Of course, there’s no exact formula for success in business, or anything else for that matter. Yet, in today’s world, even a small startup company has a chance to realize great success very quickly. With the availability of a global reach using the Internet, and the smart application of your resources, expertise, and passion, every new entrepreneur that wants to has a chance to spread into the global marketplace.
You constantly hear terms like, “technology based”, and “scalable high growth” thrown around, but understanding the meaning behind these phrases is an important start to learning how to find success in business.
What these “technology based” words are really trying to say is that with the Internet, we have the ability to reach millions of consumers with little additional investment or cost other than the startup development. Compare their situation with the business model of a corner shoe store, which is a brick-and-mortar business and growth, for the most part, is limited to that corner location. Even if you want “scalable growth”, each new store will have its own set of fixed startup costs that can be very time consuming and probably have lower profit margins at first.
If you’re going to be building a tech startup and want to have a chance at the type of global success that you’ve been hearing about, you’ll need to have a technology partner/co-founder if you’re not a tech-savvy person yourself. Your community and the mentors that you have chosen can help give a boost to bringing your ideas to life and minimizing mistakes.
Last, but certainly not least, you will need access to venture capital. Not just the money, but the relationships in place to help craft a top-notch management team and build key partnerships to help your company take off. This is where your business plan will pay for itself. When you present a professionally researched and designed plan that covers every facet of your growth and sustainability, you stand a real chance against your competitors who are trying to secure the same funds that you are.
Maybe the idea of starting a lower risk business is more appealing because you’ll have a more predictable outcome, but technology is your best bet if you would like to give the wild world of the global marketplace a try.