According to Global Entrepreneurship Monitor, there were a total of 582 million people running their own business or setting it up, in 2016 alone. This number is rising at an exponential rate. People from all over the world are looking for business opportunities to benefit from. However, the process of setting up a business is not free from hurdles. A significant portion of these companies is technology startups.
As the marketplace is getting saturated with a large number of startups happening, at the same time – there is also a considerable number of startups which never saw the day of light. Many future entrepreneurs come up with new and brilliant ideas but back off due to fear of the unknown or the potential hardships they are likely to face in building and growing a startup. A lot of these untouched ideas are related to technical fields because entrepreneurs (especially the non-technical entrepreneurs) do know where to start when it comes to building the technology.
TECHNICAL KNOWLEDGE ISN’T ESSENTIAL
Contrary to popular belief, one doesn’t necessarily need the technical knowledge to implement his/her idea. For instance, Henry Ford was not a particularly accomplished engineer – but he is the father of automobile. Steve Jobs built some of the most successful devices on the planet – but he was neither a software or hardware engineer.
So that provides that all you need is a burning desire to succeed and your ability to surround yourself with competent advisors with proven track records. You lose 100% of the shots you DO NOT take. It is better to act upon your idea, understand the industry and hire the individuals having the necessary skill set to complete the task rather than putting off the idea completely.
Say you have an idea that has the potential to improve the lives of people around the world or fix massive problems that your organization, city or country may be facing. However, it involves building technology, assembling a team of engineers, writing code and deploying servers. For a non-techie person – these could be daunting tasks. And you give up on the idea rather than face these challenges. In this scenario who suffered the most significant loss? You who did not get to realize their dreams? Or the future users of your technology which will not be able to help them?
Won’t it be a much better proposition to look for expert advise and bring your dream project to life?
Read: CTO AS A SERVICE
Outsourcing is key
There are two main options while using technical skills of other people. Either you can outsource it or hire in-house technical staff. As is typical for startups, most companies have a tight budget and cannot afford to hire highly qualified people for the long term. Thus, the obvious solution, in this case, is outsourcing. Smart entrepreneurs utilize the globalization phenomenon to their advantage and get a massive edge in terms of cost savings by hiring experienced and qualified staff overseas. Moreover, if your team is in different timezone – you can also get an advantage of around the clock progress.
Outsourcing any work (especially technical work) should not be taken lightly though. Everyone knows about the benefits it provides – but most people miss the mark when it comes to operationalizing a remote team. The key to a successful outsourced operation is effective communication.
So you should do your homework when it comes to working with an outsourcing vendor and then setup a process of constantly communicating with them. A short daily meeting is highly recommended. It is also recommended that you have at least person on-shore who could guide you through the ins and outs fo outsourcing world. This person can also help you manage the remote teams effectively.
Different organizations and freelancers are offering their services at varied hourly rates. You should be careful and make cost as sole criteria for your selection. As in most cases, the most affordable option often proves to be the most expensive one in the long run. It is because the cheap rates usually come with low standard work and long work time. So you not only pay more due to more work hours but also for low productivity. Thus, it is vital to optimize the outsourcing process.
At TetraNoodle Technologies we provide fractional CTO services. We have helped many ideas come to life at fraction of the cost because of our experience and expertise in building highly productive and experienced outsource teams all over the world.
PROFESSIONAL HELP IS HANDY
There are a whole lot of communities of like-minded entrepreneurial people (both offline and online) who come together to share their ideas, experiences and wisdom with others. These communities are definitely a big help in the hard growth stage of startups. Some of these communities arrange seminars, workshops and provide other advisory services. Sometimes you can get guidance and mentorship from expert entrepreneurs guiding the new upcoming entrepreneurs by sharing their success stories and the tips that helped them in making their dreams come true.
These communities also promote intercommunication between local entrepreneurs. This allows entrepreneurs to form connections and partnerships that they require to be successful in the field. Moreover, seminars and workshops are also a good place to find technical advisors for the hard step of startup of business.
These communities are important and indispensable – but to be truly efficient and navigate the treacherous path of tech entrepreneurship – getting help from personal advisors fares much better. These advisors take the time to know you, understand your business and recommend tailored solutions which are suitable to your business, budget, and timelines. This greatly reduces the risks involved and time taken in getting your business off the ground. They possess the practical knowledge and experience in building, deploying and maintaining complex technology that is needed to run a successful startup and grow it into a booming company. They also have all the connections to build highly productive teams very quickly and at affordable rates.
Our fractional CTO services help entrepreneurs validate their ideas quickly, bring them to life and put it in the hands of the customers in no time.
WAY TO MAKE YOUR PRODUCT LONG LASTING
Startups are incredibly hard. However, this next step cannot be ignored at any cost. We talked about the startups which never happened – but you will be amazed to know there are yet another group of startups which actually came to life. They were successful in bringing a product or service to market – something that their customers wanted to pay for. But rather than ride the wave of opportunity – they failed to maintain their presence. Their products or services were unable to pass the test of time. In most cases – it is attributed to poor technology choices. This is a direct result of hiring inexperienced teams who do not understand how to build technology which lasts.
To make sure that your company doesn’t follow the same suit – you must pay particular attention to two factors – customer feedback and innovation. These TWO factors will make sure you sure stay on the right side of the growth path. Your customers will tell you exactly what they need to solve their problems. And if you can bring innovative solutions to their problems to the market – it is tough to lose in business. These innovations and positive changes are necessary to prevent the death of service or product in the eye of the general public.
Obviously, here as well you need expert help to interpret customer feedback and translate into tactical actions which the company should take to address the feedback. Innovation requires visionary abilities – but it also needs to be grounded in experience.
No one has the luxury of unlimited time and resources. So you always need to make trade-offs between various projects you can undertake and how you execute those projects. If you make the wrong compromise like cut corners on building a strong technology foundation in order to save money for a new logo – it can come back to haunt you later. Building a strong foundation is essential in the early stage of the product lifecycle. Because if your product is successful and people want it – guess what – you will not get a chance to rip out the old shaky foundation and put in a new one while your customers are using the product or service.
So there is no substitute for expert advice – which is backed by experience and an unbeaten track record of products built and money saved. Globalization has greatly improved the chances of anyone launching a successful business. You no longer need to have the technical skills or higher insanely expensive teams to implement an idea. If you have the right advisor at your side – you can do much faster and cheaper than you think. However, pick your advisors carefully – thoroughly check their backgrounds and references before giving them your time and money.