After working very closely with almost 60+ technology startups for over a period of last ten years, I have realized that there are certain areas that differentiate successful technology start-ups from the rest. Here are 10 success mantras for technology start-ups based on my learning and experiences while working with technology startups,
- Invest in values and culture from the inception stages of the company. Learn from others, but retain a strong independent vision for your business
- Don’t try to do too much at once. Focus on the real value that you are generating for your customers/users and most importantly prioritize
- Refine your business plan on a regular basis. Don’t hesitate changing direction if the market demands so
- Specific emerging technology might be ticket to game, but it’s not game in itself for sustainable growth
- Build comfort with scaling of business and focus on growth. Think big and act taking small steps
- Foster beneficial partnerships rather than reinventing the wheel. Build ecosystems around your product/solution or be a part of the larger ecosystem
- For all strategic hiring’s, make a rule- hire people better than you and people with positive mindset
- Choose investors that add more value than just money. Raise money only when it is essential
- Manage your cash flows
- Persistence is the key to success. Don’t get bogged down by challenges