The tech market is once again in a tailspin. Somewhere in the middle of all obsessions about the remote or hybrid working model, the coding market is guiding the stocks towards a downward curve.
The trend is worrying, especially if you are a brand-new tech-startup all set to debut in the tech market or a company yet to make an impact.
Since the world has always run according to Darwinism's "survival of the fittest', there is no reason it will veer from its path. So, if there is a way to escape unscathed or with minimum damage, it is to failure-proof your organization against all eventualities.
While there are many secrets to the success of unicorn startups, you can do a few things to keep your company alive.
You have a goal; go for it rather than changing it midway. In the name of reinventing, many brand-new organizations let go of their initial ambition and do a complete tangent with their company goals. That can create quite a bit of confusion for your investors, partners, clients, and employees.
When you start working on your dreams, you set a less traveled path or, say, completely innovative. The initial brainstorming and research are about making the dream on paper into reality. You approach investors with this idea to make your tech-startup work.
So, deciding somewhere in the middle that your idea may not be the best is like doubting your startup's basic foundation. There is no harm in diversification along the same lines, but changing the base idea of your organization will not help. It is a sure-shot way of all efforts going down the drain! Remember- your ideas are forever- never doubt them midway! Research before you begin operations.
If you think you are one step ahead of your competitors in the market, then most probably, you are two steps behind.
In the race to up their game, every company is vying for the top position, and it's not a game of 'live and let live' anymore in the market. When you try out a new strategy, your competition ensures they are up to your level well before you put it into action.
So, if you want to impress your investors and customers alike, you learn to up your game and keep up with it throughout the year. Plan, plan, and plan and keep an alternative plan to ensure you are always ready for any eventualities. It's an era of tech startups, with every new month bringing a new company into the market. So, keep your thoughts out of the box to make it work!
We know this already: clients are our top priority! Every decision, therefore, needs to revolve around their requirements. Since, as a organization, you have the initial research in place; you also know the clients you have on your radar. From marketing to research and innovation, prioritize your client requirements to make it work.
Not stopping at just research, you can reach out to some prospective clients or even your existing ones to check on the additional needs in your area of expertise. You can then decide on incorporating those practices or products that the clients may appreciate and reach out to them for suggestions. While you need not change your goals drastically, you can always bend them a little to ensure you have the client's eyes and ears on you to make your tech startup work.
You have heard this all before: your employees are your biggest asset. There is a truth in this statement too. From developing your products to marketing them, the employees are involved in several steps of the decision-making process. With the competition at large, you need to hire talents who can give good value to your brand and the money you spend on them.
While the tech market is volatile, it is also flexible. There are options for hiring tech teams or talents globally. Quality can't be compromised, and the number of customers can only grow slowly, depending on how well your tech startup is doing and what projects are coming up. So, since you're not limited by where you are, you can explore and broaden your search to find the best people on the market. Then you can think of ways to build their dependability and trust, so everyone wins.
Keep reinventing your brand to get ahead of your competitors. That does not mean you need to change tracks; you need to reinvent your domain by introducing better products, creating a unique brand image, and showcasing to your clients how you are different from the others in the market.
Create a portfolio to project the 'advantage' of your tech company over the others in the market to remain in the game!
It's a challenging world out there, with ample competitors to tackle. While there are no set rules, some simple steps can help strengthen your position.
So, how certain are you that your tech startup will survive a failure?
