting a company today is easier than ever.
Before you jump the gun and start your own tech company, however, you need to make some preparations first. You have to be certain that your idea is validated and that you have what it takes to take that idea to its maturity. More importantly, you have to prepare yourself for the challenges ahead. These traits and skills will help you become a successful tech startup founder in no time.
You have to be passionate enough about what you want to do to be successful. While passion is not everything, it is one of the key ingredients that will keep you going when things get difficult. On top of that, doing something you are truly passionate about will make the entire journey more enjoyable.
Passion is something that can be discovered or developed. In some instances, you become more passionate about something the more you explore that field. In other cases, you are already passionate about technology and starting your own company is just the next step to take.
Either way, having passion is more important than you think. Starting a new company isn’t the walk in the park that many imagined. The more passionate you are about what you do, the more likely you’ll persevere under pressure.
This is actually the second most important trait to have if you want to be a successful tech startup founder. Being resilient lets you keep going in the face of adversity, and trust us – you will face challenges from the moment you start the company. The challenges can be big and small. Sometimes, it’s about finding and hiring the right people and building a strong team. Other times it is about dealing with rejection from investors or even the market as a whole.
If you truly believe in the idea that you’re developing, persevering is the way to go. Many successful founders faced failure after failure before they struck gold and now have a mature product that the market truly loves. You will have a similar experience too.
Mastery of the Tech
A lot of advisors will tell you that you don’t have to be a programmer or a tech enthusiast to be a successful founder, but mastery of the tech is a more important ingredient than you realize. When you know the technology inside out, you are more likely to develop a superb product.
This is why a lot of founders actually go back to school, taking an online masters in computer science for non CS majors from top names such as Worchester Polytechnic Institute. Knowing subjects such as data science and algorithm-building is crucial.
Mastery of the technology and the basics behind it are also helpful when you start developing your product. When you know the fundamentals, you know how to organize the development project better, and you can bring a solid product to the market faster.
Knowing what the technology can achieve is only half of the equation. The other half is having the vision to push technology beyond what it is capable of doing. Once again, vision is a common trait among some of the best tech startup founders in the world.
You see names like Steve Jobs and Elon Musk, and you immediately recognize their visions. Their entire lives are devoted to making those visions a reality and impacting millions of lives in the process. You too can have big visions and work towards realizing them.
Mastery of the tech we discussed earlier will then separate you from dreamers. Dreamers don’t always know how to realize their dreams. Visionaries do. When you have a vision and you can visualize the path of achieving that vision, you are bound to become successful.
As a startup founder, you cannot do everything on your own. It is important that you have a solid core team early in the game. That core team will support not only the founding of your company, but also its rapid growth as it brings products to the market.
As a founder, you need to be able to identify key talents. Of course, you also have to have the ability to hire those key talents. There are two ways of doing this: by offering a healthy remuneration package or by convincing those talents that your vision is worth pursuing.
The latter is usually better when you are just getting started. You may not have the financial resources to hire top talents solely on rewards basis, which means you have to hire talents that share your vision and passion and build the company together.
We often discredit how important storytelling is for startup founders. As a founder, you have to present your ideas to investors, convince the market that your product is valuable, and build a brand that will support the growth of the business in the long run.
All of these things require good storytelling. When you have the ability to turn a simple presentation into a captivating story, you are more likely to convince other people to share your visions. When the people you convince are investors and key stakeholders, you’ll be surprised how quickly you can get them onboard.
Storytelling is also a great skill to have when you are developing a product. This is because a product needs to have unique characteristics, and for those characteristics to be integrated early, you have to share them with the development team.
Last, but certainly not least, you have to be extremely analytical. It is not enough to rely on gut feeling and instinct when you are developing a business. You also have to turn to data to prove that your gut feelings are correct.
The combination of the two, along with the other traits and skills we covered in this article, will prepare you for life as a tech startup founder. When you have what it takes to go the extra mile, you will find yourself with a successful product on your hands sooner than you think.