5 answers
Zucker
Student
1
Question
Asked
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What are the things i need to know as someone who wants to start a tech company I am asking for guidance through all steps. ?
I am still an undergraduate studying computer science and aspiration and working to be a computer professional
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5 answers
Jonathan Willard
Software Engineer
5
Answers
Hopatcong, New Jersey
Updated
Jonathan’s Answer
Hi Zucker!
Becoming a successful tech entrepreneur requires a lot of different skills. Learning to code and create the software to prototype your ideas is probably the first thing I'd recommend, and it sounds like you'd be learning those skills from computer science. Once you have an idea and a product, there are many business skills that come into play. Having an understanding of marketing and sales will give you a huge advantage. The best product in the world means nothing if no one is using it, so learning how to sell is arguably the most important skill to a business owner. Beyond that, having a basic understand of finance and people management will also be necessary. While it is rare, it is difficult for one person to know how to do all these things exceptionally. Surrounding yourself with like-minded and intelligent people that know the things you don't can be your biggest asset.
Becoming a successful tech entrepreneur requires a lot of different skills. Learning to code and create the software to prototype your ideas is probably the first thing I'd recommend, and it sounds like you'd be learning those skills from computer science. Once you have an idea and a product, there are many business skills that come into play. Having an understanding of marketing and sales will give you a huge advantage. The best product in the world means nothing if no one is using it, so learning how to sell is arguably the most important skill to a business owner. Beyond that, having a basic understand of finance and people management will also be necessary. While it is rare, it is difficult for one person to know how to do all these things exceptionally. Surrounding yourself with like-minded and intelligent people that know the things you don't can be your biggest asset.
Eric Laney
Information Security Engineer
6
Answers
Tampa, Florida
Updated
Eric’s Answer
Great question, Zucker. Unfortunately, taking you through "all" the steps would depend on knowing all the details of the company you want to start, the products or services you intend to provide, your location, and everything else that goes into starting a company. However, there are still a lot of things we can explore.
First, be very clear about what the company will do and how you will do it. What products and/or services you intend to provide? Who will your potential customers be? How large is your potential market? How many competitors are already in that market and who are they? How will you find and connect with your customers? Will these customers come to you and make a purchase one time, multiple times, or as part of a subscription? How will you differentiate your company from your competitors?
Second, get the details on what you will need in order to get started. What is the bare minimum of resources that you will need in order to start doing business? Do you need to hire people just to get started, or can you do everything yourself? How much cash will you need to get started? What will you spend it on? Where will you get this cash? If you get a loan, what will you offer as collateral?
Third, get the details on what you will need to keep going. How much revenue will this minimalist version of the business need in order to keep going and how often does it need to arrive? Will you need a cash reserve in order to keep the business going until you get that revenue? How much?
Lastly, get the details on how you will handle the details of doing business. Are you good at keeping track of finances and managing cash flow? If so, you can probably keep your own financial records. If not, you should consider getting an accountant. Are you good at hiring and managing people? Will you need someone to do that for you? Are you going to need to present detailed, technical information to your customers as part of sales, contract negotiation, or technical briefings? Do you need someone with top-notch people skills to do those things for you?
Most small businesses in the United States fail within the first few years of starting, but not because they're bad at providing the core product or service that they offer. Most small businesses fail because the person starting the business hasn't thought through all the details, or hasn't provided for the day-to-day requirements of managing cash flow, insurance, taxes, government regulation, and the dozens of other things that come along with owning your own business. If you're located in the United States, look for a branch of the US Small Business Administration near you. The SBA provides free resources to people just like you who want to start a business. They can help with every one of these steps, as well as pointing out to you all the things I may have forgotten to mention. In addition, they have extensive experience and can review your business plan to help you get started.
Best of luck with your business!
First, be very clear about what the company will do and how you will do it. What products and/or services you intend to provide? Who will your potential customers be? How large is your potential market? How many competitors are already in that market and who are they? How will you find and connect with your customers? Will these customers come to you and make a purchase one time, multiple times, or as part of a subscription? How will you differentiate your company from your competitors?
Second, get the details on what you will need in order to get started. What is the bare minimum of resources that you will need in order to start doing business? Do you need to hire people just to get started, or can you do everything yourself? How much cash will you need to get started? What will you spend it on? Where will you get this cash? If you get a loan, what will you offer as collateral?
Third, get the details on what you will need to keep going. How much revenue will this minimalist version of the business need in order to keep going and how often does it need to arrive? Will you need a cash reserve in order to keep the business going until you get that revenue? How much?
Lastly, get the details on how you will handle the details of doing business. Are you good at keeping track of finances and managing cash flow? If so, you can probably keep your own financial records. If not, you should consider getting an accountant. Are you good at hiring and managing people? Will you need someone to do that for you? Are you going to need to present detailed, technical information to your customers as part of sales, contract negotiation, or technical briefings? Do you need someone with top-notch people skills to do those things for you?
Most small businesses in the United States fail within the first few years of starting, but not because they're bad at providing the core product or service that they offer. Most small businesses fail because the person starting the business hasn't thought through all the details, or hasn't provided for the day-to-day requirements of managing cash flow, insurance, taxes, government regulation, and the dozens of other things that come along with owning your own business. If you're located in the United States, look for a branch of the US Small Business Administration near you. The SBA provides free resources to people just like you who want to start a business. They can help with every one of these steps, as well as pointing out to you all the things I may have forgotten to mention. In addition, they have extensive experience and can review your business plan to help you get started.
Best of luck with your business!
Chloe Lee
Design Management
7
Answers
Amsterdam, North Holland, Netherlands
Updated
Chloe’s Answer
Maybe more of a philosophical answer instead of technical one: I'd advocate for having a very clear problem statement of what your product / services serve. It is so important to have a strong mission and storytelling behind the why. This mission will get others onboard e.g. investors, users, your team and get you / your team through the challenging times. Know how your product is positioned - how is it different from competition and in which areas you will not exceed expectations will give you a good starting point to know how to invest your resources.
Ghazi F
5
Answers
Frisco, Texas
Updated
Ghazi’s Answer
In any business venture, it's crucial to first determine your sales strategy, even before considering product-market fit and other factors. Many entrepreneurs create a product without a clear plan on how to connect with potential customers and make sales. So, always remember to map out your sales strategy first. It's a vital step that can significantly boost your chances of success. Don't worry, you've got this!
Maya Singh
Product Manager
7
Answers
Washington, Washington
Updated
Maya’s Answer
Hi Zucker,
Wanted to share some resources to help you get started, these aren't necessarily in priority order, but could be helpful as you start your entrepreneurial journey:
Y Combinator is a very successful incubator that has grown companies like AirBnb and Instacart and has some good resources to get you started:
https://www.youtube.com/@ycombinator
https://www.ycombinator.com/
Also if you're in the US (or anywhere for that matter) it's important to take the legal and regulatory environment into consideration. That includes things like selecting the legal entity for your business and Taxes!
This could help you get started: https://www.sba.gov/business-guide/10-steps-start-your-business
Also here's a cool concept called Effectual Entrepreneurship that will hopefully inspire you to pursue your ideas in parallel to your other obligations in life!
https://effectuation.org/effectuation-101
Also in case you're a reader you may want to check out a booked called The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers by Ben Horowitz
These two resources should be on your list of things to consider as you pursue building your business! Best of luck! :)
Wanted to share some resources to help you get started, these aren't necessarily in priority order, but could be helpful as you start your entrepreneurial journey:
Y Combinator is a very successful incubator that has grown companies like AirBnb and Instacart and has some good resources to get you started:
https://www.youtube.com/@ycombinator
https://www.ycombinator.com/
Also if you're in the US (or anywhere for that matter) it's important to take the legal and regulatory environment into consideration. That includes things like selecting the legal entity for your business and Taxes!
This could help you get started: https://www.sba.gov/business-guide/10-steps-start-your-business
Also here's a cool concept called Effectual Entrepreneurship that will hopefully inspire you to pursue your ideas in parallel to your other obligations in life!
https://effectuation.org/effectuation-101
Also in case you're a reader you may want to check out a booked called The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers by Ben Horowitz
These two resources should be on your list of things to consider as you pursue building your business! Best of luck! :)