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Becoming an entrepreneur in any industry is exciting, but doing it a dynamic one such as technology brings a completely new range of possibilities and potential. The first thing any entrepreneur needs to decide is which specific avenue to take.
Most of the time, this will be decided by their individual area of expertise, or perhaps an area of technology in which they hold a passion.
Which Area to Explore?
The best sub-sector of the technology industry for entrepreneurs is unquestionably the one where they can feel they can make a difference. Someone with an engineering qualification who knows all about developing powerful machinery probably isn’t going to be suited to building a new social media platform, for example.
Even if they have an idea, it will be difficult to get off the ground, for reasons we’ll explore later.
If you do have a passion for an area that you’re not particularly skilled in, or where people have more knowledge than you, it might be worth considering an investment into a business you believe has potential, rather than committing your finances to your own project that will be more difficult to turn into a success.
The Second Question
You then have to ask yourself what you actually want to do, in terms of technology. Are you planning to sell a technology based service or product, or are you developing technology? If you’re developing, are you working for yourself or operating a B2B service? These questions will have a direct impact on your business plan and influence how you get started as a tech entrepreneur.
It is rare that anything in the technology industry is a success without collaboration. Apple doesn’t just make an iPhone in much the same way that Ford cannot build a car by themselves.
Whatever side of the fence you’re on based on or what you’re actually doing, exploring the potential for, and building, working partnerships with other entrepreneurs or tech companies will help you to succeed. Such partnerships can take many forms.
Mutually Beneficial Partnerships
You have something a business can benefit from, they have something that will help you. You sell services to each other, offer favourable rates, or collaborate so you’re both more successful. Everyone’s a winner; the only negative is that you don’t ever want to become too reliant on a partner or third party for your own success.
Licensing or Exclusivity Agreements
A software developer might become the exclusive provider of office platforms for a company, or pay a commission to an established company to sell their product or service on their behalf. You might decide that you want to sell the licence and intellectual property attached to your product or service, so you then have the money to go away and come up with something else.
All partnerships have potential; the ones you build will depend on your own objectives.
Remember what we said earlier about not getting your business off the ground. An entrepreneur, even if they have a great plan, is going to find it difficult to secure funding if they have no background in a specific technology sector.
The best way to approach a pitch for capital is to put together the other elements we’ve looked at thus far. How are you going to get your product or service to market, who are your partners, where will you source your own services from, and, of course, how is all of this going to turn into profit in the future for an investor?
Being a tech entrepreneur is exciting, but you’ll also receive your share of knock-backs and negative feedback. Retain your self-belief, however, and keep working to develop what you’re doing, and you’ll eventually earn the success your efforts deserve.
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Robert is a technology enthusiast with interests across the industry. Robert is currently taking advantage of managed VPS hosting at JaguarPC as he looks to become a tech entrepreneur in his own right.