Learn More About Constant change
The allure of launching a tech startup is easy to understand, but some entrepreneurs fail to consider the unique risks they’ll face being in the competitive world of technology. Here are five challenges you’ll likely come up against, and ways to overcome them:
Rapid changes in technology, more so than in any other industry, can really throw a startup off-kilter. As many tech entrepreneurs know, there’s a lot of pressure to move quickly and beat the competition to a solution. [8 Free Business Plan Templates for Startups]
“If a company isn’t nimble enough, or cannot execute fast enough on an idea, the window of opportunity for your product or service may very well close before it is ready for the market,” said Andrew Van Noy, CEO of e-commerce solutions provider Warp 9. “If you feel you have a solution to a problem not addressed yet on the market, don’t be fooled — it won’t be long before someone else does, too.”
But being the first doesn’t always mean you’ve won, Van Noy said. If a product or service doesn’t yet exist, there is a steep price to pay to blaze new trails, and oftentimes, the second mover can capitalize where the first can’t. To better assess where you stand, Van Noy advised tech startups to seek out feedback on their ideas, goals and path to success.
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“You may have a great idea, but come back out of the clouds,” he told Business News Daily. “Get feedback from friends and relatives on your idea, and take their criticism seriously. Be realistic about how much time, money and energy it will take to make your idea come to fruition. Talk to other founders and leaders and see how long, hard and expensive it was for them. There is nothing worse than seeing entrepreneurs get their dreams and savings destroyed because they thought it would be easy.”