Opportunities abound for success in the tech industry; it already contributes $1.3 trillion to the U.S. economy, and some are saying that technology jobs are the future of the American economy. But if your tech business is to succeed, you’ll need the right team, the right skills, and a plan for sustained growth.
Growth is extremely important to the success of your company, and sustained growth can be planned, even if sticking to that plan may be easier said than done. You’ll need to start by making sure you have the right foundation of skills to guide a business to success. Then you’ll need to choose the right people to help you sail the ship.
Start With a Solid Foundation of Skills
To give your budding tech business the best chance of success, you need to make sure that you have the solid foundation of skills needed to navigate the industry and run a business. A master’s in Control Systems Engineering or another tech-related field will ensure that you have the knowledge and skills you need to be a successful technology professional and entrepreneur.
In addition to building your technology skills, it’s also important to cultivate your leadership skills. When you start a business, your employees will look to you for inspiration. When you can lead with honesty, integrity, and vision, as well as providing innovative technology solutions, you’ll be able to guide your company to success.
Plan for Sustained Growth
The faster your business grows, the greater your chances of long-term success, according to McKinsey & Company. A software company needs to grow fast in order to succeed; a super-high growth rate of 60 percent or more makes your company much more likely to achieve revenues of $1 billion or more. But it’s not easy to sustain a company’s growth over the long term; for that, you’ll need a plan.
It helps to understand that growth happens in identifiable stages. First, you’ll need to nail down a business model that lets your company appeal to a wide range of customers. Then, you’ll need to narrow your focus somewhat to allow for future scalability. Eventually, you’ll need to expand to a more scalable business model once you’ve exhausted the growth potential of your initial model.
The factors that will drive your company’s growth will change depending on which stage of growth you’re in. Initially, you’ll need access to a large market, and you’ll need to deploy a business model that can be easily scaled up. You’ll want to emphasize rapid adoption of your products, and you’ll need to successfully keep them under wraps during development.
Finally, you’ll need to find ways to keep your top people loyal to the company as it grows. Once your company has experienced some success, you’ll need to find new ways to grow – expanding into new outlets, geographical areas, or service categories.
Hire the Right People
The right people will not only have the skills and qualifications to help your company succeed, they’ll be inspired by your vision and willing to work hard to make it a reality. As a startup, you may not be able to offer the benefits packages or even the salary that larger companies can provide, but that doesn’t mean you have to settle for less at hiring time.
Look for self-starters who have demonstrated an ability to adapt to new situations. Seek a positive attitude and problem-solving skills as well as an ability to take ownership of decisions and mistakes. Someone who knows how to own his or her own decisions is someone who will be more motivated to make those decisions good ones; he or she will be better at solving problems, communicating, and simplifying processes.
Ask candidates about their values and choose individuals whose stated values align with those around which you want to build your company’s culture. Look for ways to assess curiosity, perseverance, and flexibility, because your team may need to adapt as your company grows and roles change.
If you’ve got big dreams of building a successful tech business, it’s vital to start out on the right foot. Make sure you know what you’re doing, and then surround yourself with others who are just as capable and smart, and before you know it, your company could be the next Facebook, Amazon, or Google.