3 Traits You (Don’t Know You) Need as a Tech Entrepreneur
Starting a business for the first time is a daunting prospect, especially in the tech industry. So many questions and problems arise, and it can be more than overwhelming to try and sort it all out. This week, we asked one of the biggest questions on every tech entrepreneur’s mind:
What personal qualities do I need to start my own company?
While there is no one answer to this question, we find that there are three factors that often go overlooked, but are nevertheless very important to building towards a future for your company.
1. Resilience in the face of instability
One of the biggest reasons startups fail is because they run out of money. Entrepreneurs, especially those starting their first company, have big dreams and high hopes. This is a necessary trait of entrepreneurship, because without those dreams and enthusiasm, new businesses would never even get started. However, it’s easy to get caught up in the future and lose sight of the present, day to day needs of the company.
In order to survive in the real world, it’s helpful to only set expectations that you can meet or beat. Needs will change and complications will arise. You need to be able to get through them without damaging your reliability. You may need to change your approach in order to make your goals, but this isn’t inherently a bad thing. Thinking outside of the box and showing clients that you can consistently and reliably solve their problems will build your brand name before you know it. And if you can’t meet a client’s need, there is no shame in admitting it. It’s a tough thing to do, but being open and honest about your capabilities inspires faith better than waiting until the last minute for things to fail.
As long as the founder has strengths that are necessary to launch and operate a business, he/she can launch a successful technology business.
To that end, no founder is an island. Banging your head against something can only help so much. You don’t need to be able to perform every single operation in your company, or have every technical skill. Angel investor Brad McAllister (@BradsNewEra) recommends finding specialists and partners who can complement your skillset. “If an entrepreneur sees a gap in the technology market, but is not particularly “techy” he/she can always hire individuals that compensate for their weaknesses. As long as the founder has strengths that are necessary to launch and operate a business, he/she can launch a successful technology business.” By hiring skilled individuals, and using their abilities to fill the gaps in their time, entrepreneurs can keep themselves afloat.In order to survive in the real world, it’s helpful to only set expectations that you can meet or beat. Needs will change and complications will arise. You need to be able to get through them without damaging your reliability. You may need to change your approach in order to make your goals, but this isn’t inherently a bad thing. Thinking outside of the box and showing clients that you can consistently and reliably solve their problems will build your brand name before you know it. And if you can’t meet a client’s need, there is no shame in admitting it. It’s a tough thing to do, but being open and honest about your capabilities inspires faith better than waiting until the last minute for things to fail.
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