When you think of the information technology industry, what comes to mind?
The first idea that strikes me is that it changes like the seasons, with new products and softwares coming out every few months. The next big thing is always around the corner. To me, this is an incredible feat but shows that when it comes to being successful in the industry, there is a lot to be considered.
Any great technology company covers all aspects of business including production, software development, product development, marketing, accounting, and business scaling. There are many different moving parts as a company with the added feature of innovation for tech companies.
With all these parts in motion, what is it that keeps a tech company centered on its ultimate goal? This is where the business side of tech comes in. Truly, without the correct funding or return on investments in products there is no moving forward. So let’s focus on the business side of tech and important aspects to consider when it comes to that.
COMPETITION
Every business starts with an initial plan to get started. So I ask. How is it you see your foray into the tech world? Will you be incredibly successful? Of course you will, no one’s thought of your idea before.
Unfortunately, it’s just not the case.
As a Denver mobile apps and website development Denver firm, there are many Denver web design companies that do what we do.
It takes an incredible amount of hard work to make it, even with an original idea because with the growth of companies like Facebook, Google, Apple, Microsoft, and Amazon, chances are your idea’s been thought of (more than likely it’s actively being worked on).
Competition is the first thing to be considered, but don’t get too depressed, there’s always a chance you will make it, maybe by bridging a gap in their knowledge of a particular project that hadn’t been thought of before at these big companies.
Thinking of competition will help you define your niche within the industry and could lead to some of the most brilliant realizations. Without competition we would have nothing new to push the industry forward.
FUNDING
When speaking of starting any company, funding will always come up (it’s a bit unavoidable). Especially if there is plenty of competition already. As Denver mobile apps developers, we have many people to compete with that have many investors with lots of funding. Where can you go with no money? Yet, this is an incredibly important part of jumping into the tech industry and disrupting the Big Five.
Think about funding as a logical fallacy, meaning; many think of funding as an impossible task but it’s not. How do you think we got started as a website development Denver firm with a city that has been constantly growing in the technology field. How will I ever manage to generate even $100,000? The fallacy lies in the idea that it is impossible. How do you think the giants got started? They didn’t just have money lying around. It takes tons of networking to get to find investors but once you do, it’s off to the races.
INNOVATION
There could be an entire book written on innovation and finding your process but for the sake of this post we’ll keep it simple.
Innovation and the tech industry is comparative to the likes of peanut butter and jelly, one does not work without the other (don’t analyze that statement too much, I’m trying to make a point here). The tech industry is an industry meant to change the world, it is in the nature of technology to evolve and create more advancements.
Knowing that, what is it that your company (technology) brings to the population? How will it innovate and in what manner? It is important to ask these questions being that everyone thinks their idea is innovative and may skip the process of looking at it realistically to make sure that it actually is a contribution.
POTENTIAL
In business, potential is commonly referred to as the concept of scalability. What does this mean? Scalability is referring to the process of how you will grow your business. What are the specific steps you will take to refine your idea or how will grow it so that people will initially sign up and continue to use it?
Have you ever watched Shark Tank? Where some of the world’s billionaires are pitched new ideas and concepts from startups and existing businesses in hopes they will fund or partner with them. Many business owners dreams have taken a turn because of this aspect. Is your company’s potential limited because it is a niche product? Is it a fresh concept that people may start to integrate with their daily routine? Are you improving upon a dated product or developed a new algorithm that will change the way people live? Whatever your idea, software or product is, always keep the potential of growth in mind. Be realistic and focus on what makes you different than the rest.
Hopefully, this article hasn’t deterred you from chasing after your dream concept… There are a lot of moving parts within a starting technology company. Making sure these 4 important areas of business development are taken into account during your process was the ultimate goal. The more you know before you begin your adventure into the world of entrepreneurship and startups, the greater your chances are of being successful.
Do you have any other key areas we should have included in our post? Get in touch with us and let us know. From one entrepreneur to another, reach out to others in your network and save yourself time, money and research by getting feedback from individuals who have been there and can provide insights that will only make you stronger.