Entrepreneurialism is an extremely valuable attribute to have in today’s business landscape. The UK is a haven for small businesses and industrial innovation, rewarding growth-minded individuals with myriad opportunities to institute a valuable, competitive and profitable venture.
The tech industry is the single biggest example of entrepreneurial power in action, and it’s only right that budding entrepreneurs want their own piece of the action. But what does it mean to become a tech entrepreneur, and where should you start?
Anatomy of an Entrepreneur
Firstly, it’s important to understand exactly what it means to be an entrepreneur. An entrepreneur is a self-starter with a number of key skills under their belt, from problem-solving and initiative to people skills and financial nous.
In tech, entrepreneurs also need a deep understanding of the industry, their niche, and the problems they could solve. If you are content receiving orders and working under leadership, you may not have the drive necessary to stake your own entrepreneurial claim in a fast-moving and cutthroat industry.
The Idea
A good entrepreneur is nothing without a good idea. Entrepreneurial skills are worth a great deal on their own, but entrepreneurial success is only possible if you have a solid concept to sell. Developing a good idea in tech is much more involved than finding raw talent to help you, too; you need to perform some initial discovery on whether your idea is original enough to develop and has enough of a market to give you the growth you seek.
Research
With confirmation that your idea is workable, achievable and has a market, you can start to undertake more in-depth research on the specific corner of the industry you intend to enter. This includes SWOT analysis of your own burgeoning enterprise’s structure, competitor analysis to identify your specific industry risks, and further customer analysis to give you more airtight financial projections with which to work.
Seeking Investment
All of this information will be indispensable to your investment-seeking efforts. A major part of entrepreneurialism is possessing the skills necessary to secure funding; this includes knowing when to engage professionals, to maximise your chances and minimise risk.
Investment can come from any number of directions, whether conventional funding from a lending institution or angel investment from a fellow entrepreneur. Angel investment is a golden ticket to early and swift business development but it can present issues later down the line.
Launch
You cannot experience entrepreneurial success until you successfully launch your product – unless your business is so airtight that it attracts prospective buyers before you launch. Either way, marketing is a crucial element to boosting your business’ profile and securing custom. Marketing, again, takes numerous forms, from in-person networking at events and conferences to advertising sprints, branding investment, and digital/social media marketing campaigns.
markmunroe
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