Tech entrepreneurship has been growing exponentially these past few years. In 2023 tech entrepreneurship is projected to spike even greater. There have been huge strides taken in the field of artificial intelligence (AI) lately. I am sure you have heard about the likes of ChatGPT. Such innovations are only adding fuel to the rapid growth of tech entrepreneurship. Simply put, a tech entrepreneur is someone who monetizes tech-based solutions to real-life problems. There now exist limitless opportunities for many people to become tech entrepreneurs. This is why it is helpful to talk about some important lessons for tech entrepreneurs.
Do Not Rush To Put To Market Or Scale
This is one of the gravest mistakes a tech entrepreneur can ever do – rushing to put to market or scale. It even starts off with rushing to put a product or service to market. It is imperative that you focus on your MVP first. This refers to your Minimum Viable Product. There are so many benefits an MVP will bring to you. I personally know several promising tech innovations out of Zimbabwe that crumbled due to rushing.
Never make assumptions about a market – I did an article on this; kindly check it out. In it, I defined an MVP as a mini (yet substantially reflective) version of your product, something small or skeletal – something not too big or intricate but sufficient enough to elicit data and or feedback. You should spend time working on or with your MVP. I even gave an example in that article so check it out to learn more.
Create Value First
When building or looking to build something in tech honestly assess your true motive. Who is your focus – is it you or the people (customers)? Your motive should be customer-centric. If ever your product or service is to thrive it should be akin to creating value. People want value more than anything. Something valuable will always address people’s pain points. If you are just focused on making money your priorities are often misplaced. If you are developing something simply because you can you may also be headed in the wrong direction.
I once did an article where I distinguished 3 ventures that are usually conflated; these are hustling, business, and entrepreneurship. You can check out that article to appreciate their differences and also what entrepreneurship truly is. In it I defined entrepreneurship as the addressing of a common, widespread problem using a novel or disruptive solution, often tech-based that is monetizable. Notice ‘addressing’ is at the beginning and ‘monetizable’ is at the end. No wonder I am emphasising that in your tech endeavours, you must create value first. Everything else is secondary and will line up perfectly.
Never Stop Learning
If you truly appreciate the tenets of the tech industry you will know how fast-paced and dynamic it is. Let me use an example you can all comprehend. In 2021 I did a certified course in Data Analytics. The core focus was on Microsoft Power BI and Microsoft Excel. It was my first time using Microsoft Power BI. I quickly got to know that Microsoft Power BI is typically updated every month. This means there are new features or alterations done to it virtually every month.
Let us suppose you do not use it for say, 1 year. By the time you start using it again, it will feel new or unfamiliar. You can tell from this example the importance of never ceasing to learn. This is very much like any other trend, area or tool in the world of technology. No matter how knowledgeable or skilled you think you are you must never stop learning. Otherwise, you will be left behind or find it harder to update or upgrade yourself. It would be sad to be overtaken by newbies who would have hopped onto the latest trends, knowledge, and skills.
Time Is Finite
As a tech entrepreneur, the temptation to juggle many things is strong. This can be with regard to learning certain things. It could be with regard to job or gig offers that you may get. As a tech entrepreneur, you can get so many opportunities almost all the time. The temptation will mostly be to juggle everything that comes your way. The other day I was talking about how there is a high demand for people with UI and UX skillsets.
This example relates to several other tech-based skill sets. If you have the skillset you most likely will get or find many job or gig opportunities. As much as it would be great to maximize revenue you must remember that time is finite. You have to learn to say no sometimes for the sake of your physical and mental health. No amount of money is worth sacrificing your health by biting more than you can chew.
Time Blocking Is Important
It seems fashionable for tech entrepreneurs to be poor time managers. For instance, sleepless nights and little to no social life is celebrated as marks of a true tech entrepreneur. The way I see it is that those are, in part, signs of poor time management. That is why I encourage you to use time blocking. Time blocking is basically timing your tasks with breaks in between. Check out the article I did on how to improve your focus in 7 ways to learn more.
Always cultivate positivity and adaptability in yourself. Never leave things hanging; follow through! Be known as a tech entrepreneur who gets things done. In your quests, focus on making yourself more impactful. Funds and resources are often a hurdle for many. If ever you are limited in either of the two, get creative. Never validate failure because of limitations. Above all and in everything always know that integrity is paramount; be a tech entrepreneur who is full of integrity. You must always have a steadfast adherence to a strict moral or ethical code.