Long hours, late nights, countless pitches and elevator speeches, testing and retesting, racing for working prototypes, strategic networking, and juggling resources. Oh, and some ‘hail-Mary’ moves to push through long shots that could still work.
Just another day in the life of a tech entrepreneur, or any type of entrepreneur really.
Building a business from the ground up comes with a lot of hustle and mistakes are bound to happen. But, if you do a few things right and manage to stay the course, chances are you’ll still be around next year.
Eye On The Resources, Always
They cover everything from the capital, to time, to brainpower, to fixed assets and they all play very instrumental parts in both operational processes and business scaling. Start by getting a clear view of what your available resources are and go for the ‘bare-minimum threshold’ wherever you can. For example: if you don’t have a team to accommodate, consider using a home office. A noise free area, good lightening & ventilation, some pieces of multipurpose furniture and you got yourself a decent working space. This way you can channel additional cash into productivity tools such as a high-speed internet connection (check out the NBN plans you can choose from), niched software or automation platforms that will ease your workload and streamline your operations.
Communication, Communication, Communication
Even in today’s IoT reliant world, technical concepts still make a lot of people fidgety. It’s your job…actually your priority, to get the right message across by turning complicated facts into easily understandable ones. No one knows the ins and outs of your product better than you and no one has just as large a stake in it. Flexing your communication muscle is especially important in business pitching. Investors won’t take action unless the mechanics of the business and return on investment are clear. Get comfortable with presenting the business (and yourself!) to different audiences, in different contexts. This ability could very well be just how you’ll tip the scales in your favor, at the right time.
Build Relationships
They say it’s not What you know, but Who you know that’ll get your foot in the door and it certainly rings true these days. Remember: any business transaction is, at its core, a transfer of trust and trust needs time, consistency & presence. Enter networking – the Rolodex brought to life. The rise of social media has made the value of a solid network crystal clear and there’s no longer any doubt that strategic networks (either formal or informal) translate into capital. Plus, establishing connections with industry peers & influencers will also help strengthen your credibility and identify relevant third-parties who can vouch for your work and expert voice. It takes around 8 years for a business to become bankable, so use this cocoon-time to consolidate not just your numbers, but your long-term business-support system as well. Start building!
Final Thoughts
The day-to-day minutiae of start-up work can sometimes feel like having one too many balls in the air, distraction can turn into a real challenge. Make an effort to keep the focus on what is strategically important – there can (and will) be deviations along the way; that’s only natural, maybe even beneficial, as long as you don’t lose sight of the bigger, future picture of your business.
