From Developer to Entrepreneur: Starting Your Own Tech Company

Did you get routinesThere will routines bored of those 9 to 5 job routine? Get up, go to the and office, work on the tasks and deadlines, come back tired, and sleep. Want to get rid of this and start your own tech company? What it takes is that you must have the skills required, willingness to start, and obviously, a handsome amount to get the business started.

In this article, we’ll be talking about the roadmap you can follow to start your own tech company as an entrepreneur. Heard these popular names – Bill Gates, Elon Musk, and Mark Zuckerberg, these people also would have had a proper plan before starting their own tech company. So, without much ado, let’s begin this journey:

To begin this journey, let’s understand the steps you should take to start your own tech company and transform your role from developer to entrepreneur.

1. Pick an Idea (A Problem Statement)

Whenever you think of starting your own tech company, you must pick an idea first. An idea that describes a solution to a problem statement. There will be many solutions to overcome the problem, and also few people have already implemented it. But you must be coming with some extra quality features which would make your product unique.

In this stage, you must think of building a product that caters to the needs of customers in their daily needs. When you think of working on a product, also keep MVP (minimum viable product) in mind, it is the process in which developers, instead of adding more features to the product, work on enhancing the functionality of the features after receiving feedback from the customers. Your product should have all the basic features for the problem you’re trying to solve.

You can look into How To Launch A Startup – 8-Stepthe Process!

2. Market Research

Now that you have defined the problem with the solution, the next stage which comes is market research. In this stage, you must analyze the problem, and do proper research. This includes reading articles on the technology being used, various other problems/challenges faced by competitors, and taking help from YouTube, e-guides, and various other sources.

You may also go to the customers and ask them what problems/issues they face or may face while using a product. Since customers are the users, you have to satisfy their needs, and to satisfy them, you have to understand the problem from their point of view. Once you get this data, you can now actually think from all angles and come up with an effective solution.

3. Setup the Best Team

The next stage which comes is setting up the best team. Now that you have the problem and the most effective solution, you may start with setting up the team. For this, you have to build a network. To build a network, you have to connect with various people, such as experienced tech professionals, a business person, and many experienced ones.

You need a team of at least 3-4 professionals such as:

• an engineer,
• a marketing/sales professional,
• a business/finance professional.

These professionals need to have strong technical and soft skills to run the business smoothly.

You should have the answer to the question Why Developers Should Work in a Startup?

4. Analyze the Competition

Now that you have the best team, you may start analyzing the competition. In this stage, you have to make sure that your product is the best in terms of quality. It should possess all the features required to satisfy the needs of customers.

Make sure your product proves to be the best in the market. It would be best if you had proper answers to questions like:

• What makes your product unique?
• What are the drawbacks your product has?
• What are the failure chances and why?

5. Manage the Funding

Now you have an idea, a team, a proper market research, next comes a very crucial step in building a product which is funding. To start your business, you need money, and for that, you need to connect with top businessmen, and CEOs, and share your idea with them, and if they approve it, you can ask for funding, with a share percentage.

If your idea serves a great purpose to match the user’s demand, and if they agree to it, you can request them to be a part of your company and invest in it. Plan a budget for the product and other factors that lie around it, and you’re good to go.

6. Build and Launch the Product

Now that you have everything, it’s time to actually work on it. Plan your work, set deadlines for each task, and get your developers ready. Use the best technology in terms of being efficient, scalable, and robust. You can now actually work on the coding part, frontend, backend, databases, APIs, and all the technical aspects that make the product function well.

You must also perform testing properly as the product must not have any bugs/issues. If found after launching the product, that would really make the customer upset and would lead to a negative impact on the product. After performing testing, you must now deploy and launch the product to the market.

You must also question yourself “Do You Want To Be An Entrepreneur – Explore The Path Before Execution“

7. Market it

Now that the product is ready with the best features and quality, the next stage is to marketize it. You should have a team to market your product. Marketing is very very compulsory for a product to gain public appearance. When you market it, through different sources, such as social media, word of mouth, etc., it reaches to people and hence, you see its performance factors.

When you don’t market/channel it, it doesn’t reach to maximum people. The difference you can see between marketing and marketing it, with the view count and how many customers have actually used it. Only when people know about it, the product’s popularity will be measured, and hence the growth of the business.

8. Keep Yourself Updated with the Recent Trends

Hurray, you have become an entrepreneur, you have launched your product, and you can see its popularity and growth. But wait, here’s one more thing that you must keep in mind, i.e., keeping yourself updated with the recent trends and advancements in the industry. You must be aware of all the technological advancements in the tech industry to keep your product stand out and walk with the trend at the same time.

You should also have a habit of getting feedback from the customers and working on the feedback suggested by them. After all, the product is for customers, hence, it must satisfy their needs. Congratulations, You’re an Entrepreneur Now!

Do Read: Can Entrepreneurship Be Taught?

Let’s now read some of the common mistakes entrepreneurs make while starting a tech company:

• Start working on the product without even specifying the solution properly.
• Not performing complete market research.
• Not paying attention to the drawbacks.
• Avoiding customer feedback.
• Not staying updated/adapted to the tech trends.
• Not looking at the security breaches.

Avoiding such pointers, may lead to a downfall in your startup and ruin the plan of becoming an entrepreneur. Hence, pay complete attention to these and start working on your dream tech company.

Also Read: India moving ‘The Entrepreneur Way’

Now that you know the steps you should be taking to start your entrepreneurial journey, you must follow them wisely. Having the best solution to the problem, a well market research, the best team, proper funding, a well-structured business plan, and marketing the product are all needed for a successful business. Also, know the mistakes you should avoid before starting your own tech company. Get yourself started in becoming the next entrepreneur.

Must Read:

• Mentorship in Coding: How Guiding Others Shapes Your Own Skills
• Navigating the World of Freelance Programming
• Transitioning into Tech from a Non-Traditional Background

Can I start my own tech company?

Yes, you can start your own tech company, provided you must have willingness and skills required to work on the product. Also, along with these, you need things like fund, market research, and a good team to start with.

How can I start my own IT company?

There are a few steps you must know to start your own IT company:

• Plan and research
• Follow a business procedure
• Setup a team
• Plan the funding and budget
• Build and launch the product
• Marketize it

Is tech startup profitable?

Yes, you can see various examples of entrepreneurs who have been working on tech startups and achieved success. Some popular names are Bill Gates, Elon Musk, Mark Zuckerberg, and many.