6 Lessons from Tech Startup Founders on Finding Success
When you grow up in a world that on-default shapes you to work for others, it is not an easy job to make a name for yourself. It is definitely not an easy job to bring a startup into existence and more importantly, making it a complete success is definitely not an accident of nature. The individuals who bring startups into existence and make successful businesses out of them, have to take a lot of uncertainty, uneasiness, and discomfort to bring something like that into existence.
We refer to these people as entrepreneurs – they don’t only pave new success pathways for themselves but while they are at it, they create new and better job opportunities for the rest of the people.
Every entrepreneur faces a distinct set of challenges, financial issues, limitations, and therefore gets to have his/her fine share of lessons. Today, Joseph Studios brings you 6 top lessons from tech startup founders about finding success.
We put together a list of most inspiring and successful entrepreneurs who ventured on as mere startup owners but are now the most successful people in their respective fields. Let’s look at the lessons shared by each of these individuals separately:
Alex Shumaiev – Find the Right Problem and Solution
If the idea behind your business does not bring any ease and value to people, chances are it will not last for long. When you are starting a new business, you must be willing to figure out a problem in an environment and provide a solution for it.
If you end up finding a perfect solution for a problem, you will make money for it by selling it to the right people.
Similarly, as an entrepreneur, your job is to feed on motivation each day from your daily achievements and keep moving forward. The feedback you get from people about your products, services, or achievements should be a fuel for you to produce even better results in the future.
The CEO of CruiseBe, Alex Shumaiev’s lesson on finding success by finding the right problem and solution should be inspiring teaching for all new entrepreneurs.
Elon Musk – Look Out For Opportunities in Emerging Industries
If you are someone who has an interest in a field where there is low competition, this lesson by Elon Musk might just click with you.
Musk chose to go for PayPal, SpaceX, and Tesla, all of which he thought were emerging industries but had zero to low competition at that time. No one had actually thought about moving to another planet a reality talk before Elon Musk and that is your finding success tea for today.
As an entrepreneur, you should not only look out for emerging industries but you should also invest your time, intellect, and energy where you are sure it will be valued.
Kristen Marquet – Do Not Hesitate To Ask Vital Questions Before You Begin
It is 2020 and there already are a couple of startups trying to make their spot permanent in their respective fields. The market is small and the competition is high. Therefore, before you go on investing all your time and energy into one startup, you must be ready to ask some questions from yourself.
Following are a few vital questions you should be asking yourself:
- How much is your product’s demand?
- Is there a high paying market for my product?
- How are my competitors doing in my target market?
You can also conduct surveys and observe the general pattern of your product or service in your segmented market. This will give you an idea of how well your product or service will be received in the market.
Gene Caballero – Get Ready To Lose Friends
When you are ready to dedicate yourself to a cause, you do not like to lose focus. While your close friends and relatives will always be supportive, there are also always going to be a few of those people who will either backstab you or may not understand the effort it took you to build something from scratch.
When you are a successful and dedicated entrepreneur, you would not really want to change things but you should be ready because being an entrepreneur has its strain on personal relationships.
You are dedicated to a passion and people who lack it do not have the mental capacity to understand where you speak from.
Gene Caballero is the CEO of GreenPal.
Paige Arnof-Fenn – Do Not Get Stuck With Team Members Having Weak Skills
Paige Arnof-Fenn, CEO and Founder of a global marketing firm, Mavens & Moguls, refers that managing bad employees is a time-killer. The time you have to spend managing bad employees could be spent elsewhere to score even a better set of customers.
She also referred that as soon as you spot a weak duckling, you have to let it go because it is probably not a good fit.
As soon as you let them go, your firm culture becomes stronger and the bar gets higher. Therefore, always keep an eye out for people who are not into giving their hundred percent. If someone does not fit in your culture, it is better to leave them behind and move forward with a faster pace, instead of letting it halt your growth.
Elon Musk – Embrace An Exit Plan
Imagine if Elon Musk was happily settled running PayPal. We are sure that he would be happy, rich, and successful, but would there be discussions of moving to Mars in the next few years? Had it not been for an exit plan, Musk would still be living happily but there would not have been any super smart Tesla cars.
Interestingly, Musk learned to find an exit way for himself long ago and that too out of his own startups. When you are venturing on for a new startup, you should have an exit in mind.
Not every entrepreneur can think or act like Musk but the key point here is to keep growing.