6 Top Skills You Need to Run a Successful Tech Start-up
By Joseph West
Aug 24, 2020 12:02 PM EDT
Aug 24, 2020 12:02 PM EDT
You have probably already looked at the statistics on start-ups, and you already know they are not pleasant. Nonetheless, a good number of start-ups do stabilize and grow into large fledgling businesses.
Here, read about the skills required to run a successful IT start-up and how to increase your odds of success in business.
Selling is not a preserve of sales and marketing professionals only. If you are going to run a successful start-up, it will be imperative to think like an entrepreneur.
One of the core activities to carry out as an entrepreneur is to sell your idea. This can be to financiers, employees, and prospective clients.
Like any other skill, presenting your vision is a skill that can be learned and built on. Be enthusiastic, clear, and realistic when presenting your vision. This is how to get people on board.
Often, tech people assume that their expertise in the field is enough to buoy them in the business world.
This is far from the truth.
While technical knowledge in IT is indispensable, it's not enough to help you run a successful business.
Business administration courses are one way to get there. These equip you to handle multiple functions such as leadership, management, account supervision, HR, and so on.
Because money is thin when starting out, not having to hire for these roles is one way to save on overheads. The monies can then be channeled towards marketing and other activities that bring in clients.
Finances are central to your business. As such, you need to not only understand finance principles but also to scrutinize your business finances carefully.
Things like differentiating between profits and cash flow, financial planning, account receivables, and petty cash management can make or break your business.
Thankfully, technology has made this much more manageable, and there are some excellent bookkeeping and accounting software you can use for record-keeping.
The beauty of these is that you are able to view your finance records from anywhere.
Consider outsourcing more complex tasks such as tax filing.
As the point man of your company, the onus is on you to steer and set the pace for what you want your employees to exemplify.
A good leader knows how to motivate and inspire employees and offer feedback. They also know how to get the best out of each employee. This is important because matching the right employees with the right job ensures business operations run smoothly.
Running a business is both time and labor-intensive.
Successful entrepreneurs realize that it's virtually impossible to have their hands in everything and be successful.
This emphasizes the value of having a great team around you. Think about delegation right from hiring. Look for people whose expertise, skills, and attitudes will make it easier for you to delegate some roles comfortably.
Once you have a few people who fit the bill, train them extensively so that they can support you adequately in the future.
This will free up your time from the nitty-gritty of the business, so you have the time and the energy to focus on activities that bring business.
A breakdown in communication can cause a business to go under.
As a business owner, you need to communicate with suppliers, financiers, employees, and even prospective and existing customers.
Good communication also involves giving and taking criticism to ensure excellent service delivery.
In essence, running a successful business will take more than a stellar tech background. You will be required to only think like an entrepreneur, but gain entrepreneurial skills as well. Ultimately, the people who make it big are those who excel at leadership.
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