5 Mistakes Tech Entrepreneurs Make When Starting Up fruitiontechlab Houston is taking the technology startup scene by storm. Ranked by However, many Houston technology companies know firsthand that a revolutionary idea and the momentum to pursue your dreams to reality won’t guarantee a successful business launch. This may leave you wondering... Why do some tech business ideas succeed while others fail? For starters, savvy entrepreneurs know how to maneuver around the trouble areas that ransack progress. Many successful founders have failed ideas, but they’ve learned from the common mistakes that turn technology dreams into startup nightmares. But... you’re not really reading this article because you want to know about failures, are you? You’re looking to grow your idea to fruition! We’ve created this cheat-sheet of typical mistakes entrepreneurial mistakes you need to know, and most importantly, how to avoid them: 1. Excessively Planning Your Start Up’s Launch It’s always better to be over prepared than under prepared, right? Wrong! While preparation is important, implementation is critical. Proficient entrepreneurs know that paralysis by analysis will kill their ideas. TAKE ACTION: Prioritize, simplify, and manage your ideas. Start with a business plan that clearly states your goal and achievements within a certain time period. It may seem overwhelming at first, but a defined process will refine your focus, clear your path, and can even help you obtain much-needed funding. 2. Trying to Tackle Everything Alone It’s natural to want to protect your vision. It’s your idea after all. So, while it may be feasible to go it alone, experienced entrepreneurs know that it’s not healthy to take the entire burden onto your shoulders. TAKE ACTION: Let qualified people help you. There’s a saying that it takes a village to raise a child. It’s no different in this respect so don’t be afraid to utilize the help of entrepreneurial resources the Kauffman Index of Entrepreneurial Activity as a top city for entrepreneurs, many are flocking here over other major metropolitan areas. In fact, it is estimated that 400 out of every 100,000 residents in our area is considered an entrepreneur, eager to change the world with their awe-inspiring idea. like technology incubators. They can help you maximize your time and effort without straining your budget. 3. Entrepreneurial Naivety The possibilities of your great idea are endless, but so are your questions around accomplishing them. The truth is certain methods work better than others and, besides costing you time, mistakes can deplete your financial security. Research shows that 87% of companies utilizing incubator programs during their starting stages have a higher chance of surviving as opposed those who don’t join an incubator. TAKE ACTION: Research and validate your technology idea by talking to people who’ve been there, done that. Attend seminars or presentations and don’t be afraid to ask questions. Hands-on experience your start up and vision approach. For instance, incubators like Fruition Technology Labs provide a backbone for transitioning your ideas to your successful startup. 4. Botching Your Budget It’s one thing to invest time into your idea; but when it comes to investing your money, things get complicated. Do you put some towards research? Hiring sales? Renting out office space? Just where should the money go so that you can stretch your resources to achieve the maximum potential? Astute entrepreneurs know that frivolously spending and/or under-utilizing your money can be a kiss of death for your business idea. TAKE ACTION: Speak with a qualified financial professional for advice on creating and implementing a reasonable budget. 5. Limiting yourself to one idea Seasoned technology entrepreneurs will tell you that innovation doesn’t sleep. Some of today’s most innovated products started off as completely different concepts and ideas. TAKE ACTION: Keep a journal handy to record new ideas related to your vision. Don’t be afraid to incorporate other side ideas that manifest during the development process. You never know if the other ideas that stem off of the primary vision could prove to be integral to your start up. Growing a company from idea to fruition is an epic adventure with lots of twists and turns along the way. While some techprenuers choose to venture it alone, the majority of successful startup founders take along a knowledgeable team to help them avoid these common mistakes, keep them in check, and guide the way.
Posted on: Sun, 29 Sep 2013 01:49:37 +0000
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