Published on November 11th, 2014 | by Jose Vasquez0
5 Golden Rules for Entrepreneurs of Startup Tech Companies
Many professionals offer different types of advice to new startup entrepreneurs, but these five golden rules should be followed universally.
In the world of startup tech companies, it’s hard to find solid advice that can apply to any business. Every application is unique, with a unique target audience, unique functionality, and a unique businessperson leading the endeavor. But despite the billions of potential combinations out there, there are some golden rules which must be followed no matter what to ensure the success of your company.
That isn’t to say that following these rules will instantly guarantee your eventual success, or that these rules are all you have to follow. But incorporating these five rules into your entrepreneurial style is a solid first step to building a strong, long-lasting company.
- Be willing to adapt. Too many startup companies failed because the entrepreneurs leading them were stuck on a single idea. Even if you feel like your idea is the greatest in the world, there is always room for improvement and always room for adjustment. Don’t be stubborn; be willing to adapt to new conditions.
- Believe in your team. You might think you can handle everything, especially when you’re first starting up, but the key to long-term growth is having a solid team that you can trust to carry out necessary responsibilities. Hire people you believe in.
- Read and stay up-to-date. The learning process should never end for an entrepreneur. Stay on top of the latest news and try to read as much as you can. Get involved with the tech community and keep yourself informed.
- Run before you walk. Many startups with brilliant ideas fail because they try to do too much at once. Focus on a minimum viable product and build your company from there; trying to add all the bells and whistles immediately is just a recipe for disaster.
- Always remember your users. You aren’t building your technology because it’s cool. You’re building it because people need it. No business can succeed unless people want what you are selling. Always keep this fact in mind.
By always following and remembering these five golden rules for startup tech company entrepreneurs, you’ll set yourself up for a long, healthy life as a business.