Guest post from Eyal Yechezkell, CEO and Cofounder of Coinback
Launching a business is one of the most exciting and challenging times for tech entrepreneurs. Innovation is constantly pushing the industry forward and the market is booming with new ideas. Despite so many companies in the space, not all of them succeed -- in fact about 75% of startups fail during their first year.
With such a high rate for failure, what can tech entrepreneurs do to set themselves up for success? As someone who has started and sold several tech companies - and also as a tech investor - I have seen what it takes for tech company to launch, grow, and thrive. Here are three tips every tech entrepreneur should follow to experience business growth, success, and longevity.
1. Have clear goals but be ready to pivot
Setting goals provides clear direction and a measurable way to mark success. Setting small, short-term goals will keep you on track to help achieve your larger, long-term goals whether it’s a specific funding amount or hitting a certain number of users on your platform. After goals are set, it’s important to make sure your whole team is in line and on-track (with all resources) so they can be attained. Make goals visible so everyone knows where the company stands on reaching them. But remember that in a fast-paced startup environment, you have to be ready to break or change plans. Every day there are new competitors, threats or opportunities, so everything must be subject to change.
2. Build a winning team
Even though you are the brains behind the product, it’s impossible to do it all alone. Finding those with skills that complement yours will help you build a balanced team that will help give you the tools for success. If your strength is the technology, looking for someone who is skilled in sales, user acquisition, and/or marketing might benefit your company rather than someone who shares your skill set. It’s also important to see if they have what it takes to work at a startup environment -- entrepreneurial spirit, self-motivated, and someone who is able to adapt to situations are some good things to look for to build your dream team.
3. Find your funding
Finding your funding is one of the most important steps to starting any business. Many entrepreneurs try to delay funding to maintain a full stake in the company, but this is usually not sustainable so it’s important to secure your company’s future first with adequate funding. Based on your needs, you will have to decide which method of fundraising is right for you. VC firms are the traditional route if you are looking to have investors, however, crowdfunding has also grown in popularity with new companies. Making industry connections remains a key way to be introduced to potential investors, including companies or directly through people who are passionate about your company or mission.
Being an entrepreneur is challenging but if the launch of your business is done correctly, it could pay off with a big reward. Putting these basic steps in place could help you navigate your new venture, grow your business and hopefully find success.
Eyal Yechezkell, CEO and Cofounder of Coinback
Eyal is Cofounder and CEO of Coinback, the first ever Bitcoin rewards platform that allows
consumers to earn Bitcoin by shopping online at thousands of participating retailers.