Entrepreneurship and Tech Startups 2024: Building A Tech-Focused Entrepreneurial Mindset

Author • Aisha Akinbani

---------------------------

Entrepreneurship and Tech Startups: Launching a tech startup: Challenges and opportunities

Starting a new business can be quite overwhelming, the same goes for when you're launching a tech startup. You might be confused about the procedures and steps you need to take to make your tech startup launch a success and to keep it thriving.

Launching a tech startup means you're embarking on the journey of providing technology products and services to people and businesses. If you're looking to launch a tech startup, below are some of the challenges you may face:

1. Capital

You might find it difficult to create products, and get the necessary help and assistance you need if you're unable to pay for the cost. In this case, most tech startup owners demand volunteers who can work for free and at the same time help their companies achieve their goals. 

2. Marketing issues 

Most tech startups don't know the right marketing strategies they need to use to market their products. This usually leads to low sales and poor visibility for tech startups. Make plans and write out your marketing strategies before you decide to launch your tech startup, this will save you a lot of trouble in the long run. 

3. Hiring capable hands

It can be exciting to launch a new business, but getting capable hands to work with you can be daunting. Coupled with inadequate funds, you might find it hard to hire the right people as fast as you want. By networking and working with other startups on their products, you will be able to get them to work with you at the launch of your tech startup. 

4. Upscaling

Every business needs to upscale at one point or another. If your tech startup is doing great and demand for your products is rapidly increasing, then the process of taking your tech startup to the next level should be your priority. You may need more hands, ideas, and support that can help you meet customer's needs and demands. 

5. Time management

The success of a business greatly depends on how tasks are done at their specified time. While you're getting excited about launching your tech startup, keep in mind that every minute of your time counts. Prioritise tasks and carry them out according to how important they are. 

Opportunities That Come With Launching A Tech Startup in 2024

Some of the opportunities you can get by launching a tech startup include;

1. Partnership and networking with like-minded people.

2. Ability to offer tech products and solve customer's problems.

3. You'll get the chance to showcase your skills and improve your brand's visibility. 

4. The chance to grow and learn from experts in the industry.

5. Launching a tech startup can also help you learn more critical thinking and problem-solving skills that help you stand out in the tech workspace. 

Funding Options And Venture Capital In Tech 2024

To launch a tech startup, you may need to seek financial assistance and funds from various available sources, this includes venture capital. Let's talk more about what venture capital entails.

Venture Capital

This is a type of funding whereby a firm or an individual decides to fund your startup and will in turn get part of the company's equity. The VC helps you improve your company's growth and drive more sales by investing a huge amount of money, which comes with no interest. In the case of venture capital funding, the VCs will get a higher percentage of the profit made from funds invested in the company.

Crowdfunding

This type of funding doesn't only helps you to sort out your company's financial problems but also helps to create more awareness for your brand. Crowdfunding entails offering customers bonuses when they buy your products. This allows you to sell more of your products, get reviews, and get more funding in the process. 

Seed funding

Seed funding helps startups find their feet because it is done at the early stage of a startup. It can be compared to growing a seed and waiting for it to germinate. It helps startups grow, develop their products and services, as well as increase their brand's visibility.

 

Building A Tech-Focused Entrepreneurial Mindset

A tech-focused entrepreneurial mindset helps you think critically about how you can solve your brand's problems and what you should do when there is an issue:

1. Write out your long-term goals: Ensure you define your goals and mission. These goals should be achievable and setting a time to achieve them can help you work harder and faster on your brand. 

2. Upskill: You don't want to stop learning just because you've launched a startup, it can be a disaster. Technology keeps improving day by day, so it is advisable to stay in the loop by modernizing and learning more skills that can position you among tech experts and improve your brand. 

3. Network with tech professionals: This will open your eyes and mind to different ways of running a tech startup and how you can successfully upscale your business. 

4. Manage your time: Prioritize your tasks and ensure that you don't delay important tasks for another time. Ensure that you satisfy your customers in due time to avoid losing credibility.

5. Think critically: Learn how to analyse your brand's problems, outline solutions and utilize the best possible strategy to solve your problems.

Aisha Akinbani