The world has seen significant growth in the number of young adults involved in running tech startups. Many tech-savvy entrepreneurs have dipped their toes into the water and have garnered phenomenal success in the global IT landscape. Among them is Facebook CEO and Harvard dropout Mark Zuckerberg, who co-founded the world’s current largest social networking site at the age of 23 and became the world’s youngest billionaire in 2008.
No matter how uncommon his success is, idealistic kids all over the world look up to him and would kill just to replicate his success. There is not a snowball’s chance in hell that some scrawny geek in glasses is going to mimic this feat anytime soon. Sadly, a throng of challenges await those who would dare. But as the great Alexander of Macedon said, “There is nothing impossible to those who will try.” So here are some tips for the ambitious startup rockstar who wants to make inroads in the dog-eat-dog technological sphere.
Build your product
If you want to be Silicon Valley’s next big thing, then you have to specifically map out what you want to do. Create a tangible roadmap for your business. Write it down; everything should be in black and white. Nothing beats a comprehensive business plan that contains every minute detail about your winning idea. The plan will also serve as a guide and record you can always check; and you can always improve it as you go along.
Create a brief and concise description of your big idea and prepare a rundown of how you’re going to execute it. Be ready to confidently explain your business model to anyone at any given time. Who knows? You might run into a potential client or investor in a conference or at a party. The more people you know, the bigger your chances of making it in the wilderness. The more often you sell your idea, the more convincing you’ll be. Potential financial backers, collaborators, or marketers can contribute to your success, so you have to give them your time and attention.
Seek financial assistance
The lack of resources is one of the biggest obstacles young entrepreneurs have to face when starting small businesses. Since you’re young, you probably haven’t developed a good credit standing (or you may not even have anything on your credit history). Understandably, traditional institutional lenders will be reluctant to loan you some money. In times like these, you can seek help from informal investors like angel investors or venture capitalists. Some of the biggest startups today were once first-time capital seekers, who went on multiple face-to-face meetings with investors to close even the smallest deals.
Be professional
Being young is not an excuse to not run a business professionally. It requires maturity and extensive knowledge of the inner workings of your field. In the book, The Facebook Effect: the Inside Story of the Company That is Connecting the World, author David Kirkpatrick revealed that back in the early days, Zuckerberg handed out business cards that read, “I’m CEO… B**ch.” While this juicy tidbit is known to most of the young entrepreneur’s followers, a lot of people do not realize that he handed out another set of business cards that only read “CEO.” As he started dealing with real business professionals, he started conducting himself professionally no matter how idiosyncratic and unconventional he was.
The tricky part is getting your clients to take you seriously. To achieve this, you have to maintain a professional communications channel so you can concentrate on keeping your limited clients and connections interested and engaged. You can’t use the same fancy email address or instant messaging ID you use for contacting friends, as this can reveal your inexperience and ineptitude in the business side of things. And while it is suggested that you use VoIP telephony for non-personal communication, popular services like Skype and Google Voice can be unprofessional and off-putting to some businesspeople. Get a VoIP subscription from top phone providers like RingCentral business telephone (recognized as one of the best in its industry) instead to conduct business like a real pro.
The story of the iconic young CEO has been told countless times; but if there’s something to be gleaned from it, it is this: The simplest ideas can become the most profitable. All you need to do is to build upon what’s out there, inject freshness into it, embrace technology, make the right connections, and be a polished pro.
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