Failure is Just the Start
In the world of startups you are only as good as your most recent idea.
You create, you beg, you borrow-hopefully you don't steal- and at the end of this arduous and exhilarating ride- after all of the fundraising and the long hours- you have the perfect tech bundle-ready to change the world and your bank account.
And then it fails.
You are left with disappointment, fatigue, and a negative bank account but still- a perfect little tech bundle baby.
What happens when failure is just the start?
Know Your Value
It’s becoming increasingly important to know your value in an ever-changing tech landscape. It is no longer enough to just have a great idea or even an amazing one; you must also be able to package your tech in a way that will attract investors and potential customers.
By understanding the value of the tech you have created, whether your marketing concept and company succeeded the way you had hoped, you demonstrate that a bad business model doesn't always equate to bad tech and you still hold competitive advantages-we promise.
Know Your Product
Knowing your product is essential for any tech startup. It's important to understand the technology behind your product and its core values. This knowledge will help you educate investors about your product, build trust, and increase sales.
By being able to explain the features of your product and tech in detail, you can create a compelling story that will convince them to invest or purchase the tech you know their business needs, outside of any ties to a store front or business plan.
Hopeful then, just maybe, you have poised yourself to grow and succeed in today’s competitive market.
Don’t Do It Alone
Starting and running a successful business is no easy task.
While technology can make it easier to scale, entrepreneurs need more than just great tech to succeed. They need investors who understand their vision and core values, a team with the right skill set along with checks and balances.
Don’t pull your hair out trying to define what is right and what is impactful- have a trusted friend, colleague- a sounding board in any capacity, to be there to support you in your decisions-even if that support may come in the form of opposition to potential ideas. Having that opposition may even help you reach your goals sooner because remember, where there is darkness there is light.
What is the secret to success in rebuilding through great tech even after your business has failed?
Knowing your value, knowing your product, scaling your business and understanding technology are all essential pieces to the puzzle.
Failure is your launching pad to success…
Based on excerpts from our BIZ/DEV podcast, episode 66.